Walmart 1997 Annual Report Download - page 4

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PRESIDENT’S LETTER
al-Mart has a history of rising
to the challenge. After a
disappointing year in fiscal
1996, our associates responded
with a solid performance in
fiscal 1997. Sales for the fiscal
year approached $105 billion
and earnings topped $3 billion.
Each operating division
generated higher comparable
sales growth and improved
operating margins. Our
Wal-Mart operations experienced
some of the best customer
approval scores in our history
and SAM’S Club showed solid
improvement in comparable
sales, membership, merchan-
dise selection and income.
Asset management and cash
flow were key themes this year.
We generated over $3 billion in
free cash flow and increased
our return on assets. With the
growth in the Company’s cash
flow, we now can finance our
aggressive capital expenditures
program internally and still
have excess cash available for
distribution to our shareholders.
This strong sustainable cash
flow allowed us to announce
two actions to enhance
shareholder value. The first was
to increase our dividend by 29%
and the second was to increase
the size of our share repurchase
program with the intent to
repurchase up to $2 billion
worth of stock over the next
12 to 18 months.
Our first priority remains
profitable internal growth.
Future increases in the
dividend and repurchase
program will depend on the
availability of our growth
opportunities.
2
W
FUTURE STO CK
CEO David Glass looks forward to a world of future prospects.
FUTURE STO CK
Building shareholder value
DIRECTO RS:
Paul R. Carter
John A. Cooper, Jr.
Stephen Friedman
Stanley C. Gault
David D. Glass
Frederick S. Humphries
E. Stanley Kroenke
Elizabeth A. Sanders
Jack C. Shewmaker
Donald G. Soderquist
Paula Stern
John T. Walton
S. Robson Walton
Cha ir ma n of the Boa rd
S. Robson Walton
Chief Ex ecutive Officer
President
David D. Glass
Vice Cha irma n
Chief O pera ting Officer
Donald G. Soderquist
Ex ecutive Vice President
President, W a l-M art Rea lty
Paul R. Carter
Ex ecutive Vice President -
O pera tions
Thomas M. Coughlin
Ex ecutive Vice President -
Specia lty Division
David Dible
Ex ecutive Vice President
President - Sa m ’s
Joseph S. Hardin, Jr.
Ex ecutive Vice President
President - International
Bob L. Martin
Ex ecutive Vice President
Chief Financia l Officer
John B. Menzer
Ex ecutive Vice President -
M ercha ndising
H. Lee Scott, Jr.
Ex ecutive Vice President -
Supercenter
Nick White
Secreta ry, Genera l Counsel
Robert K. Rhoads
Trea surer
Terri Bertschy