UNITED STATES
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):
August 14, 2007

Wal-Mart Stores, Inc.
(Exact Name of Registrant as Specified in Charter)

Delaware	 	001-06991	 	71-0415188	
(State or Other Jurisdiction of Incorporation)	 	(Commission File Number)	 	(IRS Employer Identification No.)	
702 Southwest 8th Street
Bentonville, Arkansas 72716-0215
(Address of Principal Executive Offices) (Zip code)
Registrant’s telephone number, including area code:
(479) 273-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 
Item 2.02.	Results of Operations and Financial Condition.	
Wal-Mart Stores, Inc. is furnishing this Current Report on Form 8-K in order to furnish to the Securities and Exchange Commission a press release (the “Press Release”) that we will issue on August 14, 2007. The Press Release will disclose information regarding our results of operations and financial condition for our fiscal quarter ended July 31, 2007.

Item 9.01.	Financial Statements and Exhibits.	
A copy of the Press Release being furnished pursuant to the foregoing Item 2.02 is included 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 hereunto duly authorized.
Dated: August 14, 2007

WAL-MART STORES, INC.	
		
By:	 	/s/ Charles M. Holley, Jr.	
	 	Name:  Charles M. Holley, Jr.
Title:    Executive Vice President,
Finance and Treasurer	
 
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Exhibit 99.1
WAL-MART
STORES, INC.
800-331-0085 www.walmartstores.com/news/

FOR IMMEDIATE RELEASE	    	Investor Relations Contacts	
	    	Investor Relations 479-273-8446	
	    	Carol Schumacher 479-277-1498	
	    	Anthony Clark 479-277-9558	
	    	Media Relations Contact	
	    	John Simley 800-331-0085	
	    	Pre-recorded Conference Call	
	    	203-369-1090	
Wal-Mart Reports Second Quarter Sales and Earnings
BENTONVILLE, Ark., Aug. 14, 2007 — Wal-Mart Stores, Inc. (NYSE: WMT) today reported its sales and earnings for the quarter ended July 31, 2007. Net sales for the second quarter of fiscal year 2008 were $91.99 billion, an increase of 8.8 percent over the second quarter of fiscal year 2007. Income from continuing operations for the quarter was $3.11 billion, an increase of 4.1 percent from $2.98 billion in the second quarter of fiscal year 2007.
Earnings per share from continuing operations were $0.76, up from $0.72 per share in the same prior year quarter. Earnings per share from continuing operations for the second quarter were impacted by three items that provided a net benefit of $171 million after tax, or $.04 per share. Accruals for general liability and workers’ compensation claims were reduced by $196 million after tax. The Company also recognized $41 million in after tax gains from the sale of certain real estate properties. These benefits were offset by charges of $66 million after tax for legal and other contingencies.
Net Sales
Net sales were as follows (dollars in billions):

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	July 31,	 	 	July 31,	 	
 	  	 	  	 	  	Percent	 	 	 	  	 	  	Percent	 	
 	  	2007	  	2006	  	Change	 	 	2007	  	2006	  	Change	 	
Net Sales:	  			  			  			 			  			  			
Wal-Mart Stores	  	$	59.013	  	$	55.389	  	6.5	%	 	$	114.450	  	$	107.888	  	6.1	%	
Sam’s Club	  	 	11.377	  	 	10.472	  	8.6	%	 	 	21.700	  	 	20.247	  	7.2	%	
International	  	 	21.600	  	 	18.663	  	15.7	%	 	 	41.227	  	 	35.224	  	17.0	%	
	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	
Total Company	  	$	91.990	  	$	84.524	  	8.8	%	 	$	177.377	  	$	163.359	  	8.6	%	
“Although some people will report that Wal-Mart has had record sales and earnings, our underlying operating performance this quarter is not what we expect of ourselves, and not what our shareholders expect of us,” said Lee Scott, Wal-Mart Stores, Inc. president and chief executive officer. “For the remainder of this year, our management team is focused on inventory improvements, delivering quality products at low prices, and store execution at the highest standards.”
Scott pointed out that consumers continue to be under pressure economically.

“Many customers around the world continue to be under economic pressure and they expect Wal-Mart to be their advocate,” Scott continued. “We will continue to be the undisputed price leader, from Asda in the United Kingdom, to every market in the United States.”
Segment Operating Income
Segment operating income from continuing operations for each of the Company’s operating segments, which is defined as income before net interest expense, income taxes, unallocated corporate overhead, minority interest and discontinued operations, was as follows (dollars in billions):

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	July 31,	 	 	July 31,	 	
 	  	2007	  	2006	  	Percent
Change	 	 	2007	  	2006	  	Percent
Change	 	
Segment Operating Income:	  			  			  			 			  			  			
Wal-Mart Stores	  	$	4.273	  	$	4.116	  	3.8	%	 	$	8.201	  	$	7.974	  	2.8	%	
Sam’s Club	  	 	0.447	  	 	0.402	  	11.2	%	 	 	0.810	  	 	0.704	  	15.1	%	
International	  	 	1.042	  	 	0.991	  	5.1	%	 	 	1.945	  	 	1.748	  	11.3	%	
As the Company discussed in the first quarter of fiscal 2008, the above measurement of segment operating income was changed starting in the first quarter to be consistent with certain changes to internal management reporting. Therefore, certain direct segment costs that were previously retained and managed as corporate overhead costs are now allocated to the  appropriate operating segment.
Comparable Store Sales
The Company reports comparable store sales in this earnings release based on the calendar months in the quarters and the six-month periods ended July 31, 2007 and 2006. Comparable store sales for the United States were as follows:

 	  	Without Fuel	 	 	With Fuel	 	 	Fuel Impact	 	
 	  	Three Months Ended	 	 	Three Months Ended	 	 	Three Months Ended	 	
 	  	July 31,	 	 	July 31,	 	 	July 31,	 	
 	  	2007	 	 	2006	 	 	2007	 	 	2006	 	 	2007	 	 	2006	 	
Wal-Mart Stores	  	1.2	%	 	1.5	%	 	1.2	%	 	1.5	%	 	0.0	%	 	0.0	%	
Sam’s Club	  	5.9	%	 	2.6	%	 	6.5	%	 	3.6	%	 	0.6	%	 	1.0	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	1.9	%	 	1.7	%	 	2.0	%	 	1.8	%	 	0.1	%	 	0.1	%	

 	  	Without Fuel	 	 	With Fuel	 	 	Fuel Impact	 	
 	  	Six Months Ended	 	 	Six Months Ended	 	 	Six Months Ended	 	
 	  	July 31,	 	 	July 31,	 	 	July 31,	 	
 	  	2007	 	 	2006	 	 	2007	 	 	2006	 	 	2007	 	 	2006	 	
Wal-Mart Stores	  	0.6	%	 	2.6	%	 	0.6	%	 	2.6	%	 	0.0	%	 	0.0	%	
Sam’s Club	  	5.3	%	 	3.4	%	 	5.4	%	 	4.2	%	 	0.1	%	 	0.8	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	1.3	%	 	2.7	%	 	1.3	%	 	2.8	%	 	0.0	%	 	0.1	%	
 
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Guidance
For the third quarter of fiscal 2008, the Company estimates the comparable store sales increase in the United States to be between 1 and 3 percent.
The Company estimates earnings per share from continuing operations for the third quarter of fiscal 2008 to come in between $0.62 and $0.65. In addition, the Company is updating its full year guidance for earnings per share from continuing operations for the full year of fiscal 2008, which it estimates to be between $3.05 and $3.13. The Company’s initial forecast for earnings per share from continuing operations for fiscal year 2008 was between $3.15 and $3.23 per share.
“The Company’s current earnings guidance reflects the need to continue to improve our underlying operating performance,” said Tom Schoewe, Wal-Mart Stores, Inc. executive vice president and chief financial officer. “This guidance also reflects the economic trends that have developed in many of our major markets.”
After this earnings release has been furnished to the SEC, a pre-recorded call offering additional comments on the quarter will be available to all investors. Callers may listen to this call by dialing 203-369-1090. The information included in this release and the pre-recorded phone call will be available in the investor information area on the Company’s Web site at www.walmartstores.com/Investors .
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, supercenters, Neighborhood Markets and Sam’s Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company’s common stock is listed on the New York Stock Exchange under the symbol WMT.
More information about Wal-Mart can be found by visiting www.walmartstores.com . Online merchandise sales are available at www.walmart.com and www.samsclub.com .
###
This release contains statements as to the Company’s continuing price leadership and the Company’s estimate of its comparable store sales for the third quarter of fiscal year 2008 and its estimate of its earnings per share from continuing operations for the third quarter of fiscal year 2008 and for all of fiscal year 2008 that Wal-Mart believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are intended to enjoy the protection of the safe harbor for forward-looking statements provided by that act. They can be identified by the use of the word “estimates” or phrase “will continue” in the statements. These forward-looking statements are subject to risks, uncertainties and other factors, domestically and internationally, including, the cost of goods, competitive pressures, geopolitical conditions, inflation, consumer spending patterns and debt levels, currency exchange fluctuations, trade restrictions, changes in tariff and freight rates, changes in the costs of gasoline, diesel fuel, other energy, transportation, utilities, labor and health care, accident costs, casualty and other insurance costs, interest rate fluctuations, capital market conditions, weather conditions, storm-related damage to the Company’s facilities, regulatory matters and other risks. The Company discusses certain of these factors more fully in its additional filings with the SEC, including its last annual report on Form 10-K filed with the SEC, and this release should be read in conjunction with that annual report on Form 10-K, together with all of the Company’s other filings, including current reports on Form 8-K, made with the SEC through the date of this release. The Company urges you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this release. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected
 
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results discussed in the forward-looking statements contained in this release. The forward-looking statements made in this release are made only as of the date of this release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
 
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WAL-MART STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in millions except per share data)
SUBJECT TO RECLASSIFICATION

 	  	Three Months Ended
July 31,	 	 	Six Months Ended
July 31,	 	
 	  	2007	 	 	2006	 	 	2007	 	 	2006	 	
Revenues:	  				 				 				 				
Net sales	  	$	91,990	 	 	$	84,524	 	 	$	177,377	 	 	$	163,359	 	
Membership and other income	  	 	1,022	 	 	 	906	 	 	 	2,045	 	 	 	1,746	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	93,012	 	 	 	85,430	 	 	 	179,422	 	 	 	165,105	 	
					
Costs and expenses:	  				 				 				 				
Cost of sales	  	 	70,589	 	 	 	64,585	 	 	 	135,900	 	 	 	124,822	 	
Operating, selling, general and administrative expenses	  	 	17,130	 	 	 	15,741	 	 	 	33,379	 	 	 	30,683	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	5,293	 	 	 	5,104	 	 	 	10,143	 	 	 	9,600	 	
					
Interest:	  				 				 				 				
Debt	  	 	446	 	 	 	387	 	 	 	852	 	 	 	754	 	
Capital leases	  	 	42	 	 	 	69	 	 	 	111	 	 	 	137	 	
Interest income	  	 	(82	)	 	 	(63	)	 	 	(165	)	 	 	(131	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest, net	  	 	406	 	 	 	393	 	 	 	798	 	 	 	760	 	

Income from continuing operations before income taxes and minority interest	  	 	4,887	 	 	 	4,711	 	 	 	9,345	 	 	 	8,840	 	
					
Provision for income taxes	  	 	1,676	 	 	 	1,636	 	 	 	3,208	 	 	 	3,025	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before minority interest	  	 	3,211	 	 	 	3,075	 	 	 	6,137	 	 	 	5,815	 	
Minority interest	  	 	(106	)	 	 	(91	)	 	 	(206	)	 	 	(170	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	  	 	3,105	 	 	 	2,984	 	 	 	5,931	 	 	 	5,645	 	
Loss from discontinued operations, net of tax	  	 	—  	 	 	 	(901	)	 	 	—  	 	 	 	(947	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	3,105	 	 	$	2,083	 	 	$	5,931	 	 	$	4,698	 	

Net income per common share:	  				 				 				 				
Basic and diluted income per common share from continuing operations	  	$	0.76	 	 	$	0.72	 	 	$	1.44	 	 	$	1.35	 	
Basic and diluted loss per common share from discontinued operations	  	 	—  	 	 	 	(0.22	)	 	 	—  	 	 	 	(0.22	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic and diluted net income per common share	  	$	0.76	 	 	$	0.50	 	 	$	1.44	 	 	$	1.13	 	

Weighted-average number of common shares:	  				 				 				 				
Basic	  	 	4,102	 	 	 	4,168	 	 	 	4,112	 	 	 	4,167	 	
Diluted	  	 	4,108	 	 	 	4,172	 	 	 	4,118	 	 	 	4,171	 	
					
Dividends declared per common share	  	$	—  	 	 	$	—  	 	 	$	0.88	 	 	$	0.67	 	
 
5

WAL-MART STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in millions)

SUBJECT TO RECLASSIFICATION	  				 				 				
				
 	  	July 31,
2007	 	 	July 31,
2006	 	 	January 31,
2007	 	
ASSETS	  				 				 				
Current assets:	  				 				 				
Cash and cash equivalents	  	$	6,094	 	 	$	6,386	 	 	$	7,373	 	
Receivables	  	 	2,767	 	 	 	2,522	 	 	 	2,840	 	
Inventories	  	 	34,184	 	 	 	32,087	 	 	 	33,685	 	
Prepaid expenses and other	  	 	3,342	 	 	 	3,307	 	 	 	2,690	 	
Current assets of discontinued operations	  	 	—  	 	 	 	1,870	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total current assets	  	 	46,387	 	 	 	46,172	 	 	 	46,588	 	
				
Property and equipment, at cost	  	 	116,654	 	 	 	103,121	 	 	 	109,798	 	
Less accumulated depreciation	  	 	(26,773	)	 	 	(23,198	)	 	 	(24,408	)	
	  	 	 	 	 	 	 	 	 	 	 	 	
Property and equipment, net	  	 	89,881	 	 	 	79,923	 	 	 	85,390	 	
				
Property under capital leases	  	 	5,515	 	 	 	5,523	 	 	 	5,392	 	
Less accumulated amortization	  	 	(2,448	)	 	 	(2,264	)	 	 	(2,342	)	
	  	 	 	 	 	 	 	 	 	 	 	 	
Property under capital leases, net	  	 	3,067	 	 	 	3,259	 	 	 	3,050	 	
				
Goodwill	  	 	14,655	 	 	 	13,269	 	 	 	13,759	 	
Other assets and deferred charges	  	 	2,959	 	 	 	2,165	 	 	 	2,406	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	156,949	 	 	$	144,788	 	 	$	151,193	 	

LIABILITIES AND SHAREHOLDERS’ EQUITY	  				 				 				
Current liabilities:	  				 				 				
Commercial paper	  	$	8,117	 	 	$	6,072	 	 	$	2,570	 	
Accounts payable	  	 	27,748	 	 	 	26,023	 	 	 	28,090	 	
Dividends payable	  	 	1,794	 	 	 	1,305	 	 	 	—  	 	
Accrued liabilities	  	 	13,903	 	 	 	13,028	 	 	 	14,675	 	
Accrued income taxes	  	 	170	 	 	 	700	 	 	 	706	 	
Long-term debt due within one year	  	 	3,176	 	 	 	6,235	 	 	 	5,428	 	
Obligations under capital leases due within one year	  	 	189	 	 	 	196	 	 	 	285	 	
Current liabilities of discontinued operations	  	 	—  	 	 	 	580	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total current liabilities	  	 	55,097	 	 	 	54,139	 	 	 	51,754	 	
				
Long-term debt	  	 	27,966	 	 	 	24,099	 	 	 	27,222	 	
Long-term obligations under capital leases	  	 	3,594	 	 	 	3,883	 	 	 	3,513	 	
Deferred income taxes and other	  	 	5,449	 	 	 	4,741	 	 	 	4,971	 	
Minority interest	  	 	2,404	 	 	 	1,554	 	 	 	2,160	 	
				
Commitments and contingencies	  				 				 				
				
Shareholders’ equity:	  				 				 				
Common stock and capital in excess of par value	  	 	3,412	 	 	 	3,165	 	 	 	3,247	 	
Retained earnings	  	 	55,567	 	 	 	51,091	 	 	 	55,818	 	
Accumulated other comprehensive income	  	 	3,460	 	 	 	2,116	 	 	 	2,508	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total shareholders’ equity	  	 	62,439	 	 	 	56,372	 	 	 	61,573	 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and shareholders’ equity	  	$	156,949	 	 	$	144,788	 	 	$	151,193	 	

6

WAL-MART STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in millions)

SUBJECT TO RECLASSIFICATION	  	Six Months Ended
July 31,	 	
 	  	2007	 	 	2006	 	
Cash flows from operating activities:	  				 				
Net income	  	$	5,931	 	 	$	4,698	 	
Loss from discontinued operations, net of tax	  	 	—  	 	 	 	947	 	
	  	 	 	 	 	 	 	 	
Income from continuing operations	  	 	5,931	 	 	 	5,645	 	
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:	  				 				
Depreciation and amortization	  	 	3,060	 	 	 	2,642	 	
Other	  	 	68	 	 	 	(443	)	
Changes in certain assets and liabilities, net of effects of acquisitions:	  				 				
Decrease in accounts receivable	  	 	255	 	 	 	134	 	
(Increase) decrease in inventories	  	 	(64	)	 	 	134	 	
(Decrease) increase in accounts payable	  	 	(1,134	)	 	 	224	 	
Decrease in accrued liabilities	  	 	(1,524	)	 	 	(1,030	)	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities of continuing operations	  	 	6,592	 	 	 	7,306	 	
Net cash used in operating activities of discontinued operations	  	 	—  	 	 	 	(46	)	
	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	6,592	 	 	 	7,260	 	
			
Cash flows from investing activities:	  				 				
Payments for property and equipment	  	 	(6,971	)	 	 	(6,812	)	
Proceeds from disposal of property and equipment	  	 	319	 	 	 	94	 	
Investment in international operations, net of cash acquired	  	 	(467	)	 	 	(68	)	
Other investing activities	  	 	(61	)	 	 	(18	)	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities of continuing operations	  	 	(7,180	)	 	 	(6,804	)	
Net cash provided by investing activities of discontinued operations	  	 	—  	 	 	 	45	 	
	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(7,180	)	 	 	(6,759	)	
			
Cash flows from financing activities:	  				 				
Increase in commercial paper	  	 	5,487	 	 	 	2,297	 	
Proceeds from issuance of long-term debt	  	 	3,818	 	 	 	1,932	 	
Payment of long-term debt	  	 	(5,435	)	 	 	(2,797	)	
Dividends paid	  	 	(1,811	)	 	 	(1,408	)	
Purchase of Company stock	  	 	(2,484	)	 	 	—  	 	
Other financing activities	  	 	(435	)	 	 	(393	)	
	  	 	 	 	 	 	 	 	
Net cash used in financing activities	  	 	(860	)	 	 	(369	)	
			
Effect of exchange rates on cash	  	 	169	 	 	 	71	 	
	  	 	 	 	 	 	 	 	
Net (decrease) increase in cash and cash equivalents	  	 	(1,279	)	 	 	203	 	
Cash and cash equivalents at beginning of year (1)	  	 	7,373	 	 	 	6,414	 	
	  	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period (2)	  	$	6,094	 	 	$	6,617	 	

(1)	Includes cash and cash equivalents of discontinued operations of $221 million at January 31, 2006.	
(2)	Includes cash and cash equivalents of discontinued operations of $231 million at July 31, 2006.	
 
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