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Wal-Mart Stores, Inc.

Company Profile

Publication Date: 14 Sep 2009

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Wal-Mart Stores, Inc.

TABLE OF CONTENTS

Company Overview..............................................................................................4

Key Facts...............................................................................................................4

Business Description...........................................................................................6

History...................................................................................................................8

Key Employees...................................................................................................11

Key Employee Biographies................................................................................13

Major Products and Services............................................................................20

Revenue Analysis...............................................................................................22

SWOT Analysis...................................................................................................23

Top Competitors.................................................................................................28

Company View.....................................................................................................29

Locations and Subsidiaries...............................................................................32


Wal-Mart Stores, Inc.TABLE OF CONTENTS

COMPANY OVERVIEW

Wal-Mart Stores (Wal-Mart or “the company”) operates retail stores in various formats across theworld. In the US, the retail formats operated by Wal-Mart include discount stores, supercenters,neighborhood markets, marketside, and Sam's Clubs. Internationally, the company operates inArgentina, Brazil, Canada, Chile, China, Costa Rica, El Salvador, Guatemala, Honduras, India,Japan, Mexico, Nicaragua, Puerto Rico and the UK. Wal-Mart is headquartered in Bentonville,Arkansas and employs 2.1 million people.

The company recorded revenues of $405,607 million during the financial year (FY) ended January2009, an increase of 7.1% over 2008. The growth in Wal-Mart’s revenue is primarily attributable tostrong growth in comparable store sales, in the US. The company’s comparable store sales in theUS increased 3.5% in FY2009 as compared to 1.6% in 2008.The strong growth in comparable storesales is due to an increase in customer footfall and in the average transaction size per customer.The growth in net revenue has partially supported the growth in operating income and net income.

The operating profit of Wal-Mart during FY2009 was $22,798 million, an increase of 3.6% from 2008.The net profit was $13,400 million in FY2009, an increase of 5.3% over FY2008. Strong financialperformance in Wal-Mart’s US operations, which constituted 82% of the company’s total operatingincome, pushed the overall profits up. Wal-Mart’s US operations recorded a growth of 7.1% inoperating income. The growth in operating income indicates Wal-Mart’s efficiency in managing costand leveraging expenses in the US. Strong growth in operating profit translated to robust growth innet profits. Other drivers for growth in net income include income from discontinued operations.

KEY FACTS

Wal-Mart Stores, Inc.Head Office702 Southwest 8th StreetBentonvilleArkansas 72716USA

1 479 273 4000Phone

Fax

http://www.walmartstores.comWeb Address

405,607.0Revenue / turnover(USD Mn)

JanuaryFinancial Year End

2Employees


Wal-Mart Stores, Inc.Company Overview

WMTNew York StockExchange Ticker


Wal-Mart Stores, Inc.Company Overview

BUSINESS DESCRIPTION

Wal-Mart is the largest retail company in the world. The company operates retail stores in variousformats worldwide.Wal-Mart offers a wide assortment of merchandise at every day low prices (EDLP)in its retail stores. In addition, the company offers its products through various e-commerce websitesincluding walmart.com and samsclub.com.

Wal-Mart operates three business segments:Walmart US, Sam's Club, and the international segment.The company also generates revenues from a fourth, non-operating segment named “others” whichincludes a variety of income categories such as Sam’s Club membership fee revenues, tenant incomeand financial services income.

Wal-Mart US operates three different retail formats in the US—discount stores, supercenters andneighborhood markets. The segment has retail operation in all the 50 states in the US. Wal-Martoperates 891 discount stores, each with an average store size of 108,000 square feet, in 47 states.Wal-Mart operates 2,612 supercenters (average size of 260,000 square feet) in 48 US states and153 neighborhood markets (average sixe of 62,000 square feet) in 16 US states. In addition, thesegment also markets its products through its e-commerce website walmart.com.

The stores operates by Wal-Mart US offer branded and private label merchandise in various productcategories including grocery, entertainment, electronics, apparel, health and wellness, and homefurnishing and housewear. These stores also offer financial services such as money order sales,wire transfers, check cashing and bill payment.

To support the retail operations of the Walmart US segment, Wal-Mart operates 121 distributionfacilities across the US, of which the company owns 106; the remaining are owned and operatedby third parties. A few of these distribution centers also service Wal-Mart’s Sam’s Club for certainitems. During FY2009, these distribution centers shipped approximately 81% of the merchandizesold by Wal-Mart US. The remaining merchandise was shipped directly by the suppliers to thecompany’s stores.

Sam’s Club operates Wal-Mart’s warehouse membership clubs in the US; it also operates the website,www.samsclub.com.Wal-Mart operates 602 Sam's Club (average store size of 132,000 square feet)in 48 US states. Sam's Club serves both individuals and businesses. Sam's Club offers bulk displaysof brand name merchandise including hard goods, some soft goods, institutional-size grocery items,and selected private-label items under the Member's Mark, Bakers & Chefs and Sam's Club brands.A significant number of Sam's Club warehouses offer photo processing services, pharmaceuticals,optical departments and gasoline stations.

The company operates 26 distribution facilities across the US to support Sam’s Club retail operation,of which the company owns eight and the remaining are third part owned facilities. During FY2009,approximately 65% of Sam’s Club non-fuel purchases were shipped from these distribution centers;the balance merchandize was shipped directly by the suppliers to the warehouses. Sam's Club uses


Wal-Mart Stores, Inc.Business Description

a combination of private fleet and common carriers to transport non-perishable merchandise fromdistribution centers to Sam's Club.

The international segment comprises wholly owned subsidiaries operating in Argentina, Brazil,Canada, Japan, Puerto Rico and the UK. Wal-Mart’s majority-owned subsidiaries operate in fivecountries—Central America, Chile and Mexico; the company’s joint venture operation in India andChina; and other controlled subsidiaries in China.The operating formats vary from country to country,and include discount stores (Canada and Puerto Rico), supercenters (Argentina, Brazil, China,Japan, Mexico, Puerto Rico and the UK) and Sam's Clubs (Brazil, Canada, China, Mexico and PuertoRico).

To support the international segment’s retail operations, Wal-Mart utilizes a total of 146 distributionfacilities located in Argentina, Brazil, Canada, Chile, China, Costa Rica, El Salvador, Guatemala,Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the UK and two export consolidation facilitiesin the US. Wal-Mart owns and operates 34 of these facilities and the remaining facilities are ownedand operated by third party distributors. Wal-Mart distributes both import and domestic products tothe international retail stores through these distribution facilities. During FY2009, approximately 74%of the international segment’s purchases were shipped from these distribution facilities.


Wal-Mart Stores, Inc.Business Description

HISTORY

Wal-Mart was established in 1969. In the following year, Wal-Mart became a publicly-held companyand started selling shares over the counter. In 1972, the company got listed on the New York StockExchange. Wal-Mart diversified into grocery (Wal-Mart Supercenters), international operations, andmembership warehouse clubs (Sam's Clubs) during the 1980s. In 1983, the company opened Sam'sWholesale Club, a concept based on the cash-and-carry, membership-only warehouse formatpioneered by the Price Company of California (now Costco Wholesale Corporation). The companystarted Hypermart*USA in 1987 as a joint venture with the Dallas-based supermarket chain CullumCompanies (now Randall's Food Markets). Hypermart* USA outlets later became the company'sWal-Mart Supercenters. In 1989, Wal-Mart acquired Cullum Companies.

Wal-Mart acquired a wholesale distributor, McLane Company, in 1990.The company entered Mexicoin 1992 through a joint venture with Mexico's largest retailer, Cifra, to open Sam's Clubs. Furthermore,it acquired 122 former Woolco stores in Canada in 1994.Wal-Mart continued to expand internationally,and established Chinese operations in 1996. It also acquired the German hypermarket chain,Wertkauf, in 1997. In Brazil, Wal-Mart acquired a stake in the retailer Lojas Americanas, in 1998.During the same year, the company began testing the neighborhood market format, a40,000-square-foot grocery and drug combination store. In 1999, Wal-Mart purchased 74German-based Interspar hypermarkets and acquired ASDA Group, the UK's third-largest supermarketchain.

The company began selling household appliances in selected stores in 2000. Wal-Mart launchedits “No Boundaries” private label cosmetics brand in 2001. Wal-Mart started operating in Japan byacquiring a 6% stake in one of Japan's top retailers, Seiyu in 2002. Later that year, the companyincreased its stake in Seiyu to 36%. The company also acquired Supermercados Amigo in PuertoRico in the same year. In 2002, Wal-Mart started 107 international units, with two in Brazil, 22 inCanada, eight in China, two in Germany, three in South Korea, 59 in Mexico, two in Puerto Rico,and nine in the UK.The company's attempt to open a state industrial bank in California in 2002 failedowing to legal problems.

Wal-Mart sold its McLane subsidiary, a US grocery distributor, in 2003. This company sold thesubsidiary to Berkshire Hathaway to concentrate on its core retail activities. In 2004, Wal-Mart Brazilacquired Bompreco, a retail chain in northeastern Brazil with 118 units (hypermarkets, supermarketsand mini markets) from a Dutch retailer, Royal Ahold. During the same year, Wal-Mart launched itsonline music store.

In early 2005, the company entered a joint venture with CITIC Pacific to open hundreds of stores inChina over the following five years. Wal-Mart held a 65% share of the venture. During the sameperiod, Wal-Mart Canada closed one of its two Quebec stores in Jonquiere because of the weakfinancial performance. Wal-Mart increased its stake in Seiyu (Japan) to 42% in mid 2005. In thesame year, Wal-Mart purchased a one-third interest in Central American Retail Holding (CARHCO),an operator of supermarkets in Guatemala, El Salvador, Honduras, Nicaragua, and Costa Rica. In


Wal-Mart Stores, Inc.History

late 2005, Wal-Mart also acquired about 140 stores in Brazil from Sonae, a Portuguese retailer, forabout $757 million, increasing the number of outlets it operates in Brazil to nearly 300.

The company acquired an additional 17.7% interest in CARHCO from Royal Ahold in 2006 increasingits stake in the Central America supermarket operator to 51%. Shinsegae Company, South Korea'sleading retailer, agreed to purchase the company's South Korean retail business for KRW825 billionin the same year. The company sold its German retail business to Metro in 2006. Later in 2006,Eagles and Wal-Mart entered a long-term strategic marketing agreement, including sponsorship,exclusive audio and video releases, and product visibility.

Wal-Mart purchased a 35% interest in Bounteous Company which operated hypermarkets in Chinaunder the Trust-Mart banner, in 2007. Wal-Mart introduced the neighborhood market concept toNaples with a new company design in 2007. During 2007, Wal-Mart partnered with Skype to bringInternet communications to the masses. As part of a pilot project to determine solar power viability,the company purchased solar power from three providers, BP Solar, SunEdison, and SunPowersubsidiary PowerLight during the same period.

Fendi and Sam's Club resolved the dispute regarding sale of counterfeit bags and other productsunder the Fendi label in 2007. Under the agreement, Sam's Club had to pay a confidential amountfor settlement to Fendi. In tandem with the intended roll-out of a financial center, Wal-Mart announcedthe introduction of pre-paid debit card catering to low-income US customers.

The company completed the final phase of its Site to Store national rollout to more than 3,300 storesacross the country in 2007.This service allowed customers to order products online at Walmart.com,most of which were also available in its stores. Wal-Mart entered a 50:50 joint venture agreementwith Bharti Enterprises to establish Bharti Wal-Mart (Private Limited) in 2007. The joint venture wasmeant for establishing wholesale cash-and-carry and back-end supply chain management operationsin India. In the same year, Wal-Mart announced the addition of two new Home brands.

In January 2008, Wal-Mart reopened its store at Oakland Park Boulevard and University Drive whichwere damaged by Hurricane Wilma two years ago. In the same month, the company entered along-term agreement with 1-800 CONTACTS to provide contact lenses at lower prices in its stores.

Wal-Mart became the first nationwide US grocery chain to adopt Global Food Safety Initiative (GFSI)standards in February 2008. As per the standards, the company’s suppliers of private label andother food products such as meat, fish, poultry and ready-to-eat foods would have their factoriescertified against GFSI standards.

The company introduced “Canopy” private label brand for home furnishings category in March 2008.In the same month, Wal-Mart opened 81 new stores and clubs across the country.Wal-Mart launchedsix coffee products under its Sam's Choice brand in April 2008. In the following month, anotherSupercenter Wal-Mart opened in Ponce, Puerto Rico. Wal-Mart partnered with the South CarolinaDepartment of Agriculture (SCDA) to promote locally grown produce at Wal-Mart stores across SouthCarolina in July 2008.



In September 2008, Wal-Mart unveiled the new Walmart Smart Network that would provide shoppersrelevant and useful information via in-store TV. Wal-Mart became the first retailer in the US to rolloutthis retail media network powered by Internet Protocol Television (IPTV). The technology wouldallow the company to monitor and control more than 27,000 screens in more than 2,700 storesacross the country. In the same month, Wal-Mart established a new Asia regional headquarters inHong Kong. The regional headquarters would have strategic responsibilities for managing thecompany’s current operations and business development in Asia.

Wal-Mart opened its first four Marketside stores at Chandler, Gilbert, Mesa and Tempe in Phoenix,Arizona in October 2008. The company describes these stores as "community grocery" stores.Theses stores are designed to offer restaurant-quality food at everyday low prices.

Bharti Wal-Mart Private Limited in a Memorandum of Understanding (MoU) with the Government ofPunjab established a special skills training centre in Amritsar, Punjab in December 2008 to bridgethe shortage of skilled workers for cash-and-carry and organized retail formats in India.

During FY2009, Wal-Mart sold Gazeley Limited, an ASDA commercial property developmentsubsidiary in the UK to Economic Zones World (EZW), a Dubai World company to further focus onthe company’s retail operations.

Wal-Mart opened its first neighborhood market (45,000-square-foot) in Virginia in January 2009. Inthe same month, the company acquired 58.2% of the outstanding shares Distribucion y ServicioD&S (D&S). D&S operates 197 stores, 10 shopping centers and 85 PRESTO financial servicesbranches throughout Chile. In March 2009, the company acquired additional 16.4% of the outstandingshares of D&S for approximately $430 million.

In February 2009, Bharti Wal-Mart Private Limited named its self-service wholesale stores in Indiaas “BestPrice Modern Wholesale”.



KEY EMPLOYEES

CompensationBoardJob TitleName

12238209 USDExecutive BoardPresident and Chief ExecutiveOfficer

Michael T. Duke

Executive BoardChairmanS. Robson Walton

30156490 USDExecutive BoardChairman of the ExecutiveCommittee

H. Lee Scott

220000 USDNon Executive BoardDirectorAida M. Alvarez

236646 USDNon Executive BoardDirectorJames W. Breyer

224509 USDNon Executive BoardDirectorM. Michele Burns

221006 USDNon Executive BoardDirectorJames Cash

266490 USDNon Executive BoardDirectorRoger C. Corbett

222787 USDNon Executive BoardDirectorDouglas N. Daft

220585 USDNon Executive BoardDirectorDavid D. Glass

194230 USDNon Executive BoardDirectorGregory B. Penner

220209 USDNon Executive BoardDirectorAllen I. Questrom

195754 USDNon Executive BoardDirectorArne M. Sorenson

220828 USDNon Executive BoardDirectorJim C. Walton

249332 USDNon Executive BoardDirectorChristopher J. Williams

240783 USDNon Executive BoardDirectorLinda S. Wolf

9987493 USDSenior ManagementVice ChairmanEduardo Castro- Wright

Senior ManagementExecutive Vice President, PeopleDivision

M. Susan Chambers

Senior ManagementExecutive Vice President, CorporateAffairs and Government Relations

Leslie A. Dach

Senior ManagementExecutive Vice President, ChiefInformation Officer

Rollin L. Ford

Senior ManagementExecutive Vice President, Legal,Ethics and Corporate Secretary

Thomas D. Hyde

8191857 USDSenior ManagementExecutive Vice President, Presidentand Chief Executive Officer,International Division

C. Douglas McMillon

9477584 USDSenior ManagementExecutive Vice President and ChiefFinancial Officer

Thomas M. Schoewe

Senior ManagementSenior Vice President and ControllerSteven P. Whaley

Senior ManagementPresident and Chief ExecutiveOfficer, Sam’s Club

Brian C. Cornell


Wal-Mart Stores, Inc.Key Employees

CompensationBoardJob TitleName

Senior ManagementExecutive Vice President, RiskManagement, Insurance andBenefits Administration

Linda M. Dillman

Senior ManagementExecutive Vice President, Logisticsand Supply Chain, Walmart US

Johnnie C. Dobbs

Senior ManagementExecutive Vice President, ChiefMerchandising Officer, Walmart US

John E. Fleming


Wal-Mart Stores, Inc.Key Employees

KEY EMPLOYEE BIOGRAPHIES

Michael T. Duke

Board: Executive BoardJob Title: President and Chief Executive OfficerSince: 2009Age: 59

Mr. Duke has been the President and Chief Executive Officer at Wal-Mart since 2009. He previouslyserved as Wal-Mart’s Vice Chairman; he was responsible for the international division from 2005 to2009. Mr. Duke was the Executive Vice President, President and Chief Executive Officer of WalmartUS from 2003 to 2005. Prior to that, he served as Executive Vice President, Administration atWal-Mart from 2000 to 2003.

S. Robson Walton

Board: Executive BoardJob Title: ChairmanSince: 1992Age: 64

Mr. Walton has been the Chairman at Wal-Mart since 1992. Since joining Wal-Mart in 1969, he hasserved as Senior Vice President, Secretary and General Counsel and Vice Chairman. Prior to joiningWal-Mart, Mr. Walton was in private law practice as a Partner with the law firm, Conner and Wintersin Tulsa, Oklahoma.

H. Lee Scott

Board: Executive BoardJob Title: Chairman of the Executive CommitteeSince: 2009Age: 60

Mr. Scott has been the Chairman of the Executive Committee at Wal-Mart since January 2009. Heserved as the President and Chief Executive Officer of Wal-Mart from 2000 to January 2009.

Aida M. Alvarez

Board: Non Executive BoardJob Title: DirectorSince: 2006


Wal-Mart Stores, Inc.Key Employee Biographies

Age: 59

Ms. Alvarez has been a Director of Wal-Mart since 2006. She is the former Administrator of the USSmall Business Administration and was a member of President Clinton's Cabinet from 1997 to 2001.She is the founding Director of the Office of Federal Housing Enterprise Oversight; Ms. Alvarez wasthe financial regulator of Fannie Mae and Freddie Mac from 1993 to 1997. She also serves on theBoard of Directors of UnionBanCal, Union Bank and is a member of the Diversity Advisory Boardfor Deloitte & Touche.

James W. Breyer

Board: Non Executive BoardJob Title: DirectorSince: 2001Age: 47

Mr. Breyer has been a Director at Wal-Mart since 2001. He is a Partner of Accel Partners, a venturecapital firm. He also serves as a Director of Dell, Marvel Entertainment, and several other privatecompanies.

M. Michele Burns


Ms. Burns has been a Director at Wal-Mart since 2003. She is the Chairman and Chief ExecutiveOfficer of Mercer, a subsidiary of Marsh & McLennan Companies. Ms. Burns was the Executive VicePresident and Chief Financial Officer of Marsh & McLennan Companies in 2006. She is the formerExecutive Vice President, Chief Financial Officer, and Chief Restructuring Officer of Mirant Corporationduring 2004-06. She served as the Executive Vice President and Chief Financial Officer of Delta AirLines from 2000 to 2004. Ms. Burns also serves as a Director of Cisco Systems.

James Cash


Mr. Cash has been a Director at Wal-Mart since 2006. He is a retired James E. Robison Professorof Business Administration at Harvard Business School and former Senior Associate Dean and



Chairman of HBS Publishing. Mr. Cash is a Director of The Chubb Corporation, General Electric,Phase Forward and Microsoft.

Roger C. Corbett


Mr. Corbett has been a Director at Wal-Mart since 2006. He is a retired Chief Executive Officer andGroup Managing Director of Woolworths, an Australian retailer. Mr. Corbett currently serves as aDirector of The Reserve Bank of Australia, Fairfax Media Limited, and is the Deputy Chairman ofPrimeAg Australia.

Douglas N. Daft


Mr. Daft has been a Director at Wal-Mart since 2005. He was the Chairman and Chief ExecutiveOfficer of The Coca-Cola Company from 2000 until 2004. Mr. Daft served in various capacities atThe Coca-Cola Company since 1969. He also serves as a Director of The McGraw–Hill Companiesand Sistema-Hals.

David D. Glass


Mr. Glass has been a Director at Wal-Mart 1977. He previously served as the President and ChiefExecutive Officer of the company from 1988 to 2000.

Gregory B. Penner




Mr. Penner has been a Director at Wal-Mart since 2008. He has been a General Partner of MadroneCapital Partners since 2005. He earlier served as Wal-Mart’s Senior Vice President and ChiefFinancial Officer, Japan from 2002 to 2005. Prior to joining Wal-Mart, Mr. Penner was a GeneralPartner at Peninsula Capital and a Financial Analyst for Goldman, Sachs & Co. He currently servesas a Director of Baidu.com, 99Bill Corporation, Cuil, and Global Hyatt Corporation.

Allen I. Questrom


Mr. Questrom has been a Director at Wal-Mart since 2007. He was the Chairman and Chief ExecutiveOffice at JC Penney Company from 2000 to 2004. Mr. Questrom served as the Chairman, ChiefExecutive Officer and President of Barneys New York from 1999 to 2000. He was previously thePresident and Chief Executive Officer of The Neiman Marcus Group and has served as the Chairmanand Chief Executive Officer of Federated Department Stores from 1990 until 1997. Mr. Questromis a Director of Sotheby’s and is a Senior Adviser with Lee Equity Partners.

Arne M. Sorenson


Mr. Sorenson has been a Director at Wal-Mart since 2008. He has been the Executive Vice Presidentand Chief Financial Officer of Marriott International since 1998. Mr. Sorenson joined Marriott in 1996as Senior Vice President of Business Development. Prior to joining Marriott, he was a Partner withLatham & Watkins in Washington, DC.

Jim C. Walton


Mr. Walton has been a Director at Wal-Mart since 2005. He is the Chairman and Chief ExecutiveOfficer of Arvest Bank Group. Mr. Walton also serves as Chairman of Community Publishers.

Christopher J. Williams




Mr. Williams has been a Director at Wal-Mart since 2004. He is the Chairman and Chief ExecutiveOfficer of The Williams Capital Group, an investment bank. Mr. Williams has also served as theChairman and Chief Executive Officer of Williams Capital Management since 2003. He currentlyserves as a Director of Harrah’s Entertainment.

Linda S. Wolf


Ms.Wolf has been a Director at Wal-Mart since 2005. She is the former Chairman and Chief ExecutiveOfficer of Leo Burnett Worldwide, an advertising agency and division of Publicis Groupe. Ms. Wolfserved in various positions with Leo Burnett Worldwide and its predecessors from 1978 to 2005.She currently serves as a Director of InnerWorkings.

Eduardo Castro- Wright

Board: Senior ManagementJob Title: Vice ChairmanSince: 2008Age: 54

Mr. Castro-Wright has been the Vice Chairman at Wal-Mart since 2008. He served as ExecutiveVice President and President and Chief Executive Officer of Walmart US division from 2005 untilNovember 2008. Previously, Mr. Castro-Wright served as Executive Vice President, Chief OperatingOfficer of Walmart US division. He previously served as the President and Chief Executive Officerof Wal-Mart de Mexico from 2002 through 2005.

M. Susan Chambers

Board: Senior ManagementJob Title: Executive Vice President, People DivisionSince: 2006Age: 51

Ms. Chambers has been the Executive Vice President, People Division at Wal-Mart since 2006. Sheserved as Executive Vice President, Risk Management, Insurance and Benefits Administration of



the company from 2003 to 2006. She previously served as Senior Vice President, Insurance andBenefits Administration of Wal-Mart from 2002 to 2003.

Leslie A. Dach

Board: Senior ManagementJob Title: Executive Vice President, Corporate Affairs and Government RelationsSince: 2006Age: 54

Mr. Dach has been the Executive Vice President, Corporate Affairs and Government Relations atWal-Mart since 2006. From 1997 until 2006, he served as Vice Chairman of Daniel J. Edelman.

Rollin L. Ford

Board: Senior ManagementJob Title: Executive Vice President, Chief Information OfficerSince: 2006Age: 46

Mr. Ford has been the Executive Vice President, Chief Information Officer at Wal-Mart since 2006.From 2003 through 2006, he served as the Executive Vice President, Logistics and Supply Chainof the company.

Thomas D. Hyde

Board: Senior ManagementJob Title: Executive Vice President, Legal, Ethics and Corporate SecretarySince: 2005Age: 60

Mr. Hyde has been the Executive Vice President, Legal, Ethics and Corporate Secretary at Wal-Martsince 2005. He served as Executive Vice President, Legal and Corporate Affairs and CorporateSecretary of the company from 2003 to 2005. Mr. Hyde previously served as Executive Vice Presidentand Senior General Counsel of Wal-Mart from 2001 to 2003.

C. Douglas McMillon

Board: Senior ManagementJob Title: Executive Vice President, President and Chief Executive Officer, International DivisionSince: 2009Age: 42



Mr. McMillon has been the Executive Vice President, President and Chief Executive Officer,International division at Wal-Mart since 2009. He served as Executive Vice President, President andChief Executive Officer of Sam’s Club division from 2005 to 2009. He earlier served as the ExecutiveVice President, Merchandising and Replenishment of Sam’s Club Division from 2002 to 2005.

Thomas M. Schoewe

Board: Senior ManagementJob Title: Executive Vice President and Chief Financial OfficerSince: 2000Age: 56

Mr. Schoewe has been the Executive Vice President and Chief Financial Officer at Wal-Mart since2000. Prior to joining Wal-Mart, he served as Senior Vice President and Chief Financial Officer ofBlack and Decker during 1993–99. Prior to that, he served for four years as Black and Decker’s VicePresident of Finance. Mr. Schoewe joined Black & Decker in 1986.

Steven P. Whaley

Board: Senior ManagementJob Title: Senior Vice President and ControllerSince: 2007Age: 49

Mr. Whaley has been the Senior Vice President and Controller at Wal-Mart since 2007. He servedas Vice President and Controller of the company from 2005 through 2007. Mr. Whaley served asVice President and Assistant Controller at Wal-Mart in 2005. Prior to that, he was the Vice Presidentand Controller at Southwest Airlines since 2001.



MAJOR PRODUCTS AND SERVICES

Wal-Mart Stores (Wal-Mart) operates retail stores in various formats across the world.The company's key products and services include the following:

Products:

Dry and wet groceryBeveragesFrozen foodsFlowersHealth and beauty productsHousehold productsPet suppliesFabrics and craftsStationery and booksAutomotive accessoriesHardware and paintHorticulture productsSporting goodsApparelShoesJewelryToysHome furnishingsHousewaresMajor and minor home appliancesCamerasCellular phones

Services:

Photo processing servicesCellular service planMoney order servicesWire transfers

Brands:

Wal-MartGreat ValueEquateOl’ RoySam’s Choice


Wal-Mart Stores, Inc.Major Products and Services

Spring ValleyParent’s ChoiceEverstartFaded GloryNo BoundariesGeorgeAthletic WorksSecret TreasuresPuritanDurabrandHomeTrendsMainstaysOzark TrailWhite StagCanopy


Wal-Mart Stores, Inc.Major Products and Services

REVENUE ANALYSIS

The company recorded revenues of $405,607 million during the financial year (FY) ended January2009, an increase of 7.1% over 2008. For FY2009, revenues from the US, the company’s largestgeographical market, accounted for 75.7% of the total revenue.

Wal-Mart generates revenues through its three business divisions: Walmart US (63.1% of totalrevenue during FY2009), Sam’s club (11.6%) and international (24.3).The company also generatesrevenues from membership fees and other income (1.1%)**.

Revenues by Division*

During the FY2009, the Walmart US division recorded revenues of $255,745 million, an increase of6.8% over 2008. The increase was primarily due to the increase in the comparable store sales inaddition to the expansion activities taken by the company.

The Sam’s Club division recorded revenues of $46,854 million in FY2009, an increase of 5.6% over2008. The increase in revenues is attributed to the increase in the comparable store sales.

The international division recorded revenues of $98,645 million in FY2009, an increase of 8.8% over2008.The increase was primarily due to the international expansion of the company and the organicgrowth in existing units.

The membership and other income recorded revenues of $4,363 million in FY2009, an increase of2.1% over 2008.

Revenues by Geography*

The US, Wal-Mart's largest geographical market, accounted for 75.7% of the total revenues in theFY2009. Revenues from the US reached $306,962 million in 2009, an increase of 6.5% over 2008.

International accounted for 24.3% of the total revenues in the FY2009. Revenues from Internationalreached $98,645 million in 2009, an increase of 8.8% over 2008.

* Percentages rounded off.

** Membership and other income includes Sam’s Club membership fee revenues, tenant incomeand financial services income.


Wal-Mart Stores, Inc.Revenue Analysis

SWOT ANALYSIS

Wal-Mart operates retail stores in various formats across the world. In the US, the company operatesthrough a number of retail formats including discount stores, supercenters, neighborhood marketsand Sam's Clubs. A wide product and service offering under one-roof and convenience shoppingenvironment positioned Wal-Mart as a one-stop retail destination for household products. However,the company is facing stiff competition from a number of local and international players. Intensecompetition could adversely affect the revenues and profitability of Wal-Mart.

WeaknessesStrengths

Self cannibalizationLarge scale of operations, worldwideInvolvement in numerous legal issuesOne-stop retail destinationContinuous product recallsStrategic business programs

Efficient working capital management

ThreatsOpportunities

Intense competitionGlobal Food Safety Initiative standardsPrice matching program by TargetIncreasing demand of online salesForeign currency fluctuationAcquisition of Distribucion y Servicio

Strengths

Large scale of operations, worldwide

Wal-Mart is the largest retail company in the world and enjoys a strong market position in the US.The company derives almost 75% of its revenues from the US. Revenues from the US are largelyinstrumental in making Wal-Mart one of the leading corporations of the world. While many retailersare struggling due to the recessionary economic condition in the US, Wal-Mart posted an increaseof 3.5% in its comparable store sales in FY2009 as compared to 1.6% in 2008. This indicates thecustomer’s confidence over Wal-Mart in spite of the economic turmoil. Moreover, a strong marketposition in the US provides large economies of scale to Wal-Mart, which helps the company tonegotiate for better margin with the vendors.

Wal-Mart operates around 3,615 stores worldwide. In FY2009, the company derived approximately25% of its revenue (or $98.6 billion) from its international operation. The company’s internationalsegment comprised of its wholly owned subsidiaries in Argentina, Brazil, Canada, Japan, PuertoRico and the UK; majority-owned subsidiaries operating in five countries in Central America, and inChile and Mexico; and joint venture operation in India and China. Large scale of operations across


Wal-Mart Stores, Inc.SWOT Analysis

the globe provides greater economies of scale to Wal-Mart, which in turn provides better bargainingpower to the company. It also increases the company’s market penetration opportunities.

One-stop retail destination

Wal-Mart has positioned itself as a destination retailer for household needs. The company’s storesoffer an assortment of private and national label merchandise in various product categories includinggrocery, electronics, household products, major and minor appliances, apparel and accessories,toys and auto accessories.The company also sells merchandise under a number of licensed brandsincluding General Electric, Disney, McDonald's, Mary-Kate and Ashley and Starter. Wal-Mart offersfinancial services such as money order sales, and wire transfers in its stores. Further, the longoperating hours followed by Wal-Mart stores allows customers to shop at their convenience. A wideproduct and service offering under one-roof and a convenient shopping environment has enabledthe company to position itself as a destination retailer. This in turn encourage customers to shopfrequently in Wal-Mart stores thereby supporting the overall revenue growth rate.

Strategic business programs

Wal-Mart operates a number of strategic business programs to gain competitive advantage. Thecompany, through its every day low pricing (EDLP) strategy, offers products at lowest possible pricein the industry. Under the rollback program, the company passes internal or external cost saving toits consumers by lowering prices on selected goods. Through the save even more strategy thecompany matches (or reduces the pricing) the competitor’s advertised price on key value items.Wal-Mart’s consistency in the low pricing policy through these programs helps it build customerloyalty. Moreover, the pricing strategy enables the company to position itself as a value for moneyretailer.

In addition, the company’s store within a store program allows store assistants and departmentmanagers to undertake merchandise planning and take charge of the overall department performance.The store of the community program ensures that the merchandise assortment at individual storesis aligned to the demographic needs of the local community.These programs help Wal-Mart localizeits store merchandise mix which in turn enhances the individual store performance.

Efficient working capital management

Wal-Mart has an efficient working capital management mechanism. The company has consistentlymaintained a negative working capital over many years. Wal-Mart maintains a net working capitalratio of -0.04, -0.07, and -0.03 in FY2009, 2008 and 2007, respectively.This indicates the company’sability to sell and receive payment for inventory before it actually pays its vendors for the sameinventories. The competent management of working capital ensures efficient cash flow and helpsWal-Mart generate interest income out of the available additional cash in hand.

Weaknesses



Self-cannibalization

Wal-Mart is facing self-cannibalization in the process of opening new stores in the US. In FY2008,the company with relation to revision of its capital efficiency model, revised its methodology forcalculating the negative impact of new stores on comparable store sales. According to Wal-Mart’sinternal estimates, the impact on comparable store sales because of new-store-openings wasapproximately -1.1% in FY2009 and -1.5% in FY2008. Although the comparable store sales of thecompany increased by 3.5% and 1.6% in FY2009 and 2008 respectively, the new store openingsin existing areas impacted the overall performance of the company adversely. If self-cannibalizationtrends continue further, the new stores may reduce sales from the existing outlets; this in turn wouldimpact Wal-Mart’s business performance in the long run.

Involvement in numerous legal issues

Wal-Mart is involved in a number of legal issues. The company is currently a defendant in variousclass action suits pertaining to deviation from federal and state wager laws. Wal-Mart is presentlyinvolved in a class action suit, Dukes vs. Wal-Mart Stores. The complain is from the former andcurrent female employees in Wal-Mart’s US retail and warehouse club store operations. Theseemployees, totaling to 1.6 million, alleged that the company showed gender discrimination at thetime of promotions, pay, training and job assignments.The claimants sought $11.5 billion for injunctiverelief, front pay, back pay, punitive damages and attorney's fees. The suit is one of the biggestgender discrimination cases in the US. In addition, Wal-Mart is involved in approximately 63wage-and-hour class actions which are pending against it for settlement. Further, in March 2008,Wal-Mart was accused of violating the Missouri hazardous waste laws and regulations pertainingto the company’s contract with a third-party contractor for recycling services. Such proceedings mayadversely affect the company’s brand image. Moreover, any unfavorable outcome from theinvestigations could affect the company's result of operation and profitability.

Continuous product recalls

Wal-Mart was involved in several product recalls lately. In April 2009, Wal-Mart recalled the EB brandfitness ball because of reports on these fitness balls bursting unexpectedly; the event caused afracture to a user and resulted in multiple bruises to another. The company also recalled PhilipsSenseo One cup coffeemaker, Joyfair Rashelle shoe, Stanley works stud sensor, Evenflo majestichigh chair, and Conair clothes iron among others for possible health and hazardous reasons.Thoughthe product defects are outside the company’s control, frequent product recalls indicate lax qualitycontrol measures by Wal-Mart. Moreover, continuous product recalls would lead to adverse publicityand loss of confidence among customers and would discourage consumers from buying the company’sproducts.

Opportunities

Global Food Safety Initiative standards



In February 2008, Wal-Mart became the first nationwide US grocer to adopt Global Food SafetyInitiative (GFSI) standards. GFSI provides real time details about failure in safety standards by anysupplier on a plant-by-plant basis. Under the GFSI program, manufacturers of Wal-Mart and Sam’sClub private label food products in the US must be audited and certified by the independently licensedauditors. The GFSI standard follows a stringent audit process as compared to the current Food andDrug Administration (FDA) or United States Department of Agriculture (USDA) norms. Wal-Martoffers a number of private label brands such as Great Value, Sam’s Choice, Member’s Mark, andBakers & Chefs in various product categories in its retail stores. Moreover, the consumers’ orientationtowards high quality products at lower prices is on the rise.The GFSI standard program would furtherstrengthen consumer confidence over the quality of the company’s private label products, which inturn would ensure strong customer loyalty and increase in private label sales.

Increasing demand of online sales

Online shopping has steadily grown in popularity in the US. Although US retail sales have beenheavily hit by the economic turmoil in the US, the online retail sales are forecast to grow at 11% in2009. This suggests that Americans have reduced their spending but not so much that the onlineshopping records a decline. The country is expected to see an online expenditure of $156 billion in2009, higher than $141 billion recorded in the previous year.

Wal-Mart has a strong presence in the online retailing format. The company markets more than1,000,000 products through its flagship e-commerce websites walmart.com and samsclub.com.Further, Wal-Mart scored 77 points out of 100, in an annual consumer survey measuring e-commercesatisfaction by the US consumers. As per the survey the company is well ahead of some of its majorcompetitors such as Khols.com (76 points), target.com (75 points) and best buy.com (74 points).This indicates Wal-Mart’s strong position in the online retail format.Wal-Mart is well poised to benefitfrom the expected increase in online sales. Moreover, online sales, while offering convenience tocustomers, also improve the company's margins by cutting down operating costs.

Acquisition of Distribucion y Servicio

In 2009, the company acquired approximately 75% of the outstanding shares of Distribución yServicio D&S (D&S), a Chilean retailer. D&S has a strong retail presence in Chile. It operates a totalof 197 retail stores, 10 shopping centers and 85 PRESTO financial services branches throughoutChile. The acquisition provided an opportunity for Wal-Mart to enter Chile, which continues to havea strong and growing economy among South America countries. In spite of the weak global financialcondition, the buying power of Chilean families is the highest in Latin America. IMF has furtherpredicted Chile’s per capita GDP (adjusted for purchasing power parity) would continue to lead theregion during 2009. Moreover, Wal-Mart’s entry to Chile would further strengthen its internationalfoothold.

Threats



Intense competition

Wal-Mart is facing stiff competition from a large number of local and international companies includingCarrefour, Tesco, Target, Home Depot, Sears, Kohl’s, Kroger and Best Buy. Wal-Mart Storescompetes with retailers that operate discount, department, drug, variety and specialty stores;supermarkets, super center-type stores; and hyper marts, as well as internet-based retailers andcatalog businesses. Sam's Club competes with wholesale clubs such as Costco and Metro, as wellas discount retailers and wholesale grocers. Wal-Mart also competes with internet-based retailerssuch as amazon.com, target.com, and kohls.com.Though Wal-Mart’s competitors have comparativelylesser economics of scales, regional retailers compete in a variety of ways including strong localizemerchandise mix in their stores. This provides an edge to the smaller players over Wal-Mart in theirlocal market. Further, intense competition could adversely affect the revenues and profitability ofWal-Mart.

Price matching program by Target

Target, the company’s biggest competitor, is bringing back its price matching program, which itdropped in 2002. Target has recently tested the price matching program in few of its store. As perthe program, Target will match the competitor’s prices on identical items. Wal-Mart is currentlyoffering a similar pricing program of matching the competitor’s advertised price on key value itemsunder its save even more strategy. If Target successfully launches the program and expands theprogram across the US, it would reduce Wal-Mart’s existing market share.

Foreign currency fluctuation

The performance of Wal-Mart’s international segment is affected by foreign currency fluctuations.Apart from the US, the company has operations in approximately 15 international countries. DuringFY2009, the company’s international operations generated 24.6% of its total net sales. DuringFY2009, fluctuation in foreign currency exchange rates had a $2.3 billion unfavorable impact on thenet sales of Wal-Mart’s international segment as compared to a favorable impact of $4.5 billion inFY2008. The unpredictability of the foreign exchange fluctuation would affect the company’sinternational planning process.



TOP COMPETITORS

The following companies are the major competitors of Wal-Mart Stores, Inc.

Target CorporationSafeway Inc.Sears Holdings CorporationJ. C. Penney Corporation, Inc.Kroger Co., TheTesco PLCCarrefour S.A.Metro AGCostco Wholesale CorporationAmazon.com, Inc.CVS Caremark CorporationKohl's CorporationLowe's Companies IncPPR SAOffice Depot, Inc.Seven & I Holdings Co. Ltd.Staples, Inc.SUPERVALU INC.Walgreen Co.


Wal-Mart Stores, Inc.Top Competitors

COMPANY VIEW

A statement by Michael T. Duke, President and Chief Executive Officer, Wal-Mart is given below.The statement has been taken from the company’s 2009 annual report.

I’m fortunate to have assumed my new role as president and chief executive officer at this time inWal-Mart’s history. Our Company is so well positioned for today’s difficult economy and tomorrow’schanging world. We have an exceptionally strong management team, able to execute our strategy,perform every single day, and deliver results. This success is a tribute to the hard work of manypeople, but especially Lee Scott. We appreciate Lee for his service and outstanding leadership ofour Company.

At Wal-Mart, we’re very pleased with last year’s annual performance, especially relative to competitors.Our U.S. stores are delivering faster checkouts, a friendlier shopping experience and cleanerpresentations. Simply, they are just operating better. We are on the move internationally and todayhave more stores in more markets. People who have never shopped with us previously are nowloyal customers. Sam’s continues to show the distinct value of club membership.

We have so much to be proud of at Wal-Mart when it comes to last year’s financial results. Earningsper share from continuing operations were up 6 percent to $3.35. We delivered strong returns to ourshareholders through almost $7.3 billion in share repurchases and dividends.Total net sales increased7.2 percent, as we helped customers save money, so they can live better.

Operating Segments Deliver Strong Performance

Each operating segment stepped up and contributed to our strong performance. Walmart U.S. hadan extraordinary year by driving home our price message and driving up customer experience scoresto record levels. At Wal-Mart International, currency fluctuations affected our reported sales, butoverall results were solid. Doors continue to open for international growth, such as with our strategicacquisition of Distribución y Servicio – D&S – in Chile. This also continues to be a great time to bein the warehouse club segment. Sam’s Club grew sales 5.6 percent for the year, and is furtherstrengthening the member experience.

Continued Focus on ROI

Our team is very focused on working to improve return on investment (ROI). Our capital efficiencyprocess drives expansion decisions. The Company has stepped up investments in technology tomaintain leadership in an area that always has been a driver of our success. These efforts willcontribute to Wal-Mart’s increased efficiency through our use of capital, technology and logistics.

The fact is, Wal-Mart’s performance last year would be considered strong at any time and for anyretailer, and certainly during one of the most difficult global economies in decades.This tremendous


Wal-Mart Stores, Inc.Company View

success is a real tribute to our culture and every one of our 2.1 million associates around the world.Retail was tested this past year, and our associates made the difference for Wal-Mart shareholders.

Already this year, the global economy continues to be challenging. But even with this uncertainty,we’re optimistic about Wal-Mart’s opportunity, because we are so well positioned. Our customersexpect us to offer the lowest prices. We simply cannot forget that what we do makes a difference intheir lives.

Price Leadership Drives Global Performance

There’s no doubt that we are bringing to life our global vision for Wal-Mart. Our strategy is working,and we’re building more and more momentum. We will maintain our focus on price leadership inevery market, whether we’re talking to the working mom in São Paulo or the businessman in Tokyo.

As vice chairman responsible for Wal-Mart International, I saw firsthand how much our businessmodel resonates around the world. I make it a habit not only to walk our stores, but also to visit ourcustomers in their homes. I remember one woman’s tiny house in Costa Rica. She told me thateverything she needs is at our Pali store. We owe every customer our very best – lower prices,higher-quality goods and a better store experience.

We also must continue assuming the larger role that Lee helped us realize we can play in the world.People have been asking me, “Mike, during these difficult times, can we afford to do things likesustainability, responsible sourcing, associate opportunity and health care?” Every time my responsehas been, “We can’t afford not to.” At Wal-Mart, we have an opportunity and a responsibility to leadin the world.

Sustainability is a permanent part of our culture. It helps us remove waste, lower costs and providesavings to our customers. There will be no part of this Company anywhere in the world that doesnot contribute to making Wal-Mart more sustainable.

One way is through responsible sourcing. Last year, I stood in front of more than 1,000 suppliers inBeijing, China and committed our Company to building a more socially and environmentallyresponsible supply chain. We’ll make a difference in responsible sourcing that no other retailer andno other company can make.

Job Creation and Advancement

We’re also offering opportunities for associates. Last year, Wal-Mart created 33,000 jobs in theUnited States and thousands more in our other markets. These good jobs offer competitive wagesand benefits and the opportunity to advance. We plan to create tens of thousands of jobs again thisyear. And, we’ll continue to be a force for inclusiveness everywhere we operate. We need ourassociates more than ever.



We will find ways to make a difference through our participation in debates on issues, includingenergy, health care and trade. At Wal-Mart, we won’t sit back and say, “That’s someone else’s job.”We have a role to play.Wal-Mart has great relationships with governmental leaders in many countriesaround the world. Whether, for example, it’s with Democrats or Republicans, or President Obama’snew administration, Wal-Mart will play a role.

My first day in the new job fell on the first Sunday in February. So my wife Susan and I took a fewhours to move some boxes and belongings into my new office. But we didn’t replace the carpet,furniture, or even Sam Walton’s old wood paneling. With the exception of a couple of pictures onthe wall, we kept it as the same office in which Sam Walton, David Glass and Lee Scott made thedecisions that built our great Company. I could not be more honored or more humbled to sit at theirdesk now.

Although there will continue to be many changes at Wal-Mart, there is one thing that will neverchange – our culture. Wal-Mart associates operate with honesty and integrity. We respect peopleas individuals and strive for excellence. And, most important, we obsess about our customers andways to serve them better than ever before.

I’m certain of our strategy, our opportunity and our ability to perform as individuals and as a Company.By executing well and adhering to our values, we plan to distance ourselves even further from thecompetition and do even more to “save people money so they can live better.”



LOCATIONS AND SUBSIDIARIESHead Office

Wal-Mart Stores, Inc.702 Southwest 8th StreetBentonvilleArkansas 72716USAP:1 479 273 4000http://www.walmartstores.com

Other Locations and Subsidiaries

Walmart Canada CorpWal-Mart Supercenter1940 Argentia Road1-3/FMississaugaLakeview GardenOntarioHonghu RoadL5N 1P9Luohu DistrictCANCHN

Mexico Home OfficeWal-Mart ChileCalle 9 Num 67SantiagoFRACC Insustrial Alce BlancoCHLC.P. 53370 Naucalpan De JuarezMEX

Wal-Mart SupercenterWal-Mart Store6770 Westworth Blvd400 Park PlaceWestworth VillageSecaucusTexas 76114New Jersey 07094USAUSA

Wal-Mart StoreWal-Mart Store1360 Town Centre Drive743 Rainier Ave SouthEaganRentonMinnesota 55123Washington 98057USAUSA

Wal-Mart SupercenterWal-Mart Supercenter7625 Doering Drive4855 Kietzke LaneFlorenceRenoKentucky 41042Nevada 89502USAUSA


Wal-Mart Stores, Inc.Locations and Subsidiaries

wal-mart stores, inc.datamonitor... · wal-mart stores, inc. company profile ... japan, mexico, ......

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