Wal-Mart Stores, Inc.
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1 Wal-Mart Stores, Inc. Analysts and Investors International Field Trip March 20, 2007
2 Upcoming Key Dates at Wal-Mart June 1, Annual Shareholders Meeting, Bentonville, AR October 23-24, 2007 Annual Investors and Analysts Meeting, Bentonville, AR 2
3 Forward-Looking Statement Wal-Mart includes the following cautionary statement to take advantage of the safe harbor provisions of the PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 for any forward-looking statements made by, or on behalf of, Wal-Mart. You are referred to Wal-Mart s SEC filings for additional information regarding the safe harbor. The factors which could cause actual results to differ materially from predicted results include, among other things, cost of goods, competitive pressures, geopolitical conditions, labor and healthcare costs, inflation, consumer spending patterns and debt levels, currency exchange fluctuations, trade restrictions, changes in tariff and freight rates, fluctuations in the costs of gasoline, diesel fuel and other energy, accident and insurance costs, interest rate fluctuations and other capital market conditions, weather conditions, storm related damage to our facilities and customer traffic, regulatory matters and other risks set forth with the company s filings with the SEC. 3
4 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
5 Update on Wal-Mart Stores, Inc. Charles Holley, EVP Finance & Treasurer Wal-Mart Stores, Inc. March 20, 2007
6 Wal-Mart s Mission Worldwide We save people money so they can live better. 6
7
8 Wal-Mart Stores, Inc. January 31, 2007 United States 4,022 Canada 289 United Kingdom 335 China 73 Mexico 889 Puerto Rico 54 Japan 392 Central America Costa Rica 132 Guatemala 41 Honduras 40 Nicaragua 63 El Salvador Brazil 299 Argentina 13 International 2,757 8
9 Wal-Mart Mart s s Expansion Program FY 08 Expansion Supercenters Discount Stores 5-10 Neighborhood Markets Sam s Club Total U.S. Expansion International Total Unit Growth
10 Wal-Mart s Focus: Balance Improve ROI Gross margin Expenses Working & fixed capital Continue to grow via new & existing units Expansion & acquisition Comp store traffic & ticket 10
11 Consolidated Income Statement Amounts in millions except EPS YEAR ENDED JANUARY % CHG Net Sales $345.0 $ % Gross Profit $ % $ % 13.4% SG&A Expenses $ % $ % 14.8% Income Before Taxes $ % $ % 8.2% Net Income Cont. Ops. $ % $ % 6.7% Discontinued Ops. ($0.9) ($0.2) Net Income $11.3 $ % EPS (cont. ops) $2.92 $2.72 EPS $2.71 $
12 FY 07 Business Segments Sales & Operating Profit vs. FY 06 35% 30% 25% 20% 15% 10% 5% 0% Fiscal Year Continuing Operations 30.2% 21.5% 11.1% 7.8% 9.2% 4.5% Wal-Mart Sam's International Sales Operating Profit 12
13 Revenues by Segment FY2007: $345 Billion FY1997: $100 Billion 22% 66% 5% 75% 12% 20% Wal-Mart Sam's International Wal-Mart Sam's International 13
14 Cash Flow from Operations after Paying Capex & Dividends Continuing Operations $US billions $20 $15 $ $5 FY03 FY04 FY05 FY06 FY07 Net Cash from Ops. CAPEX Dividends 14
15 Wal-Mart U.S. Focus on Merchandising Apparel Home Grocery Entertainment Health & Wellness 15
16 ASDA Continues Overall Sales Growth in Four Weeks (5.0) (10.0) (15.0) Source: TNS 4-week Till Roll to Feb. 25, 2007 For 2 consecutive months, ASDA shows strongest YoY growth of big 4. (20.0) Mar 06 May 06 Jul 06 Sep 06 Nov 06 Jan 06 Feb 07 Apr 07 Jun 07 Aug 07 Oct 07 Dec 07 Jan 07 Feb 07 16
17 ASDA to Build 18 New Stores FY 08 First ASDA Living opens in Belfast, Northern Ireland 17
18 Seiyu Comp Store Sales 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 18
19 Seiyu s FY 07 Initiatives Store remodels Convenience: 24-hour operations Assortment: merchandise quality & value Supply chain efficiency Strengthen partnership with suppliers Environmental sustainability key focus 19
20 Wal-Mart China Update Change in leadership effective Feb. 1 Ed Chan, president & CEO, Wal-Mart China Invested in Trust-Mart (35% equity) 101 stores, 34 cities, geographically complements Wal-Mart China s current locations Leverage supplier relationships Integrate systems & logistics Run as independent parallel businesses Continue organic growth 20
21 Trust-Mart s Store Network: Perfect Fit For Wal-Mart China With 101 hypermarkets and 12 distribution centers, Trust-Mart s presence is strongest in China s South and East regions. There is practically no overlap. Heilongjiang (3) Distribution Centers Stores Liaoning (3) Beijing (4) West (18 stores) South (41 stores) North (10 stores) East (32 stores) Chongqing (3) Sichuan (11) Yunnan (2) Shaanxi (2) Jiangsu (6) Anhui (2) Hubei (2) Jiangxi (1) Hunan (1) Fujian (10) Guangdong (29) Shanghai (9) Zhejiang (13) 21
22 Trust-Mart s Store Network: Perfect Fit For Wal-Mart China With 101 hypermarkets and 12 distribution centers, Trust-Mart s presence is strongest in China s South and East regions. There is practically no overlap. Heilongjiang (6) Distribution Centers Trust-Mart Stores Wal-Mart Supercenters West (18 12 stores) South (41 25 stores) North (10 16 stores) East TM WMT (32 15 stores) Tianjin (2) Beijing (7) Jilin (3) Liaoning (8) Shaanxi (3) Shandong (4) Jiangsu (8) Chongqing (6) Anhui (3) Hubei (4) Shanghai (11) Sichuan (13) Jiangxi (3) Zhejiang (17) Guizhou (2) Hunan (4) Guangxi (1) Fujian (17) Yunnan (6) Guangdong (41) 22
23 Trust-Mart Has Good Store Locations in Key Cities 23
24 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
25 Update on Americas Wal-Mart Stores, Inc. Craig Herkert CEO & President of the Americas Wal-Mart International March 20, 2007
26 Major Objectives for Wal-Mart International Accelerating presence in markets with greatest growth and greatest returns Growing comp sales and operating income by focusing on the basics Leveraging strengths to provide innovation and benefits to all markets Focusing strategically on customer needs throughout the Americas
27 Wal-Mart Americas 10 Countries 30 Banners 9 Formats 1,960 Total Units* * as of March 2007 Mexico 889 units Central America 413 units Argentina 13 units Canada 289 units Puerto Rico 54 units Brazil 302 units
28 Wal-Mart Americas Banners
29 Wal-Mart Americas: Sales and Store Growth Sales Store Count 2,500 2,000 1,500 1, FY '02 FY '03 FY '04 FY '05 FY '06 FY '07 0
30 Wal-Mart Americas: Operating Income FY '02 FY '03 FY '04 FY '05 FY '06 FY '07 Includes consolidated WMCA results from March, 2006; Sonae acquisition from Dec 2005; Bompreco acquisition from March, 2004.
31 Credit Programs
32 Banco Wal-Mart de Mexico Adelante, S.A.
33 Wal-Mart Mexico Established in ,000 associates 6 formats
34 Wal-Mart Mexico Projected 2007 Expansion Program Total Units
35 Mexico - Apparel Fast Fashion
36 Mexico In-Store Merchandising
37 Mexico - Giving is Also an Art Provides local communities sources of income through handicrafts sold in Wal-Mart formats
38 Wal-Mart Brazil First store in 1995 Acquired Bompreco in 2004 Acquired Sonae in formats 54,000 associates
39 Integration Brazil South
40 Integration Brazil Northeast
41 Brazil Soft Discount
42 Brazil Merchandise - Organic
43 Brazil Sustainability Cooperative Pro-Recife
44 Wal-Mart Argentina First store in ,500 Associates 2 formats
45 Argentina Soft Discount
46 Argentina Merchandise Assortment
47 Wal-Mart Central America First year anniversary Costa Rica -137 stores El Salvador 63 stores Guatemala 132 stores Honduras 41 stores Nicaragua 40 stores Store data as of Jan. 31, 2007
48 Central America Integration
49 Central America Discount Stores
50 Central America Pineapple Export
51 Central America Supply Chain Tierra Fertil Program Costa Rica: 1,500 producers Nicaragua: 600+ producers Honduras: 300+ producers El Salvador & Guatemala: recently incorporated markets with development plans
52 Central America Global Procurement
53 Wal-Mart Puerto Rico First store in ,000 associates 4 formats
54 Puerto Rico $4 Generic Drugs
55 Amigo
56 Wal-Mart Canada Acquired in ,000 associates 3 formats
57
58 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
59 The Retail Sector in Canada Diane J. Brisebois President & CEO March 20,
60 Outline Overview of the Retail Sector in Canada Changes that Shaped the Sector Factors that Make Retail in Canada Unique Trends Affecting Retail in Canada 60
61 Retail Sector in Canada 33% $391B - Total Sales in 2006 Statistics Canada data 18% Food G.M. Auto/Gas 49% 61
62 Retail Sector in Canada 12.3% of Payroll Employment 12% of Canadian Labour Force 10% of Business Establishments 2 nd Largest Employer after Manufacturing 6.4% increase in sales in
63 The Canadian Market Population: 31,612, million international immigrants since 2001 Canada has the highest per-capita immigration rate among industrialized countries More than two-thirds of Canadians live in urban areas Only 1 in 5 Canadians living in rural areas Two Official Languages 63
64 64
65 65
66 The Canadian Market 3.5 people per sq. km. in Canada. Population density in U.S. is 9 times greater and 70 times greater in the U.K. Canada: 9,976,140 (sq. km), U.S.: 9,962,091, and U.K.: 244,820 2 out of 3 Canadians live near the southern border shared with the U.S. Most major urban centres have a strong ethnic population and immigrants continue to retain their ethnic identity 66
67 Events that Changed Retail in Canada 10 foreign retailers in Canada in 1985 to more than 100 in 2005 Introduction of value-added tax in 1990 Deep recession from 1990 to 1994 Cross-border shopping in 1991 (80 million person trips with 75% same day travel) Higher taxes to get public debt under control Record number of Canadian bankruptcies New players bringing discipline and innovation to the market International brands entering Canada at a faster pace New formats offering depth of merchandise assortment and competitive pricing 67
68 Factors that Make Retail in Canada Unique 85 Canadian living standards Real personal disposable income per capita, Canada as % of U.S. at 80 cent p.p.p rate of exchange Source: Statistics Canada, Bureau of Economic Analysis, RBC Economics
69 Factors that Make Retail in Canada Unique Lower Real Disposable Income (compared to US) Value Focused Consumer Multi-Cultural (not a melting pot) Concentration of Population in urban markets Close proximity to U.S. Well Informed & Savvy Lots of geography and few people 48% of Canadian retail in 6 markets versus 20% in the U.S. 69
70 Retail Trends in Canada Format Evolution (large to larger, one-stop shopping) Shifting investments to Customer Care Multi-cultural Merchandising Blurring of Channels & Leveraging Private Brands Value Selling with more Customer Experience Acquisitions/Mergers/New Players 70
71 Food for Thought Non-Market Issues Corporate Social Responsibilities Retail Environmental Footprint Labour Supply & Human Resources Issues 71
72 Retail in Canada THANK YOU 72
73 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
74 Wal-Mart Canada s History and Growth Mario Pilozzi President and CEO Wal-Mart Canada Corp. March 20, 2007
75 Woolco Store s 75
76 Wal-Mart Store s 76
77 Canada s First Sign of Rollbacks 77
78 Wal-Mart Store s 78
79 Wal-Mart Canada 79
80 Wal-Mart Supercentre
81 Wal-Mart Canada Store Count Since '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 81
82 Wal-Mart Canada Associate Growth Since 1994 in thousands '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 82
83 Wal-Mart Canada Customer Transactions Since 1994 in millions '94'95'96'97'98'99'00'01'02'03'04'05'06 83
84 Sales Growth Since over 700% '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 84
85 Profit Growth since 1994 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 85
86 National Opportunities 86
87 Wal-Mart Supercentre
88 Wal-Mart Canada Five-Year Plan We will be #1 for our customers #1 for our people #1 for shareholders 88
89 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
90 Wal-Mart Canada Turning Strategy into Action Violet Konkle Chief Operating Officer Wal-Mart Canada Corp. Sylvain Prud homme SVP, Operations Wal-Mart Canada Corp. March 20, 2007
91 Turning Strategy into Action One-stop shopping Wal-Mart Supercentres are the preferred destination 91
92 Turning Strategy into Action #1 for our Customers They tell us we re relevant they shop us most much greater than 80% of households visit us 92
93 Turning Strategy into Action For our customers, this means delivering 93
94 Meet Linda Our high potential shopper years old Mom Life is hectic Wants quality Wants convenience Wants what she wants when she wants it 94
95 Turning Strategy into Action Crop ceiling and add customers 95
96 Turning Strategy into Action = Smart Service Decisions 96
97 Effective and Efficient Shopping Ease of navigation Clarity of message Rational adjacencies 97
98 Front-End Enhancements Management and trained associates Service alternatives 98
99 Creative Solutions Seven nights before Christmas shop around the clock 50+ stores open 24 hours a day 99
100 Customers Love 24-Hour Shopping I ve worked nights for the past 19 years. For me it s great. There are a lot of kids in my family and I couldn t start shopping until I finished all my exams. Oh my God, first we couldn t find a parking spot I thought it would be dead and we d be the only people in the entire store. I left everything to the last minute, so I m happy I can still do some shopping after the mall closed. 100
101 Every Day Low Price Starts with Every Day Low Cost Wal-Mart Canada is merchandise driven and dependent on execution. 101
102 Turning Strategy into Action Every Day Low Cost depends on execution: Merchandising programs Customer expectations Regulatory compliance 102
103 Refining Processes to Reduce Costs Every Day Low Cost = Consistent and Disciplined Process Investment in process change Smart structure Store-level training Productivity Merchandise flow 103
104 The Value of Ease Measuring and refining improves performance and productivity For customers For associates For shareholders 104
105 Turning Strategy into Action Building winning teams. Get, keep, grow people to support growth. 105
106 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
107 Wal-Mart Canada s People Mary-Alice Vuicic Vice President, People Wal-Mart Canada Corp. March 20, 2007
108 Our Best Source of People Baby Boomers Millennials New Canadians Women 108
109 What Our Key Generations Want Supportive manager Interesting work Work-life flexibility Learning opportunities Social interaction A good company 109
110 Diversity in Our Stores 110
111 Better Female Representation 40 Female store management up nearly 200% Female executives up 200%
112 Reputation as Best Employer 112
113 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
114 Wal-Mart Canada Putting Strategy on Our Shelves Mike Huffaker Chief Merchandising Officer Wal-Mart Canada Corp. Jim Thompson SVP, Merchandising Wal-Mart Canada Corp. March 20, 2007
115 Putting Strategy on Our Shelves Clear value proposition Newness, change and innovation in core businesses Store of the community All the services of a one-stop shopping destination Sustainability 115
116 Wal-Mart: Canada s Price Leader 116
117 Wal-Mart: Canada s Price Leader QUALITY * Fine foods shop * * Youth apparel shop PRICE 117
118 Wal-Mart: Canada s Price Leader 118
119 Wal-Mart: Canada s Price Leader 119
120 Wal-Mart: Canada s Price Leader 120
121 Wal-Mart: Canada s Price Leader Change this out 121
122 Core Categories Apparel Health & Beauty Home Electronics Food 122
123 Apparel 123
124 Apparel Private Brands Fashion with affordable Europeaninfluenced style and design for the Canadian family Classic, traditional essentials like polos, cardigans and capris for work or play Junior s attitude and style, anchored with jeans, hoodies and tees for school or hanging out Stylish, comfortable weekend wear combining comfort and quality at a great price Fitness-influenced styling, with form, function and great prices 124
125 George Fashion Show 125
126 Electronics 126
127 Electronics 127
128 Electronics 128
129 Home 129
130 Health and Beauty 130
131 Your Fresh Market 131
132 Wide Selection of Private Labels 132
133 Private Labels 133
134 Store of the Community 134
135 Store of the Community 135
136 Store of the Community 136
137 Building our Business Newness & Innovation E-Commerce Financial Services Rollbacks 137
138 Licensees 138
139 Sustainability 139
140 Sustainability One product s waste reduction: 28 metric tonnes of paper 40 metric tonnes of plastic 140
141 Merchandise Excitement 141
142 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
143 Communicating to Canadians Marketing Touch Points Mike Dombrow Director, Marketing Wal-Mart Canada Corp.
144 Marketing Speaks To Linda Empty Nesters Diverse Canadians 144
145 It s True! 145
146 It s True! 146
147 Linked to the Canadian Identity 147
148 Fresh Communication 148
149 Shopcast TV: Targeted Messages 149
150 Mixing Marketing for GEORGE Fashion Show Marketing and Media The Industry 150
151 Marketing our Commitments INSERT CMN SCREEN SHOT FROM ALFIO To Customers To Canadians 151
152 Marketing 152
153 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
154 Wal-Mart Canada s Reputation & Commitment to Stakeholders Andrew Pelletier Vice President, Corporate Affairs Wal-Mart Canada March 20, 2007
155 Independent Research on Reputation Ryerson University Study, 2002 Decima Research Survey, 2004 Synovate Research Survey,
156 Ryerson University Study It is difficult to make the case that a Wal-Mart store actually puts other retailers out of business. - Ryerson University,
157 Decima Research Majority of small business owners: Big box retailers like Wal-Mart do not compete with us. 53% do not compete 26% no real impact 5% positive impact 16% negative impact Decima Research,
158 Synovate Research 66% say WMT is a good corporate citizen 80% glad WMT came to their community Research conducted % said WMT takes care of its associates 158
159 Lobbied, Petitioned, Contacted Since 2000, more than 100 Canadian communities have contacted Wal-Mart to have a store built in their town. Alberta B.C. Saskatchewan Ontario Quebec Nova Scotia Cold Lake Terrace Weyburn Simcoe Midland St. Georges de Beaux Digby Brooks Fort St. John Kindersley Lanark Toronto (Jane & Finch) Ville de Paspebiac Yarmouth Bonnyville Salmon Arm Downtown Regina Burlington Bolton Cowansville Glace Bay Crowsnest Pass Maple Ridge Creighton Waterloo Sault Ste. Marie Masson (40 minutes from Hull) Lawrencetown Grimshaw Richmond Tisdale Stratford Emo Ville Notre Dame du Lac Windsor McLennan Pitt Meadows Milfort London (downtown) Schreiber Bridgewater Camrose Prince George Malva Marathon North Cowichan Slave Lake Campbell River Humboldt Rexdale Fort Frances New Brunswick Onoway Dawson Creek Nepean Amherstburg Newcastle Newfoundland Whitecourt Seashelt Richmond Hill Wingham Bathurst Harbour Grace Grande Prairie Trail Manitoba St. Catharines (downtown) Keswick Dalhousie Happy Valley Goose Bay Edson Barriere Winnipeg (downtown) Walkerton Wallaceburg Grand Falls High Prairie Williams Lake The Pas Cobourg Cochrane St. Stephen Rocky Mountain House Squamish Altona Kirkland Lake Woodstock Devon North Cowichan Brampton South St. Leonard Beaumont Houston Elliott Lake Acadian Peninsula Fort Nelson Wasaga Beach Collingwood 159
160 New Market Entry Guelph, ON 160
161 Corporate Social Responsibility Ethical Sourcing Community Involvement Corporate Social Responsibility People Programs Sustainability Diversity 161
162 Wal-Mart Good Works 162
163 Sustainability To be supplied 100% by renewable energy. To create zero waste. To sell products that sustain our resources and environment. 163
164 Corporate Values Report, 2007 * Note: concept design 164
165 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
166 Building a Chain of Balance Mario Pilozzi President and CEO Wal-Mart Canada Corp. March 20, 2007
167 Our Focus for the Future Turning strategy into action. Putting strategy on our shelves. Communicating strategically to Canadians. 167
168 Building a Chain of Balance Discount Store Supercentre SAM S CLUB 168
169 SAM S CLUB First four (2003) Two more (2004) Strong business membership Strong team 169
170 Discount Store Smart investment where appropriate in markets big and small Prototype: 60, ,000 s. ft. 170
171 Supercentre Smart investment wherever possible 50% bigger than discount stores Prototype: 102, ,000 sq. ft. 171
172 2007 Growth Plans 5 brand new discount stores 3 relocations of existing discount stores 10 discount stores expand to Supercentres 1 discount store relocated into Supercentre 10 new Supercentres 172
173 Wal-Mart Stores, Inc. NYSE: WMT March 20, 2007
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