Walmart 2008 Annual Report Download - page 29

Management’s Discussion and Analysis of Financial
Condition and Results of Operations
WAL-MART 2008 ANNUAL REPORT 27
Forward-Looking Statements
This Annual Report contains statements that Wal-Mart believes are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Those statements are intended
to enjoy the protection of the safe harbor for forward-looking state-
ments provided by that Act. These forward-looking statements
include statements in Management’s Discussion and Analysis of
Financial Condition and Results of Operations under the caption
“Company Performance Metrics” regarding the eect of the opening
of new stores on comparable store sales under the caption “Results
of Operations” with respect to our expected tax rate for scal 2009
and under the caption “Liquidity and Capital Resources” with respect
to the amount of increases in payments under operating leases if
certain leases are executed, our ability to nance seasonal build-ups
in inventories and to meet other cash requirements with cash ows
from operations and the sale of commercial paper, our ability to fund
certain cash ow shortfalls by the sale of commercial paper and
long-term debt securities, our plan to renance long-term debt as it
matures, our anticipated funding of shortfall in cash to pay dividends
and make capital expenditures through the sale of commercial paper
and long-term debt securities, our ability to sell our long-term securi-
ties, the anticipated number of new stores and clubs to be opened in
the United States and internationally, and the anticipated allocation
of capital expenditures in scal year 2009, in Note 5 to our Consolidated
Financial Statements regarding the possible tax treatment and eect
of the loss recorded in connection with the disposition of our German
operations in fiscal year 2007 and in Note 6 to our Consolidated
Financial Statements regarding our expected acquisition of the
shares of Seiyu we currently do not own. These statements are iden-
tied by the use of the words “anticipate,” “believe,” “could increase,”
“could result,” “expect,” “will result,” “may result,” “plan,” “will be” “will
include,” “will increase” and other, similar words or phrases. Similarly,
descriptions of our objectives, strategies, plans, goals or targets are
also forward-looking statements. These statements discuss, among
other things, expected growth, future revenues, future cash ows,
future capital expenditures, future performance and the anticipation
and expectations of Wal-Mart and its management as to future
occurrences and trends. These forward-looking statements are sub-
ject to certain factors, in the United States and internationally, that
could aect our nancial performance, business strategy, plans, goals
and objectives. Those factors include, but are not limited to, general
economic conditions, consumer credit availability, gasoline and
other energy prices, the cost of goods, information security costs,
labor costs, the cost of fuel and electricity, the cost of healthcare
benets, insurance costs, cost of construction materials, catastrophic
events, competitive pressures, ination, accident-related costs, con-
sumer buying patterns and debt levels, weather patterns, transport
of goods from foreign suppliers, currency exchange uctuations,
trade restrictions, changes in tari and freight rates, changes in tax
and other laws and regulations that aect our business, the outcome
of legal proceedings to which we are a party, unemployment levels,
interest rate uctuations, changes in employment legislation and
other capital market, economic and geo-political conditions and
events. Moreover, we typically earn a disproportionate part of our
annual operating income in the fourth quarter as a result of the sea-
sonal buying patterns. Those buying patterns are dicult to forecast
with certainty. The foregoing list of factors that may aect our perfor-
mance is not exclusive. Other factors and unanticipated events could
adversely aect our business operations and nancial performance.
We discuss certain of these matters more fully, as well as certain risk
factors that may aect our business operations, nancial condition,
results of operations and liquidity in other of our lings with the
Securities and Exchange Commission (“SEC”), including our Annual
Report on Form 10-K. We led our Annual Report on Form 10-K for
the year ended January 31, 2008, with the SEC on or about March 31,
2008. The forward-looking statements described above are made
based on knowledge of our business and the environment in which
we operate. However, because of the factors described and listed
above, as well as other factors, or as a result of changes in facts,
assumptions not being realized or other circumstance, actual results
may materially dier from anticipated results described or implied in
these forward-looking statements. We cannot assure the reader that
the results or developments expected or anticipated by us will be
realized or, even if substantially realized, that those results or devel-
opments will result in the expected consequences for us or aect us,
our business or our operations in the way we expect. You are urged
to consider all of these risks, uncertainties and other factors carefully
in evaluating the forward-looking statements and not to place
undue reliance on such forward-looking statements. The forward-
looking statements included in this Annual Report speak only as of
the date of this report, and we undertake no obligation to update
these forward-looking statements to reect subsequent events or
circumstances, except as may be required by applicable law.