SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 
FORM 8-K

 
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 
Date of Report (Date of earliest event reported):
February 18, 2003

Wal-Mart Stores, Inc.
(Exact name of registrant as specified in its charter)

Delaware	 	001-06991	 	71-0415188	
(State or other
Jurisdiction of
Incorporation)	 	(Commission File
Number)	 	(IRS Employer
Identification No.)	

702 S.W. 8th Street
Bentonville, Arkansas 72716
(Address of principal executive offices) (Zip code)

 
Registrant’s telephone number, including area code:
(479) 273-4000

 
Item 7.    Financial Statements and Exhibits
 
(c)	 	The following exhibits are furnished herewith:	
 
 	99.1	 	News release of Wal-Mart Stores, Inc. (“Wal-Mart”) dated February 18, 2003.	
 
Item 9.    Regulation FD Disclosure
 
On February 18, 2003, Wal-Mart issued a news release regarding its results of operations for its fourth quarter and its fiscal year ended January 31, 2003. A copy of the news release is furnished herewith as Exhibit 99.1.
 
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Date: February 18, 2003
 
WAL-MART STORES, INC.	
		
By:	 	 
/s/    Thomas M. Schoewe
	
 	 	Name:      Thomas M. Schoewe
Title:         Executive Vice President
                   and Chief Financial Officer	

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INDEX TO EXHIBITS
 
Exhibit
Number
	  	Description
	
99.1	  	News Release of Wal-Mart Stores dated February 18, 2003	

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Exhibit 99.1
 
[WAL-MART STORES, INC. LOGO]
(479) 273-4314 Ÿ www.walmartstores.com/news/

FOR IMMEDIATE RELEASE	 	Investor Relations Contacts	
 	 	Investor Relations 479/273-8446	
 	 	Jay Fitzsimmons 479/273-6445	
 	 	Jenifer Webb 479/277-9558	
		
 	 	Media Relations Contact	
		
 	 	Tom Williams 479/277-0609	
		
 	 	Prerecorded Conference Call	
 	 	402/998-1748	
 
Wal-Mart Reports Record Sales and Earnings
 
BENTONVILLE, Ark., February 18, 2003 — Wal-Mart Stores, Inc. reported record sales and earnings for the quarter ended January 31, 2003. Total sales were $71.073 billion, an increase of 10.7 percent over the similar prior year quarter. Net income for the quarter was $2.529 billion, up from $2.189 billion for the similar prior year quarter. Earnings per share were $0.57, up 16.3 percent from the $0.49 per share reported in the same prior year quarter. Adjusted for the change in accounting for goodwill, basic earnings per share would have been up 14.0%.
 
Net sales for the year ended January 31, 2003, were $244.524 billion, an increase of 12.3 percent over the similar prior year period of $217.799 billion. Net income for the year was $8.039 billion, up from $6.671 billion for the similar prior year. Earnings per share were $1.81, up 21.5 percent from the $1.49 per share reported in the same prior year. Adjusted for the change in accounting for goodwill, basic earnings per share would have been up 16.8%.
 
Lee Scott, President and CEO said, “In a challenging retail environment with slowing comparable sales growth, we achieved another year of record sales and earnings. Net income exceeded $8 billion for the year for the first time and sales grew by almost $27 billion.”

 
Sales were as follows:
 
(Dollars in billions)
 
 	  	Quarter Ended
Jan. 31
	  	Percent Change
	 	  	Year Ended
Jan. 31
	  	Percent Change
	 	
 	  	2003
	  	2002
	  			  	2003
	  	2002
	  			
Wal-Mart	  	$	45.490	  	$	40.909	  	11.2	%	  	$	157.121	  	$	139.131	  	12.9	%	
SAM’S CLUB	  	 	8.726	  	 	8.296	  	5.2	 	  	 	31.702	  	 	29.395	  	7.8	 	
International	  	 	12.185	  	 	10.809	  	12.7	 	  	 	40.794	  	 	35.485	  	15.0	 	
McLane	  	 	4.672	  	 	4.197	  	11.3	 	  	 	14.907	  	 	13.788	  	8.1	 	
 	  			  			  			  			  			  			
Total Company	  	$	71.073	  	$	64.211	  	10.7	%	  	$	244.524	  	$	217.799	  	12.3	%	
 
Total company comparable sales for the quarter were up 2.7 percent. This is represented by a 3.3 percent comp increase for the Wal-Mart stores and a 0.4 percent comp decrease for SAM’S. Total company comparable sales for the year were up 5.1 percent. This is represented by a 5.7 percent comp increase for the Wal-Mart stores and a 2.3 percent comp increase for SAM’S.
 
Wal-Mart Stores Segment :
For the fourth quarter, the Wal-Mart Stores segment, including Supercenters, had operating profit (profit before interest, unallocated corporate expenses, and income taxes) of $3.592 billion, an increase of 15.8 percent compared with $3.101 billion for the similar period in the previous year. For the year operating profit was $11.873 billion, an increase of 16.2 percent as compared with $10.221 billion for the similar period in the previous year.
 
SAM’S CLUB Segment :
The SAM’S CLUB segment had an operating profit for the quarter of $295 million, a decrease of 0.7 percent compared with $297 million for the similar period in the previous year. SAM’S operating profit for the year was $1.028 billion, which was unchanged from the similar period in the previous year.
 
International Segment :
The International segment had an operating profit of $757 million for the most recent quarter, an increase of 37.6 percent compared with $550 million for the similar period in the previous year. For the year, International operating profit was $2.033 billion, an increase of 55.8 percent as compared with $1.305 billion for the similar period in the previous year.
 
A pre-recorded call offering additional comments on the quarter will be available to all investors for approximately 36 hours from the time of the release. You may listen to this call by dialing 402-998-1748.
 
As of January 31, 2003, the Company had 1,568 Wal-Mart stores, 1,258 Supercenters, 525 SAM’S CLUBS and 49 Neighborhood Markets in the United States. Internationally, the Company operated units in Argentina (11), Brazil (22), Canada (213), China (26), Germany (94), Korea (15), Mexico (597), Puerto Rico (52) and United Kingdom (258).
 
Wal-Mart also owns a 34% interest in Seiyu, Ltd. with options to purchase up to 66.7% of that company. Seiyu operates over 400 stores located throughout Japan.
 
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Wal-Mart employs more than 1 million associates in the United States and more than 300,000 internationally. Its securities are listed on the New York and Pacific stock exchanges under the symbol WMT.
 
This release contains statements that Wal-Mart believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and intended to enjoy the protection of the safe harbor for forward-looking statements provided by that Act. These forward-looking statements generally can be identified by use of phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee” or 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 flows, future performance and the anticipation and expectations of Wal-Mart and its management as to future occurrences and trends. These forward-looking statements are subject to risks, uncertainties and other factors, domestically and internationally, including, the cost of goods, competitive pressures, inflation, consumer spending patterns and debt levels, currency exchange fluctuations, trade restrictions, changes in tariff and freight rates, interest rate fluctuations and other capital market conditions, and other risks. We discuss certain of these matters more fully in other of our filings with the SEC, including our Annual Report on Form 10-K for our fiscal year 2002, which was filed with the SEC on April 15, 2002; this release should be read in conjunction with our Annual Report on Form 10-K, and together with all our other filings, including Current Reports on Form 8-K, made with the SEC through the date of this report. You are urged to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements. As a result of these matters, including changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from historical results or from anticipated results expressed or implied in these forward-looking statements. The forward-looking statements included in this release are made 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.
 
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