Wal-Mart Stores, Inc. (WMT)

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Wal-Mart Stores, Inc. (WMT)

F1Q11 Earnings Call

May 18, 2010


Carol Schumacher - Vice President of Investor Relations

Mike Duke - President and CEO

Charles Holley - EVP of Finance and Treasurer

Eduardo Castro-Wright - Vice Chairman

Doug McMillon - President and CEO of Wal-Mart International

Brian Cornell - President and CEO of Sam’s Club

Tom Schoewe - Executive Vice President and CFO


Welcome to the Walmart earnings call for the first quarter of fiscal year 2011. The date of this call is May 18, 2010. This call is the property of Wal-Mart Stores, Inc. and intended solely for the use of Walmart shareholders. It should not be reproduced in any way.

This call will contain statements that Walmart 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,” “assumes,” “expect,” “expectations,”, “expected,” “forecasting,” “may impact,” “plan,” ”to add,” “on track,” “will become,” “will continue,” “will remain,” 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. The statements made in this call discuss, among other things, our expectation for our diluted earnings per share from continuing operations for the second quarter of fiscal year 2011 and the assumption that currency exchange rates will remain constant at current levels underlying that expectation, the anticipated comparable store sales for our Walmart US segment and for our Sam’s Club segment for the current 13-week period, our expectations for growth in our sales and square footage in fiscal year 2011, the amount of the company’s expected capital expenditures for fiscal year 2011, our anticipated tax rate for fiscal year 2011, the possibility of quarterly fluctuations in that tax rate and the factors that will affect that tax rate, our expectation that changes in accounting for certain aspects of our operations will not have a significant impact on our results of operations, the impact of changes in the merchandise in stores becoming more noticeable over the course of fiscal year 2011, our expectations for significant store openings in the second and third quarters of fiscal year 2011 and of certain supercentre openings in Canada during fiscal year 2011, our expectation that certain rollbacks in our Walmart US stores will remain in place for at least the next 90 days, our expectation for growth in the inventory of our Walmart US segment for the balance of fiscal year 2011, our expectation that our Walmart US segment will continue to see additional productivity gains and benefits from new talent development approaches of our Walmart US segment, our expectation that our Walmart US segment will enjoy growth in the benefits from remodeling certain of its stores over coming months when the bulk of the remodeling will be completed and for such remodeling activity to show noticeable benefits by the fourth quarter of fiscal year 2011, our expectation for improvements in timelines at our Walmart US segment, our expectation that our Walmart US segment will continue to drive price leadership, our expectation that the acquisition of our Central American operations by Walmart de Mexico will allow leverage of Walmex’s expertise and growth in our Central American operations, our expectation that our Sam’s Club segment will continue to look for innovative ways to drive traffic, renewals and upgrades of existing members and continue to focus on expense leverage, and the anticipation and expectations of Walmart 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 Walmart 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. We urge you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward looking statements we make in this call.

Because of these factors, changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from anticipated results expressed or implied in these forward looking statements. The forward looking statements made in this call are made on and as of the date of this call, and we undertake no obligation to update these forward looking statements to reflect subsequent events or circumstances.

The comp store sales for our total US operations and for our Sam’s Club’s segment discussed on this call exclude the impact of fuel sales at our Sam’s Club segment. That measure, our return on investment, free cash flow and amounts stated on a constant currency basis as discussed in this call may be considered non-GAAP financial measures. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP measures are available for review on the Investor Relations portion of our corporate Web site at www.walmartstores.com/investors or in the information included in our Current Report on Form 8-K that we furnished to the SEC on May 18, 2010.

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