Walmart 2005 Annual Report Download - page 13

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Lee Scott
President and Chief Executive Officer
To Our Shareholders,
Associates And Customers:
Our fiscal year ending January 31, 2005 was
another record year for Wal-Mart. We topped
$10 billion in net income for the first time in our
history and added almost $29 billion in sales.
As we look back on last year and reflect on the overall performance
of our company, we hope one thing is crystal clear to you as a share-
holder: Wal-Mart’s health and future growth prospects have never
been stronger.
Record Financial Results
We ended our 2005 fiscal year with record sales and earnings. We
opened a record number of stores. We promoted a record number
of associates. We made significant achievements in our diversity
and compliance programs. We made management changes on the
operations side of our business that will serve us well, both today
and in the future. Perhaps most important, Wal-Mart remains
committed to a culture built from a foundation of integrity,
respect for one another, continual improvement and service
to the customer. We have found that this culture translates
well anywhere in the world.
Global revenues for the fiscal year 2005 exceeded
$285 billion, and net income surpassed $10 billion. We
grew earnings faster than sales by doing the basics well –
better in-stock, less markdowns and an improved mer-
chandise mix. As a result, we generated higher profits
for our shareholders without passing along higher
prices to our customers.
WAL-MART 2005 ANNUAL REPORT 11