Walmart 2009 Annual Report Download - page 31

29Wal-Mart 2009 Annual Report
The letter of our President and Chief Executive O cer appearing in
this Annual Report includes forward-looking statements that relate
to our e orts contributing to our e ciency, maintaining focus on
price leadership, our contribution to sustainability, our e orts in
responsible sourcing, our plan to create jobs in  scal 2010, our contin-
ued e orts at inclusiveness, our making a di erence by participating
in debates and taking actions on certain issues, continued change at
Wal-Mart, no change occurring in aspects of our culture, and our plan
to distance Wal-Mart from our competitors and to continue helping
our customers save money. Forward-looking statements appear
elsewhere in this Annual Report: under the caption “Now More Than
Ever at Walmart U.S. Save money. Live better.” and relate to manage-
ment’s expectations for remodeling stores in  scal 2010 and the
strengthening of our value proposition around the world; and under
the caption “Now More Than Ever We Make A Di erence Around The
World” and relate to management’s expectations that achievement
of sustainability goals will make Wal-Mart an even more e cient,
innovative and competitive organization and that Wal-Mart will create
tens of thousands of jobs in  scal 2010. The forward-looking state-
ments described above are identi ed by the use in such statements of
one or more of the words or phrases “anticipate,” “believes,” “could be
realized,” “could reduce,” “expect,” “is not expected,” “may become,”
“may continue,” “may result,” “plan,” “will be,” “will continue,” “will  nd,”
“will fully realize,” “will maintain,” “will make,” “will never change,”
“will play,” “will strengthen,” “would be,” “would not impact” 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.
The forward-looking statements included in this Annual Report and
that we make elsewhere are subject to certain factors, in the United
States and internationally, that could a ect our business operations,
 nancial performance, business strategy, plans, goals and objectives.
Those factors include, but are not limited to: general economic con-
ditions, including the current economic crisis and disruption in the
 nancial markets, unemployment levels, consumer credit availability,
levels of consumer disposable income, consumer spending patterns
and debt levels, in ation, the cost of the goods we sell, labor costs,
transportation costs, the cost of diesel fuel, gasoline, natural gas and
electricity, the cost of healthcare bene ts, accident costs, our casualty
and other insurance costs, information security costs, the cost of con-
struction materials, availability of acceptable building sites for new
stores, clubs and other formats, competitive pressures, accident-related
costs, weather patterns, catastrophic events, storm and other damage
to our stores and distribution centers, weather-related closing of
stores, availability and transport of goods from domestic and foreign
suppliers, currency exchange  uctuations and volatility, trade restric-
tions, changes in tari and freight rates, adoption of or changes in
tax and other laws and regulations that a ect our business, costs of
compliance with laws and regulations, the outcome of legal proceed-
ings to which we are a party, interest rate  uctuations, changes in
employment legislation and other capital market, economic and
geo-political conditions and events, including civil unrest and terrorist
attacks. 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 filings 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, 2009, with the SEC on April 1, 2009. 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 differ
from anticipated results described or implied in these forward-looking
statements. We cannot assure the reader that the results or develop-
ments expected or anticipated by us will be realized or, even if sub-
stantially realized, that those results or developments 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 reflect subsequent events or circumstances, except as may be
required by applicable law.