Walmart 2002 Annual Report Download - page 5

3
Most Admired Companies.” This is the tenth
time in the last 20 years that we ranked in
the top 10. The poll was taken by asking
10,000 executives, directors and security
analysts to select the 10 companies they
admired most.
Each day we are tested, as consumers
vote for their favorite store with the dollars
they spend. A recent WSL Strategic Retail
survey quoted in The New York Times said
a plurality of Americans chose Wal-Mart
as their favorite store. Another survey cited
in the article was conducted by Teenage
Research Unlimited and found that
58 percent of children 8 to 18 declared
Wal-Mart as their favorite place to shop
for clothes. These are the survey results
we cherish most.
Our Company has core competencies
and hidden advantages that allow us to
fulfill our promise of “Low Prices – Always.”
They include our expertise in logistics and
information technology. A recent study
by the McKinsey Global Institute finds
that in terms of sheer economic impact,
the single most important, dynamic,
defining technological innovation in
America hasn’t been from Silicon Valley;
it’s the relentless promise of “everyday
low prices” by Wal-Mart. The study says,
“Today’s economic reality is that high-tech
decisions made in Arkansas play a larger
role in boosting America’s productivity than
decisions made in Silicon Valley or Seattle.”
The New York Times said in an article citing
this study that, “By making goods cheap
and available, Wal-Mart has raised the
standard of living of average Americans.”
Recently, many investors were surprised
to find the companies whose stocks and
bonds they owned were not honest about
their results and businesses. We work very
hard to educate investors about our financial
results and condition. Maintaining the
integrity of our disclosures is extremely
important to us. The financial results
reported here will provide you, the
stakeholders, with a review of our
Company, and will provide a detailed
discussion about those financial matters
that are significant to your Company.
Although it is not the most exciting reading,
our team has worked hard to make these
reports comprehensive, yet simple, and I
would encourage you to review them. As a
company, Wal-Mart is known for offering
consumers low prices. Essential to our
relationship with consumers is their trust.
We take that trust quite seriously, and we
would never consciously do anything to
violate it. We take just as seriously the trust
our shareholders and Associates have in the
integrity of our financial statements.
Last year was challenging. The economy
and the events of September 11 impacted
us all. Although we had a good year relative
to many other companies, it was not a
typical Wal-Mart year. This year began on
a much better note. All of us at Wal-Mart
are working to achieve our 15 percent total-
shareholder-return target. I look forward to
reporting another record year in 2003.
I want to close this letter with a special
thanks to our Associates. It is through your
efforts that we succeed as a Company, and
it is because of you that I am excited about
the future.
“With success comes a
serious obligation to do
what is right.”