Wal-Mart Stores, Inc. (WMT)

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Wal-Mart Stores Inc. (WMT)

F3Q10 Earnings Call

November 12, 2009; 07:30 am ET


Mike Duke - President & Chief Executive Officer

Charles Holley - Executive Vice President of Finance and Treasurer

Eduardo Castro-Wright - Vice Chairman

Doug McMillon - President & Chief Executive Officer of Wal-Mart International

Brian Cornell - President & Chief Executive Officer of Sam’s Club

Tom Schoewe - Executive Vice President & Chief Financial Officer

Carol Schumacher - Vice President of Investor Relations


Welcome to the Wal-Mart earnings call for the third quarter of fiscal year 2010. The date of this call is November12, 2009. This call is the property of Wal-Mart Stores, Inc. and intended solely for the use of Wal-Mart shareholders. It should not be reproduced in any way. (Operator Instructions)

This call will contain statements that Wal-Mart believes are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and intended to enjoy the protection of the Safe Harbor for forward-looking statements provided by that Act.

These forward looking statements generally are identified by the use of the words or phrases anticipate, expect, expectation, expected, forecasting, guidance, plans, to expect, what you will see, will be, will continue, will affect, will find, will grow, will improve, will take, or a variation of one of those words or phrases in those statements or by the use of words and phrases of similar import.

Similarly, descriptions of our objectives, plans, goals, targets, or expectations are forward looking statements. These statements discuss, among other things, the anticipated comparable store sales for our Wal-Mart US segment and for our Sam’s Club segment for the current 13-week period.

Our anticipated diluted earnings per share from continuing operations for the current fiscal quarter and fiscal year 2010 as a whole, that such guidance is based on the assumption that currency exchange rates will remain constant at current levels our anticipated tax rate for fiscal year 2010 and the factors that will affect that tax rate, the amount of the company’s expected capital expenditures for fiscal year 2010, Wal-Mart improving its SG&A leverage and SG&A growing less than sales, customers finding value at Wal-Mart US Sam’s Club and the other Wal-Mart stores around the world.

Wal-Mart’s management non-anticipating headwinds from currency exchange rate in the fourth quarter of fiscal year 2010. If all currencies remain constant against the US Dollar, management’s expectations that Wal-Mart will continue to make headway in actively managing certain expenses. Our Wal-Mart US segments expense headwind from group health insurance not continuing in fiscal year 2011.

Wal-Mart US continuing to be aggressive in reinforcing its price leadership message, Wal-Mart US management expectation that with its scheduling system now in place it will be ready for increased customer traffic in the holiday season of 2009, Wal-Mart US management’s expectations for food deflation to abate by the end of the first quarter of fiscal year 2011.

Wal-Mart US management’s anticipation of strong site to store demand from customers of www.walmart.com during the holiday season, Wal-Mart US management’s expectations that our Wal-Mart US segment will continue to optimize its price leadership, our Wal-Mart US segment’s plan to leverage its supply chain advantages and significantly improve customer experience to continue to gain market share in the 2009 holiday season and beyond.

Our international segments operations in Brazil and China taking time to meet inventory objectives, our international segment’s plans for the number of existing super centers in Canada by the end of fiscal year 2010, our international segments expectations that the roll out of everyday low price in its Japanese operations will be completed by June 2010, our Sam’s Club segments expectation that the negative fuel sales effect on its comparable club sales will reverse course in the fourth quarter of fiscal year 2010 as fuel prices that were down significantly in the prior year are cycled.

Our Sam’s Club segments expectation of making progress in leveraging expenses over the next few quarters. Our Sam’s Club segments expectation that its membership operations and merchandising initiatives will continue to positively affect its member experience in the fourth quarter of fiscal year 2010, and keep members choosing Sam’s Club, and our Sam’s Club segments expectation that it will likely continue to face a challenging economic environment as well as continued deflation in some key categories and the anticipation and expectations of Wal-Mart and its management as to other future occurrences trends and results.

These forward looking statements are subject to risks, uncertainties and other factors, domestically and internationally, including, general economic conditions, geopolitical events and conditions, the cost of goods, competitive pressures, levels of unemployment, levels of consumer disposable income, changes in laws and regulations, consumer credit availability, inflation, deflation, consumer spending patterns and debt levels, currency exchange rate fluctuations, trade restrictions, changes in tariff and freight rates, changes in costs of gasoline, diesel fuel, other energy, transportation, utilities, labor and healthcare, accident costs, casualty and other insurance costs, interest rate fluctuations, financial and capital market conditions, developments in litigation to which Wal-Mart is a party, weather conditions, damage to our facilities resulting from natural disasters, regulatory matters, and other risks.

We discuss certain of these matters more fully in our filings with the SEC, including our most recent Annual Report on Form 10-K, and the information on this call should be read in conjunction with that Annual Report on Form 10-K, and together with all our other filings, including current reports on Form 8-K, which we have made with the SEC through the date of this call.

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