Walmart 2007 Annual Report Download - page 12

Our “Wal-Mart Out in Front”
plan is delivering tangible results.
Letter from Lee Scott, Wal-Mart President and CEO
To
o
u
r
s
h
are
h
o
ld
ers, assoc
i
ates an
d
cus
t
omers
:
Last year
,
Wal-Mart Stores
,
Inc
.
delivered bot
h
record sale
s
an
d
earn
i
ngs
f
rom cont
i
nu
i
n
g
operat
i
ons
.
W
e a
l
so steppe
d
ou
t
a
n
d
took
o
n
k
so
m
e
of
t
h
e
f
tou
g
hest challen
g
es facin
g
t
h
e
co
m-
mun
i
t
i
es w
e
ser
v
e
.
B
ut w
e
d
i
d
no
t
ac
h
ieve t
h
ese t
h
ings w
h
i
l
e
doin
g
bus
in
ess
as
usua
l
.
W
e
d
i
d
t
h
em
durin
g
a
p
eriod
of
per-
f
ha
p
s
t
h
e
m
ost
ra
p
i
d
a
n
d
p
rofoun
d
chan
g
ei
n
our
Compan
y
’
s
h
istory
.
Wit
h
o
u
r
trans
f
ormation p
l
an
,
w
e
are
committe
d
to
sta
y
in
g
“
Out
in
Front”
of
”
t
h
e
f
chan
g
es
a
r
ou
n
d
us.
T
h
is
s
ucc
ess
i
s
a
tri
b
ute
t
oWa
l
-Mart assoc
i
ates aroun
d
t
h
e
world
,
a
n
d
t
h
e
cu
l
tu
r
e
they
live
y
a
n
d
carry
forward
y
every
day.
y
A
t
Wal-Mart
,
w
e
sa
v
e
people
money
so
y
they
can
y
liv
e
bette
r
.
W
e
a
r
e
prou
d
of
t
h
a
t
f
p
u
rpose,
an
d
I
am
prou
d
of
o
u
r
f
assoc
i
ates,
o
u
r
Compan
y
,
a
n
d
t
h
e
r
esu
l
ts
w
e
ac
hi
e
v
ed
to
g
ether
t
hi
s
p
ast
y
ear
.
Record Sales
Wh
en
i
t
co
m
es
to
t
h
e

scal

y
ear’s

nancial

results
,
W
a
l-M
a
r
t
aga
in
d
e
l
ivere
d
so
l
i
d
per
f
ormance.
W
e
h
a
d
recor
d
ne
t
sa
l
es o
f
$
345
b
i
ll
ion,
an
i
ncrease
of
11
.
7
f
percen
t
o
v
er

scal

y
ear
200
6.
Our
n
et
in
co
m
e
fr
o
m continuin
g
o
p
erations r
ose
6.
7
p
ercen
t
o
v
er
l
as
t
y
ear
to
a
recor
d
$
12.
2
b
i
ll
ion
.
Earn
i
ngs
per
s
h
are
f
rom
continuin
g
o
p
eration
s
w
e
r
e
$
2.92.
I
am
a
l
so v
er
yp
l
ease
d
wit
h
o
u
r
resu
l
ts
i
nWa
l
-Mart’
s
Internationa
l
d
ivision,
h
ea
d
e
d
by
Mi
ke
Du
k
e. Le
d
b
yMex
i
co
a
n
d
increasin
g
m
o
m
e
n
tum
at
A
sda
in
t
h
e
U
ni
ted
Kin
g
dom,
internationa
l
sa
l
e
s
increase
d
more
t
h
an
30
percen
t
t
o
$
77
b
i
l-
li
on
f
or
t
h
e
y
ear. Dou
g
M
c
Mill
o
n
a
n
d
hi
s
Sa
m’
s
C
l
ub
tea
m
a
l
so
turne
d
i
n
a
so
l
i
d
per
f
ormance, wit
h
sa
l
e
s
grow
i
ng
4
.
5
percen
t
f
o
r
t
he
y
ear.
F
or t
h
e sixt
h
quar
t
er
i
n
a
ro
w
,
Sam
’s
C
l
u
b
gre
w
operatin
g
in
co
m
e
f
aster
t
h
an
sa
l
es.
Of
course,
f
t
h
er
e
w
ere
a
coup
le
of
disappointments.
f
I
n
p
articular,
tota
l
U.S.
com
p
arabl
e
sto
r
e
sa
l
es
w
e
r
e
2
.0
p
ercen
t
l
ast y
ear,
w
h
ic
h
w
as
b
e
l
o
w
o
u
r
p
l
an
.
H
owever
,
t
h
eWa
l
-Mar
t
S
tores
d
ivision
,
l
e
d
by
Eduardo
y
Castro-Wrig
h
t
,
continue
d
i
t
s
t
r
e
n
d
of
improving
f
l
abor
productivity
and
y
inventory
mana
g
e
-
y
men
t
.T
he
U.
S.
t
eam a
l
s
o
d
e
l
ivere
d
an
i
ncreas
e
in
re
t
urn
on
i
nvestment
.
Consi
d
erin
g
o
u
r
goa
l
w
as
only
to
y
h
ave

attened

t
h
e
do
wnw
a
r
d
t
r
e
n
d
by
the
y
e
n
d
of
t
h
e
f

scal

y
ear,
an
in
c
r
ease
in
R
O
I
i
s
a
grea
t
accomp
l
is
h
ment
f
or Wa
l
-Mart U.
S
.
Unlocking the Value
At
Wa
l
-Mart
,
o
u
r
growt
h
h
as
b
ee
n
gui
d
e
d
by
a
s
t
ra
t
egy o
f
focusin
g
ou
r

nancial

a
n
d
h
u
m
a
nr
esou
r
ces
in
a
r
eas
wh
e
r
e
w
e
c
an
unlock
the
k
mos
t
va
l
ue.
I
n
o
u
r
Internationa
l
d
ivision,
w
e
ca
l
l
t
hi
s
a
pp
roac
h
“ma
j
or
in
t
h
e
majors.”
Ou
r
”
r
esu
l
ts
clearl
y
de
m
o
n
st
r
ate
t
h
at
t
hi
s
i
s
t
h
e
ri
g
ht strateg
y.
L
ast y
ear
,w
e
opene
d
t
h
e
d
oors
t
o
se
v
en
ne
wWa
l
-Mar
t
Su
p
ercentre
s
in
Ca
n
ada.
Th
e
res
p
ons
e
fr
o
m
ou
r
custo
m
e
r
s
h
a
s
b
ee
n
exce
ll
ent, an
d
w
e
p
l
an
to
open
2
1
ne
w supercen
t
re
s
t
hi
s
y
ear. W
e
in
c
r
eased
ou
r ownershi
p
sta
k
e
of
Seiyu
f
in
Ja
p
an
to
53.3
p
ercent
.
Sei
y
u’
s
tota
lcom
p
arable
sto
r
e
sa
l
es
f
o
r

scal

200
7 w
ere
pos
i
t
i
ve
f
o
r
t
h
e

rst

t
i
me
i
n
15
y
ears.
We
increase
d
ou
r
sta
k
e
in
C
ARH
CO
to
5
1
p
ercent,
a
n
d
w
e
r
e
n
a
m
ed
C
ARH
CO
Wa
l
-Mart Centra
l
Amer
i
ca
.
We
a
l
so a
dd
e
d
1
20
new
s
t
ore
s
i
n
M
e
xi
co
a
n
d
a
r
e
very
encouraged
y
by
the
y
p
erformanc
e
a
n
d
co
n
-
t
in
ued
g
rowth o
pp
ortunities f
o
r
a
ll
s
ix
sto
r
e
f
o
rm
ats
t
h
e
r
e.
As
d
a’s turn-aroun
d
s
t
ra
t
egy cont
i
nues
to
d
e
l
ive
r
resu
l
ts.
T
h
e
tea
mim
p
rove
d
t
h
e
basics
,
in
t
r
oduced
a
n
e
w
sto
r
e
format
,
an
d
upgra
d
e
d
severa
l
d
epartments
.
A
t
t
h
e
be
g
innin
g
of

f
scal

2008
,
w
e
a
nn
ou
n
ced
an
inv
est
m
e
n
t
in
Trust-Mart
,
a
leadin
g
h
y
permarket o
p
erato
r
wi
t
h1
01
r
eta
il
s
t
ores
in
34
c
i
t
i
es
in
C
h
ina. T
h
i
s
b
roug
h
ta
dd
itiona
l
sca
l
e
t
o
o
u
r
C
hin
a
r
eta
i
l
bus
in
ess
as
w
e
develo
p
a
f
ou
n
dat
i
on
f
o
r
g
reate
r
l
ong-rang
e
b
usines
s
opportun
i
t
i
es
in
C
h
ina.
Exitin
g
German
y
a
n
d
Sout
hK
o
r
ea
l
ast
y
ear w
as
t
h
e
ri
g
ht
d
ecision
,
a
n
d
w
e
h
a
v
e
redeplo
y
ed r
esou
r
ces
fr
om
t
h
ose
countr
i
es
t
oot
h
e
r
critica
l
areas
of
o
u
r
f
Internationa
l
d
ivision
.
Customer Relevancy
In
ou
r
sto
r
es
a
n
d
c
l
ubs
l
ast
y
ear, w
e
s
p
en
t
a
l
ot
of
time,
f
energ
y
an
d
reso
u
r
c
es
t
o
b
etter un
d
erstan
d
t
h
e peop
l
ew
e
ser
v
e.
We
w
a
n
ted
to
kn
ow
wh
o
sho
ps
our
sto
r
es
a
n
d
c
l
ubs
a
n
d
wh
o
does
not
;
wh
at
t
y
p
e
of
m
e
r
c
h
a
n
d
i
se
f
the
y
w
a
n
t
a
n
d
wh
at
10