Retail Wallmart

Wal-Mart Stores, Inc.
Company Profile
Reference Code: 8046847E-B325-4AF0-BC79-48100850E764 Publication Date: May 2007
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Wal-Mart Stores, Inc. Datamonitor (Published May 2007)
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Table of Contents
TABLE OF CONTENTS Facts & Overview........................................................... 4 Business Description .................................................... 5 History ............................................................................ 7 Major Products & Services ......................................... 10 Revenue Analysis ........................................................ 12 Key Employees ............................................................ 13 Key Employee Biographies ........................................ 15 Locations & Subsidiaries............................................ 23 Company View ............................................................. 24 SWOT Analysis ............................................................ 28 Top Competitors .......................................................... 36
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Company Overview
COMPANY OVERVIEW
Wal-Mart Stores (Wal-Mart), the largest retail chain in the world, operates retail stores in various formats, including supercenters, discount stores and neighborhood markets. Wal-Mart operates over 6,000 stores in the US and 13 international markets including the UK, Canada, Japan, Mexico, Brazil and China. The company primarily operates in the US. It is headquartered in Bentonville, Arkansas and employs about 1,900,000 people. The company recorded revenues of $348,650 million during the fiscal year ended January 2007, an increase of 11.7% over 2006. The operating profit of the company was $20,497 million during fiscal year 2007, an increase of 9.5% over 2006. The net profit was $11,284 million in fiscal year 2007, an increase of 0.5% over 2006.
KEY FACTS
Head Office 702 South West Eighth Street Bentonville Arkansas 72716 USA Phone Fax Web Address Ticker # Employees Turnover (US$ Mn) Financial Year End 1 479 273 4000 1 479 277 1830 http://www.walmartstores.com New York: WMT 1,900,000 348,650 January
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Business Description
BUSINESS DESCRIPTION
Wal-Mart Stores (Wal-Mart) is the worlds largest retailer. The company operates retail stores in various formats. It operates more than 6,000 stores in the US and 13 international markets including the UK, Canada, Japan, Mexico, Brazil and China. The company retails a broad range of merchandise and services at low prices. Wal-Mart operates its business under three business segments: Wal-Mart Stores, Sams Club, and the international segment. The Wal-Mart Stores segment operates three different retail formats in the US, including discount stores, supercenters and neighborhood markets. These stores differ in size as well as the range of merchandise they offer. Wal-Mart operates more than 1,000 discount stores in 47 states in the US. These offer a variety of value-priced general merchandise including: family apparel, automotive products, health and beauty aids, home furnishings, electronics, hardware, toys, sporting goods, lawn and garden items, pet supplies, jewelry, and household wares. The discount stores average 107,000 square feet in size and employ an average of 225 associates. The company has over 2,200 Wal-Mart supercenters in 47 US states. In addition to general merchandise, Wal-Mart supercenters offer bakery goods, deli foods, frozen foods, meat and dairy products and fresh produce. Supercenters also feature a number of specialty shops such as vision centers, Tire & Lube Expresses, Radio Grill, McDonalds or Subway restaurants, portrait studios and one-hour photo centers, hair salons, banks, and employment agencies. The supercenters average 187,000 square feet in size, employ 350 or more associates on average and offer 142,000 different items. Neighborhood Markets offer a full-line supermarket and a limited assortment of general merchandise. The company has over 100 neighborhood markets in about 15 US states, offering a variety of products, including fresh produce, deli foods, fresh meat and dairy items, health and beauty aids, one-hour photo and traditional photo developing services, drive-through pharmacies, stationery and paper goods, pet supplies, and household chemicals. Neighborhood markets average 42,000 square feet in size, employ 95 associates on average and offer about 29,000 items. The Wal-Mart Stores segment owns and operates 40 general merchandise distribution centers, 38 grocery distribution centers, seven apparel and shoes distribution centers, 12 professional services and specialty distribution centers, two import distribution centers and three distribution center supporting Walmart.com.
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Business Description
Additionally, third-party operators are used in 19 distribution centers of which two are grocery distribution centers, five are specialty distribution centers, four are import distribution centers and eight support Walmart.com. The company operates more than 550 Sams Club in 48 US states. Sams Club is a membership warehouse club, serving both individuals and businesses. Sams Club offers bulk displays of brand name merchandise, including hard goods, some soft goods, institutional-size grocery items, and selected private-label items under the Members Mark, Bakers & Chefs and Sams Club brands. Most Sams Club warehouses have fresh departments, which include bakery, meat, produce, floral and Sams Cafe. Additionally, a significant number of Sams Club offers photo processing, pharmaceuticals, optical departments and gasoline stations. Sams Club warehouses average 132,000 square feet in size. Individuals, other than business owners, can become Advantage members. The annual membership fee for an individual Advantage member is $40 for the primary membership card, with a spouse card available at no additional cost. The annual membership fee for business members is $35 for the primary membership card with a spouse card available at no additional cost. In addition, business members can add up to eight business associates for $35 each. The annual membership fee for a Plus member is $100. Wal-Marts international segment comprises the companys wholly-owned
subsidiaries in Argentina, Brazil, Canada, Puerto Rico and the UK. It also includes Wal-Marts majority-owned subsidiaries in Central America, Japan and Mexico and joint ventures in China. The operating formats vary from country to country, and include discount stores (Canada and Puerto Rico), supercenters (Argentina, Brazil, China, Japan, Mexico, Puerto Rico and the UK) and Sams Clubs (Brazil, Canada, China, Mexico and Puerto Rico). Wal-Mart also operates Todo Dia (combination discount and grocery stores), Bompreco (supermarkets), Hiper Bompreco, Big (hypermarkets), Mercadorama (supermarkets), Nacional (supermarkets), Magazine (general merchandise stores), Mini Bompreco (discount stores) and Maxxi Alacado (cash-n-carry units) in Brazil; Seiyu stores (supermarkets, discount and department stores), Livin stores (department stores) and Sunny (supermarkets) in Japan; Superama (supermarkets), Bodega (combination discount and grocery stores), Suburbia (department stores) and Mi Bodega Express (restaurants and discount stores) in Mexico; ASDA stores (combination grocery and apparel stores), George stores (apparel stores) and ASDA Living stores (general merchandise stores) in the UK; and Amigo supermarkets in Puerto Rico. The international segment has approximately 126 distribution facilities in Argentina, Brazil, Canada, China, Japan, Mexico, Puerto Rico and the UK.
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History
HISTORY
Wal-Mart Stores (Wal-Mart) was established in 1962 when Sam Walton, who had operated stores in Arkansas and Missouri, decided to open a discount store. The company went public and was traded over the counter in 1970, before being listed on the New York Stock Exchange in 1972. Wal-Mart diversified into grocery (Wal-Mart Supercenters), international operations, and membership warehouse clubs (Sams Clubs) during the 1980s. In 1983, the company opened Sams Wholesale Club, a concept based on the successful cash-and-carry, membership-only warehouse format pioneered by the Price Company of California (now Costco Wholesale Corporation). It started Hypermart*USA in 1987 as a joint venture with Dallas-based supermarket chain Cullum Companies (now Randalls Food Markets). Hypermart*USA later became the companys Wal-Mart Supercenters. In 1989, Wal-Mart acquired Cullum Companies. Wal-Mart acquired wholesale distributor, McLane Company, in 1990. The company entered Mexico in 1992 through a joint venture with Mexicos largest retailer, Cifra, to open Sams Clubs. Furthermore, it acquired 122 former Woolco stores in Canada in 1994. Wal-Mart continued to expand internationally, entering China in 1996. It also acquired German hypermarket chain, Wertkauf, in 1997 as well as a stake in Brazilian retailer Lojas Americanas in 1998. During the same year, the company began testing the Neighborhood Market format, a 40,000-square-foot grocery and drug combination store. Wal-Mart purchased 74 German-based Interspar hypermarkets and acquired ASDA Group, the UKs third-largest supermarket chain in 1999. The company began selling household appliances in selected stores in 2000. Wal-Mart launched its No Boundaries private label cosmetics brand in 2001. Wal-Mart started operating in Japan in 2002, acquiring a 6% stake in one of Japans top retailers, Seiyu. Later that year, the company increased its stake in Seiyu to 36%. The company also acquired, Supermercados Amigo, in Puerto Rico in the same year. During 2002, Wal-Mart started 107 international units, with two in Brazil, 22 in Canada, eight in China, two in Germany, three in South Korea, 59 in Mexico, two in

History
Puerto Rico, and nine in the UK. The companys attempt to open a state industrial bank in California in 2002 failed owing to legal problems. Wal-Mart sold its McLane subsidiary, a US grocery distributor, in 2003. This subsidiary was sold to Berkshire Hathaway, allowing Wal-Mart to concentrate on its core retail activities. Throughout the year and well into 2004, the company focused on expansion in China. Wal-Mart Brazil acquired Bompreco, a retail chain in northeastern Brazil with 118 units (hypermarkets, supermarkets and mini markets) from Dutch retailer Royal Ahold, in 2004. During the same year, Wal-Mart launched its online music store. The company entered into a joint venture, in early 2005, with CITIC Pacific to open hundreds of stores in China over the next five years. Wal-Mart held a 65% share of the venture. During the same period, Wal-Mart Canada, the Canadian arm of WalMart Stores, closed one of its two Quebec stores in Jonquiere, owing to weak financial performance. Wal-Mart increased its stake in Seiyu (Japan) to 42% in mid 2005. Wal-Mart purchased a one-third interest in Central American Retail Holding (CARHCO), an operator of supermarkets in Guatemala, El Salvador, Honduras, Nicaragua, and Costa Rica, in 2005. Wal-Mart acquired about 140 stores in Brazil in late 2005, from Portuguese retailer Sonae for about $757 million, increasing the number of outlets it operates in Brazil to nearly 300. The company acquired an additional 17.7% interest in CARHCO from Royal Ahold in February 2006, increasing its stake in the Central America supermarket operator to 51%. Shinsegae Company, South Koreas leading retailer, agreed to purchase the companys South Korean retail business for KRW825 billion (approximately $882 million) in May 2006. The company announced the sale of its German retail business to Metro, in July 2006. Eagles and Wal-Mart Stores announced a long-term strategic marketing agreement in July 2006, including sponsorship, exclusive audio and video releases, and product visibility. Wal-Mart purchased a 35 percent interest in Bounteous Company, which operates hypermarkets in China under the Trust-Mart banner, in February 2007.

History
Wal-Mart introduced neighborhood market concept to Naples with new company design, in March 2007. In the following month, the company announced expansion of associate-established effort on "Personal Sustainability Projects" (PSPs). In May 2007, Wal-Mart announced its plans to open nearly 400 in-store health clinics over the next two to three years,. During the same month, Wal-Mart partnered with Skype to bring internet communications to the masses. The company purchased solar power from three providers, BP Solar, SunEdison, and SunPower subsidiary PowerLight, as part of a pilot project to determine solar power viability, during the same period.
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Major Products & Services
MAJOR PRODUCTS & SERVICES

Wal-Mart Stores (Wal-Mart), the largest retail company in the world, operating retail stores in various formats, including supercenters, discount stores and neighborhood markets. The companys products and services include the following: Products: Grocery General merchandise Jewelry Apparel Home appliances and home furnishings Electronics Health and beauty products Sports products Toys Baby products Pharmaceuticals Footwear Tools and appliances Consumer electronics Services: Pharmacies Photo laboratories Fuel stations Brands: Athletic Works George Kid Connection Puritan No Boundaries Great Value Home Trends Mainstays Durabrand Equate ReliOn

Major Products & Services
Ol Roy ILO Sams Choice Metro 7 Parents Choice Ozark Trail White Stag
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Revenue Analysis
REVENUE ANALYSIS
The company recorded revenues of $348,650 million during the fiscal year ended January 2007, an increase of 11.7% over 2006. For the fiscal year 2007, the US, the companys largest geographic market, accounted for 77.9% of the total revenues. Wal-Mart Stores generates revenues through three business divisions: Wal-Mart stores (65.6% of the total revenues during fiscal year 2007), international (22.4%) and Sams Club (12.1%). Revenues by Division During the fiscal year 2007, the Wal-Mart Stores division recorded revenues of $226,294 million, an increase of 7.8% over 2006. The international division recorded revenues of $77,116 million in fiscal year 2007, an increase of 30.2% over 2006. The Sams Club division recorded revenues of $41,582 million in fiscal year 2007, an increase of 4.5% over 2006. Revenues by Geography The US, Wal-Mart Stores largest geographical market, accounted for 77.9% of the total revenues in the fiscal year 2007. Revenues from the US reached $271,534 million in 2007, an increase of 7.4% over 2006. International accounted for 22.1% of the total revenues in the fiscal year 2007. Revenues from international reached $77,116 million in 2007, an increase of 30.2% over 2006. International includes countries like Argentina, Brazil, Canada, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico, China and the UK.
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Key Employees
KEY EMPLOYEES
Name H. Lee Scott S. Robson Walton Aida M. Alvarez James W. Breyer M. Michele Burns James Cash Roger C. Corbett Douglas N. Daft David D. Glass Roland A. Hernandez Jack C. Shewmaker Jim C. Walton Christopher J. Williams Linda S.Wolf Leslie A. Dach Linda M. Dillman Rollin L. Ford Charles M. Holley Job Title President and Chief Executive Officer (Since: 2000) Chairman (Since: 1992) Director (Since: 2006) Director (Since: 2001) Director (Since: 2003) Director (Since: 2006) Director (Since: 2006) Director (Since: 2005) Director (Since: 1977) Director (Since: 1998) Director (Since: 1977) Director (Since: 2005) Director (Since: 2004) Director (Since: 2005) Executive Vice President, Corporate Affairs and Government Relations Executive Vice President, Risk Management and Benefits Administration Executive Vice President, Chief Information Officer Executive Vice President, Finance and Treasurer (Since: 2007) Thomas D. Hyde Thomas A. Mars Thomas M. Schoewe Executive Vice President and Corporate Secretary Executive Vice President and General Counsel Executive Vice President and Chief Financial Officer (Since: 2000) Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Executive Board Board Executive Board Total Annual Comp. -
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Key Employees
William S. Simon
Chief Operating Officer, Professional Services and New Business Development
Senior Management
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Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES

H. Lee Scott
Board: Executive Board Job Title: President and Chief Executive Officer Since: 2000 Mr. Scott was named President and Chief Executive Officer of Wal-Mart Stores in 2000. He joined the company as an Assistant Director of Transportation and later assumed the positions of Director of Transportation, Vice President of Transportation, Vice President of Distribution and Senior Vice President of Logistics. In 1993, he was promoted to Executive Vice President of Logistics and named to Wal-Marts Executive Committee. In 1995, he brought his logistics acumen to the position of Executive Vice President of Merchandise. He was named President and Chief Executive Officer of the Wal-Mart Stores division in 1998. One year later, he became Chief Operating Officer and Vice Chairman for the company. He received his Bachelor of Science degree in Business from Pittsburg State in Pittsburg, Kansas.
S. Robson Walton
Board: Executive Board Job Title: Chairman Since: 1992 Mr. Walton has been the Chairman of Wal-Mart Stores since 1992. Since joining WalMart in 1969, he has served as Senior Vice President, Secretary and General Counsel and Vice Chairman. Prior to his employment at Wal-Mart, Mr. Walton was in private law practice as a partner with the law firm of Conner and Winters in Tulsa, Oklahoma. Mr. Walton graduated from the University of Arkansas in 1966 with a Bachelor of Science degree in business administration. He received a juris doctor degree in 1969 from the Columbia University School of Law in New York. He is also a Trustee at Wooster College.
Aida M. Alvarez
Board: Non Executive Board Job Title: Director Since: 2006

Ms. Alveraz has been a Director of Wal-Mart Stores since 2006. She is the former Administrator of the US Small Business Administration and a member of President Clintons Cabinet from 1997 to 2001. She is the founding Director of the Office of Federal Housing Enterprise Oversight and financial regulator of Fannie Mae and Freddie Mac, from 1993 to 1997. She also serves on the Board of Directors of UnionBanCal and a member of the Diversity Advisory Board for Deloitte & Touche.
James W. Breyer
Board: Non Executive Board Job Title: Director Since: 2001 Mr. Breyer has been a Director of Wal-Mart Stores since 2001. He is a Managing Partner of Accel Partners, a venture capital firm. He is also a director of RealNetworks and several private companies.
M. Michele Burns
Board: Non Executive Board Job Title: Director Since: 2003 Ms. Burns has been a Director of Wal-Mart Stores since 2003. She is the Chief Financial Officer and Chief Restructuring Officer of the Mirant, an energy company, which she joined in April 2004. She served as the Executive Vice President and Chief Financial Officer of Delta Air Lines, an air carrier, from 2000 to 2004, and prior to that appointment, she held various other positions with Delta Air Lines, including: Senior Vice President-Finance and Treasurer, in 2000; Vice President-Corporate Tax and Treasurer, from 1999 to 2000; and Vice President-Corporate Tax, in 1999. She is also a director of Cisco Systems.
James Cash
Board: Non Executive Board Job Title: Director Since: 2006 Mr. Cash has been a Director of Wal-Mart Stores since 2006. He is a retired James E. Robison Professor of Business Administration at Harvard Business School and former Senior Associate Dean and Chairman of HBS Publishing. He is a Director of The Chubb Corporation, General Electric, Phase Forward and Microsoft.
Roger C. Corbett

Board: Non Executive Board Job Title: Director Since: 2006 Mr. Corbett has been a Director of Wal-Mart Stores since 2006. He is a retired Chief Executive Officer and Group Managing Director of Woolworths, a retail company in Australia. He is also a Director of The Reserve Bank of Australia, Fairfax Media Limited, and Chairman of the Board of Directors ALH Group.
Douglas N. Daft
Board: Non Executive Board Job Title: Director Since: 2005 Mr. Daft has been a Director of Wal-Mart Stores since 2005. He is the retired Chairman and Chief Executive Officer of The Coca-Cola Company, a beverage manufacturer, where he served in that capacity from 2000 until 2004 and in various other capacities since 1969. He is also a Director of The McGraw Hill Companies.
David D. Glass
Board: Non Executive Board Job Title: Director Since: 1977 Mr. Glass has been a Director of Wal-Mart Stores since 1977. He is the Chairman of the Executive Committee of the Board and has served in this position since 2000. He served as Wal-Marts President and Chief Executive Officer from 1988 to 2000.
Roland A. Hernandez
Board: Non Executive Board Job Title: Director Since: 1998 Mr. Hernandez has been a Director of Wal-Mart Stores since 1998. He is the retired Chairman and Chief Executive Officer of Telemundo Group, a Spanish-language television station company, where he served from 1998 to 2000. Prior to that, he served as President and Chief Executive Officer of Telemundo Group. He is also a Director of MGM Mirage, The Ryland Group, and Vail Resorts.
Jack C. Shewmaker
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Board: Non Executive Board Job Title: Director Since: 1977 Mr. Shewmaker has been a Director of Wal-Mart Stores since 1977. He is the President of J-COM, a consulting company, and he is a rancher. He is also a former Wal-Mart executive who retired in 1988.
Jim C. Walton
Board: Non Executive Board Job Title: Director Since: 2005 Mr. Walton has been a Director of Wal-Mart Stores since 2005. He is the Chairman and Chief Executive Officer of Arvest Bank Group, a group of banks operating in 91 communities in the states of Arkansas, Oklahoma and Missouri.
Christopher J. Williams
Board: Non Executive Board Job Title: Director Since: 2004 Mr. Williams has been a Director of Wal-Mart Stores since 2004. He is the Chairman and Chief Executive Officer of The Williams Capital Group, an investment bank. He has also served as the Chairman and Chief Executive Officer of The Williams Capital Management, an investment management firm, since 2002. In addition, he serves as a Director of Harrahs Entertainment.
Linda S.Wolf
Board: Non Executive Board Job Title: Director Since: 2005 Ms. Wolf has been a Director of Wal-Mart Stores since 2005. She was formerly the Chairman and Chief Executive Officer of Leo Burnett Worldwide, an advertising agency and division of Publicis Groupe. She served in various positions with Leo Burnett Worldwide and its predecessors since 1978.
Leslie A. Dach
Board: Senior Management Job Title: Executive Vice President, Corporate Affairs and Government Relations

Mr. Dach is the Executive Vice President of Corporate Affairs and Government Relations of Wal-Mart Stores. He is responsible for reputation management, public affairs, corporate communications, marketing public relations, the Wal-Mart Foundation, and government relations. Before joining Wal-Mart, he was Vice Chairman of Edelman, a major global communications firm, where he led the Washington D.C. office, the companys research, advertising, and corporate social responsibility consulting divisions and its global public affairs, crisis, technology, and healthcare practices. He has a Bachelors degree in biology from Yale University and a Masters in public administration from Harvard University. He serves on the Board of Directors of the World Resources Institute.
Linda M. Dillman
Board: Senior Management Job Title: Executive Vice President, Risk Management and Benefits Administration Ms. Dillman is the Executive Vice President, Risk Management and Benefits Administration of Wal-Mart Stores. She previously was the Executive Vice President and Chief Information Officer. She joined Wal-Mart in 1991 through the acquisition of The Wholesale Club in Indianapolis, Indiana. At Wal-Mart, she has served in several key information systems management positions, where her most notable accomplishments were the implementation of the perpetual inventory and store Telxon systems. She was named Vice President of Applications Development n 1998, where she led the systems conversion for Wal-Marts acquisition of ASDA in the UK. Prior to serving as Executive Vice President and Chief Information Officer, Ms. Linda served as Vice President of International Systems. Prior to Wal-Mart, she worked for the Hewlett-Packard Company for five years. Ms. Linda has a degree in Business Administration from the University of Indianapolis.
Rollin L. Ford
Board: Senior Management Job Title: Executive Vice President, Chief Information Officer Mr. Ford is the Executive Vice President and Chief Information Officer. Since joining Wal-Mart Stores in 1983, he has served as a member of the Distribution and Logistics Team, Vice President of the Specialty Division and Transportation, and Senior Vice President for Logistics. He is affiliated with numerous organizations including the IMRA, Council of Logistics, and the NFTA, for which he currently sits on the Board of
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Directors. He is also on the Board of Directors for the Thurgood Marshall Scholarship Foundation and the Mercy Health System in North West Arkansas.
Charles M. Holley
Board: Senior Management Job Title: Executive Vice President, Finance and Treasurer Since: 2007 Mr. Holley has been the Executive Vice President, Finance and Treasurer of Wal-Mart Stores since 2007. In this capacity, he oversees finance, tax, investor relations and treasury. He is also a Member of the Companys Executive Committee. Previously, he held the title of Senior Vice President of Finance with responsibility for the companys accounting and tax areas, its financial reporting as well as investor relations. Before joining Wal-Mart, Mr. Charles was with Tandy Corporation as Managing Director for Tandys European Memorex Consumer Product Division (Memtek International) and served as Director of Finance for its International Operations. He previously spent ten years with Ernst & Young. He received his BBA in Accounting from the University of Texas in Austin and earned his MBA in Finance at the University of Houston.
Thomas D. Hyde
Board: Senior Management Job Title: Executive Vice President and Corporate Secretary Mr. Hyde is the Executive Vice President and Corporate Secretary of Wal-Mart Stores. He joined Wal-Mart in 2001 after serving as Senior Vice President and General Counsel of Raytheon Company. At Raytheon since 1992, he was responsible for the: legal, corporate secretarial, ethics, export control, real estate, insurance, environment, and health and safety areas. Prior to joining Raytheon, he served in a number of key legal, financial, international, and general management positions for several companies including Denver-based Manville Corporation, a building products manufacturer, and St. Louis-based Emerson Electric, a diversified manufacturing company.
Thomas A. Mars
Board: Senior Management Job Title: Executive Vice President and General Counsel
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Mr. Mars is the Executive Vice President and General Counsel of Wal-Mart Stores. He oversees the Legal Department, which is responsible for handling all legal matters affecting the company in its domestic and foreign markets. He became an associate of the Rose Law Firm, where he worked for Senator Hillary Clinton in the firms litigation section in 1986. He left the Rose Law Firm and moved to Northwest Arkansas, where he practiced commercial litigation for the next ten years in 1988. He is the Chairman for the American Bar Association Minority Counsel Program Steering Committee. He is also a member of the American Board of Trial Advocates, the Leadership Advisory Council of the National Asian Pacific American Bar Association, and the Corporate Advisory Panel of the National Bar Association.
Thomas M. Schoewe
Board: Senior Management Job Title: Executive Vice President and Chief Financial Officer Since: 2000 Mr. Schoewe has been the Executive Vice President and Chief Financial Officer of Wal-Mart Stores since 2000. He is responsible for treasury, tax, accounting and control, business planning and analysis, internal auditing, and several other keys areas of the company. In addition, during 2005, the lead financial executive in each of the operating segments (Wal-Mart, SAMS CLUB, and International) began reporting directly to him. Prior to his employment at Wal-Mart, he served as Senior Vice President and Chief Financial Officer for Black and Decker, a position he held from 1993-1999. Prior to that, he served four years as Black and Deckers Vice President of Finance and was responsible for all financial operations except treasury and tax functions. He previously held the position of Vice President of Business Planning and Analysis. He joined Black & Decker in 1986 after serving at Chicago-based Beatrice Companies, where he was Chief Financial Officer and Controller of Beatrice Consumer Durables. He graduated from Loyola University of Chicago with a Bachelors of Business Administration degree in finance.
William S. Simon
Board: Senior Management Job Title: Chief Operating Officer, Professional Services and New Business Development Mr. Simon is the Chief Operating Officer, Professional Services and New Business Development of Wal-Mart Stores. He is responsible for the management of the

professional and health care businesses at Wal-Mart and Sams Club, including Pharmacy, Optical, and Clinics. Additionally, he manages the new Business Development group including all in store leasing operations for Wal-Mart. He joined Wal-Mart from Brinker International, where he was Senior Vice President of Global Business Development responsible for the growth of their portfolio of restaurants outside the US. Prior to Brinker, he served as the Secretary of the Florida Department of Management Services, appointed by Governor Jeb Bush. He was responsible for the operations and administrative functions of the state including health care benefits, statewide human resources, purchasing, the Florida Retirement System, facilities management, and statewide outsourcing initiatives. Mr. Simon has also held senior management positions with top consumer brand companies such as Diageo where he was President, Diageo Southeast and President, North American Ready to Drink as well as senior sales and marketing roles with Cadbury-Schweppes, PepsiCo and RJR-Nabisco. Mr. Simon attended the University of Connecticut where he earned a Bachelor of Arts in economics and a Master of Business Administration in management.
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Locations & Subsidiaries
LOCATIONS & SUBSIDIARIES

Wal-Mart Canada 1940 Argentia Road Mississauga Ontario L5N 1P9 CAN T: 1 905 821 2111 F: 1 905 821 6393 Sams Club 608 South West Eighth Street Bentonville Arkansas 72712 6297 USA T: 1 501 277 7000 F: 1 501 273 4053 Wal-Mart de Mxico, S.A. de C.V Boulevard Manuel Avila Camacho 647 Delegacin Miguel Hidalgo 11220 MEX T: 52 5 283 0100 F: 52 5 387 9240 Wal-Mart China Wal-Mart Business Information (Shenzhen) Co Xinnanbin Building 50 Honghu Second Street Wenjin Road North Luohu District CHN T: 86 755 2562 3288 F: 86 755 2560 7079 Seijo Corporation 2-12-2 Miyoshi-cho Fuchu Tokyo 183-0045 JPN T: 81 42 3688 701 McLane Company 4747 McLane Parkway Temple Texas 76504 USA T: 1 254 771 7500 F: 1 254 771 7547 ASDA Group Limited ASDA House Southbank Great Wilson Street GBR T: 44 113 243 5435 F: 44 113 241 8666 Wal-Mart de Mexico Boulevard Manuel Avila Camacho 647 Delegacion Miguel Hidalgo 11220 MEX T: 52 5 283 0100 F: 52 5 387 9240
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Company View
COMPANY VIEW
A statement by Lee Scott, President and Chief Executive Officer of Wal-Mart Stores is given below. The statement has been taken from the companys 2007 annual report. Last year, Wal-Mart Stores, Inc. delivered both record sales and earnings from continuing operations. We also stepped out and took k on some of the toughest challenges facing the communities we serve. But we did not achieve these things while doing business as usual. We did them during a period of perhaps the most rapid and profound change in our Companys history. With our transformation plan, we are committed to staying "Out in Front" of the changes around us. This success is a tribute to Wal-Mart associates around the world, and the culture they live and carry forward every day. At Wal-Mart, we save people money so they can live better. We are proud of that purpose, and I am proud of our associates, our Company, and the results we achieved together this past year. Record Sales When it comes to the fiscal years financial results, Wal-Mart again delivered solid performance. We had record net sales of $345 billion, an increase of 11.7 percent over fiscal year 2006. Our net income from continuing operations rose 6.7 percent over last year to a record $12.2 billion. Earnings per share from continuing operations were $2.92. I am also very pleased with our results in Wal-Marts International division, headed by Mike Duke. Led by Mexico and increasing momentum at Asda in the United Kingdom, international sales increased more than 30 percent to $77 billion for the year. Doug McMillon and his Sams Club team also turned in a solid performance, with sales growing 4.5 percent for the year. For the sixth quarter in a row, Sams Club grew operating income faster than sales. Of course, there were a couple of disappointments. In particular, total U.S. comparable store sales were 2.0 percent last year, which was below our plan. However, the Wal-Mart Stores division, led by Eduardo Castro-Wright, continued its trend of improving labor productivity and inventory management. The U.S. team also delivered an increase in return on investment. Considering our goal was only to have flattened the downward trend by the end of the fiscal year, an increase in ROI is a great accomplishment for Wal-Mart U.S. Unlocking the Value
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Company View
At Wal-Mart, our growth has been guided by a strategy of focusing our financial and human resources in areas where we can unlock the most value. In our International division, we call this approach "major in the majors". Our results clearly demonstrate that this is the right strategy. Last year, we opened the doors to seven new Wal-Mart Supercentres in Canada. The response from our customers has been excellent, and we plan to open 21 new supercentres this year. We increased our ownership stake of Seiyu in Japan to 53.3 percent. Seiyus total comparable store sales for fiscal 2007 were positive for the first time in 15 years. We increased our stake in CARHCO to 51 percent, and we renamed CARHCO Wal-Mart Central America. We also added 120 new stores in Mexico and are very encouraged by the performance and continued growth opportunities for all six store formats there. Asdas turn-around strategy continues to deliver results. The team improved the basics, introduced a new store format, and upgraded several departments. At the beginning of fiscal 2008,we announced an investment in Trust-Mart, a leading hypermarket operator with 101 retail stores in 34 cities in China. This brought additional scale to our China retail business as we develop a foundation for greater long-range business opportunities in China. Exiting Germany and South Korea last year was the right decision, and we have redeployed resources from those countries to other critical areas of our International division. Customer Relevancy In our stores and clubs last year, we spent a lot of time, energy and resources to better understand the people we serve. We wanted to know who shops our stores and clubs and who does not; what type of merchandise they want and what they do not; what they value most in the store and club experience and what is less important. As a Company, there is no question in my mind that we understand our customers better today than we have in years, and we understand them all around the world. In working to broaden our appeal to our customers, we moved too quickly in the rollout of some of our fashion forward apparel in the United States. We are making adjustments this year to improve our core basics. We continue to strive to make sure every Wal-Mart store is a "Store of the Community"- one that reflects the individual needs of each neighborhood we serve. The three-year plan launched by Eduardo last year is providing momentum to drive returns and growth for Wal-Mart U.S. I am confident that these changes will contribute to continued improvements in our U.S. stores.

Company View
Giving our associates the tools and opportunities they need to be as productive as possible also is critical to improving our operations and efficiencies. I am very pleased that our Company has delivered workforce productivity gains in every quarter of the last two years. And there are a lot of other changes we can make - and have been making - to improve the productivity of our core business. Taking Care of Associates Of course, the most important part of taking care of customers is taking care of associates. They are the point of contact for our customers in the stores. Every year, Wal-Mart creates tens of thousands of jobs throughout the United States, many of them in neighborhoods that desperately need economic opportunities. These jobs pay competitive wages and offer good benefits. We are also proud of the fact that 90 percent of U.S. associates have health coverage, and Wal-Mart insures more than 1 million lives. We are committed to affordable and accessible healthcare. In order to continue to attract and retain excellent associates, we are listening to them - especially our valued long-term associates - about how to make their jobs and careers more fulfilling. Last year, we again increased our average full-time hourly wage in the United States. It is our commitment to ensure that our workforce is diverse. Our associates reflect the ethnic and cultural diversity of their communities. Given our size, we must represent the faces of the world. Wal-Mart holds its senior leaders accountable for meeting diversity goals each year. Every officers compensation and performance evaluation is dependent on achieving very specific objectives in the area of diversity. In fact, all officers but one met their goals this year. Valuable to Communities As we continue to grow around the world, it is always our goal to be a valuable member of each of those communities. We want our neighbors to see, understand and be a part of the positive impact Wal-Mart has everywhere we operate. One way we do this is through charitable giving. According to the Chronicle of Philanthropy, the Wal-Mart Foundation is the largest corporate cash contributor in America. In 2006, through its foundation, charitable partners and donations from customers and associates, Wal-Mart provided more than $415 million in cash and inkind merchandise to more than 100,000 organizations around the world. More important, we gave most of the money at the local level where we can have the greatest impact. Our international stores and associates raised and contributed $45 million of this total.

Company View
Beyond our charitable programs, Wal-Mart is committed to sustainability. Our stores are selling more organic and environmentally- friendly products. We are working with suppliers to reduce packaging and take nonrenewable energy out of the products we sell. We are making our facilities and truck fleet more efficient by adopting energyefficient practices. These sustainable programs are making our business more efficient; they are also making sure that our customers do not have to choose between a product they can afford and a sustainable product. Another example of our positive impact on communities is our $4 generic prescription drug program. Last year, we rolled this program out first in Florida and then rapidly expanded it to all U.S. pharmacies. The response from our customers has been outstanding because we have saved them money where they need it most - in reduced healthcare costs. Improving Lives Since I came to Wal-Mart in 1979, I have learned a lot of lessons about leadership. One of the most valuable lessons is this: there is a price to being special. Over the last 45 years, those of us who have served Wal-Mart have paid a price to build a special Company - whether it means working on weekends, keeping a modest office space, or always putting others before ourselves. But there is a reward, and it is not just working for a special Company; it is a special opportunity to touch and improve the lives of millions of people around the world. At Wal-Mart, we touch and improve lives through the charitable giving of our foundation. We do it by creating jobs that pay competitive wages, offer good benefits and create career opportunities. We do it by making diversity a priority throughout our workforce and our operations. We do it by being a more sustainable and environmentally-friendly business. But above all, we do it through our everyday work: we save people money so they can live better. To Wal-Mart customers, saving a dollar, a pound, or a peso means something. It means being able to buy the school clothes or fresh food they need. Without WalMart, they might not be able to afford such items. It also means empowering people to aspire to a better life for themselves and their families. This is what Wal-Mart does and, for the most part, whom we serve. And though our Company may undergo profound changes, we will never change who we are. We will always be Wal-Mart, and we will always strive to be a better Wal-Mart.
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SWOT Analysis
SWOT ANALYSIS
Wal-Mart Stores (Wal-Mart), the largest retail chain in the world, operates retail stores in various formats, including supercenters, discount stores and neighborhood markets. The company has a strong market position in the US which provides economies of scale and enhanced brand image to the company. However, stiff competition and counterfeit goods could adversely affect the operating results of the company.
Strengths Strong market position in the US Balanced brand mix World class supply chain Strong marketing capabilities Opportunities 2008 growth plans Expanding Indian retail market Rising US healthcare spending Weaknesses Decline in comparable store sales growth Litigations Cut back on second fashion line Product recall Threats Competition Counterfeit goods Opposition and resistance from communities Fraudulent practices
Strengths
Strong market position in US Wal-Mart has a strong market position in US. The company derives nearly 78% of its revenues from the US. Revenues from the US are largely instrumental in making WalMart one of the leading corporations in the world. According to the Fortune 500 ranking (2006), Wal-Mart is the second largest corporation in the world after Exxon Mobil. Wal-Mart operates more than 1,000 discount stores in 47 states in the US, 2,200 WalMart supercenters in 47 US states, over 100 neighborhood markets in about 15 US states and more than 550 Sams Club in 48 US states. These stores serve 127 million customers every week in the US. The company besides being the leading retailing chain in the US, is the second largest retailer of consumer electronics. Strong market position in the US besides providing economies of scale and enhancing the brand image of the company, enables the company to serve a wide range of customers to penetrate the market more effectively.
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SWOT Analysis
Balanced brand mix Wal-Mart has a balanced brand mix, comprising private labels and external brands. The company sells merchandise under its private label brands such as Athletic Works, George, Kid Connection, Puritan, No Boundaries, Great Value, Home Trends, Mainstays, Durabrand, Equate, ReliOn, Ol Roy, ILO, Sams Choice, Metro 7, Parents Choice, Ozark Trail and White Stag. Additionally, the company stocks prominent brands. Moreover, the company sells merchandise under licensed brands including, General Electric, Disney, McDonalds, Mary-Kate and Ashley and Starter. A balanced brand mix allows the company to provide greater choice to customers and thus, improves margins of the company. World class supply chain Wal-Mart has built a world-class supply chain to support over 6,000 stores worldwide. The high quality of the companys supply chain was revealed in the aftermath of Hurricane Katrina in August 2005. The trucks of Wal-Mart supplied $3 million worth of supplies to Katrina-ravaged areas much before the Federal Emergency Management Agencys relief arrived. Wal-Mart also managed to get most of its stores in the Gulf coast area up and running days after the Hurricane Katrina made landfall. In 2007, Wal-Mart Stores operated 40 general merchandise distribution centers, 38 grocery distribution centers, seven apparel and shoes distribution centers, 12 professional services and specialty distribution centers, two import distribution centers and three distribution center supporting Walmart.com. Additionally, third-party operators are used in 19 distribution centers of which two are grocery distribution centers, five are specialty distribution centers, four are import distribution centers and eight support Walmart.com. Sams Club has seven company-owned and operated distribution facilities, 13 third-party owned and operated facilities, and two third-party owned and operated import distribution centers. In addition, Sams Club uses one third-party owned and operated distribution center in Texas. The company has the second largest truck fleet in the US. Globally, Wal-Mart has 126 distribution facilities in Argentina, Brazil, Canada, China, Japan, Mexico, Puerto Rico and the UK. Wal-Mart manages its supply chain through extensive use of information technology. The companys Logistics and Information Systems Division employs approximately 75,000 employees, who help in managing the supply chain. Large consumer databases, collected over the years, help the logistics team plan merchandise requirement well in advance. Wal-Mart also uses RFID tagging to further increase the efficiency of its supply chain.
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SWOT Analysis
World-class supply chain besides keeping stores well stocked, provide a cost advantage over rivals, which helps Wal-Mart sustain its every day low price strategy. Strong marketing capabilities Wal-Mart has strong marketing capabilities. The company employs many programs designed to meet competitive pressures within the retail industry. These programs include Every day Low Prices (EDLP) - Wal-Marts pricing philosophy under which the company price items at a low price every day so that the customers trust that prices will not change erratically under frequent promotional activity; Rollbacks - Wal-Marts commitment to pass continually internal and external cost savings on to the customer by lowering prices on selected goods; Store Within a Store - a program to provide accountability to assistant managers and department managers as to merchandise planning and overall department performance; and Store of the Community - a program to ensure that the merchandise assortment in a particular store fits the demographic needs of the local community in which that store is located. Such strong marketing capabilities of the company offer value and service to its customers which largely add to the companys competitive position within the retail industry.
Weaknesses
Decline in comparable store sales growth Wal-Mart witnessed a decline in the comparable store sales growth during the period 2005-2007. The company recorded comparable store sales growth of 1.9% during the fiscal year 2007, as compared to 3% in the fiscal year 2005. Low growth in comparable store sales indicates weak performance of the existing stores in terms of sales growth of such stores. It indicates that the growth of the company in recent years has been driven more by new stores rather than higher sales at existing stores. Litigations The company is involved in a number of legal proceedings. It is a defendant in numerous cases containing class-action allegations in which the plaintiff s are current and former hourly associates who allege that the company forced them to work off the clock or failed to provide work breaks, or otherwise that they were not paid for work performed. The complaints generally seek unspecified monetary damages, injunctive relief, or both. Class or collective-action certification has yet to be addressed by the

SWOT Analysis
court in a majority of these cases. In September 2006, Braun/Hummel alleged that the company failed to pay class members for all hours worked and prevented class members from taking their full meal and rest breaks. In October 2006, the jury awarded back-pay damages to the plaintiffs of approximately $78 million on their claims for off -the-clock work and missed rest breaks. The plaintiff s are now seeking an additional award of approximately $62 million in statutory penalties, plus prejudgment interest and attorneys fees. The company is currently a defendant in five putative class actions brought on behalf of salaried managers who challenge their exempt status under state and federal laws, which are pending in California, Michigan, New Mexico and Tennessee. Further, the company also received a subpoena from the Los Angeles County District Attorneys Office for documents and administrative interrogatories requesting information, among other things, regarding the companys handling of materials and hazardous waste. California state and local government authorities and the State of Nevada have also initiated investigations into these matters. The various complaints seek money damages and injunctive relief against the company. Such proceedings may adversely affect consumer perception of the company. Moreover, any unfavorable outcome from various investigations could lead to civil and criminal damages and affect the companys brand image. Cut back on second fashion line Wal-Mart is expected to lower production of its second line of womens apparel by the end of 2007, as it struggles with a growing inventory of ladies wear despite a drive to offer more fashion for price-conscious shoppers. The company will reduce by an undisclosed amount the number the US stores selling a fashion line by designer Mark Eisen, which it launched in 2006 as part of a drive to match successful low-price designer labels at rivals like Target. Metro 7, which was launched in 2005, was quickly pushed into about 1,500 stores before it was decided to cut it back to below 1,000, as it was not selling well enough in several markets. In May 2007, the inventory of the company grew faster than targeted in the three months from February through April, in part because apparel was still not selling well enough. This could have a major impact on the inventories of the company, which rose 10.3% in the fiscal first quarter, as compared to the same period during 2006. In addition to the impact on the inventory costs, it could also adversely affect the brand image and consumer perception of the company. Product recall

SWOT Analysis
The discovery of lead in the fabric of a brand of baby bibs sold at Wal-Mart Stores has resulted in a national recall of the product. The bibs, sold under the Baby Connection brand name, had vinyl portion exceeding the lead levels set by Illinois for childrens products. Wal-Marts recall comes after a lawsuit over the bibs by the Center for Environmental Health, based in Oakland. About 60,000 of the bib bundles were sold in Illinois without any reported injuries. Public health experts consider elevated levels of lead in blood a significant health hazard for children. Studies have repeatedly shown that childhood exposure to lead can lead to learning problems, reduced intelligence, hyperactivity and attention deficit disorder. Recent studies have shown adverse health effects even at very low levels. Such incidents not only affect the business operations of the company, but also affect the brand image and consumer perception of the company adversely.
Opportunities
2008 growth plans Wal-Mart has announced its commitment to continued growth for the fiscal year 2008. Global square footage is expected to increase by approximately 7.5% in fiscal 2008. The company projects its capital spending in fiscal 2008 to increase by approximately 2% to 4%, which compares to the 15 to 20% increase forecast for fiscal 2007. WalMart expects to open more than 600 new locations in the US and around the world during 2008. The companys expansion program will add approximately 60 million square feet next year through a variety of formats worldwide. The company plans to construct two new regional distribution centers and two new full grocery distribution centers during the next fiscal year. Combined, these distribution centers are expected to add more than four million square feet of distribution space in the US. Such plans provide strong growth prospects for the company which would further strengthen the market position as well as broaden the operations and business of the company. Expanding Indian retail market Strong economic growth of India has led to higher personal incomes, which is fueling demand for fast moving consumer goods. Several leading Indian corporate groups have already entered the retailing industry to exploit growing demand for fast-moving consumer goods from the 300-million strong Indian middle class. Not surprisingly, foreign retailing chains find the Indian market attractive, but are prevented by current foreign direct investment regulations from directly investing in India.

SWOT Analysis
Wal-Mart already operates in Asian countries such as China; it is ideally placed to enter the Indian market. The company already has two offices in India to support its research and development facilities. The Indian government is currently mulling over the opening up of retailing sector to foreign direct investment. Wal-Mart could diversify its revenue base and boost its revenue growth by entering the Indian market through a local partner immediately or directly as and when it opens up. Rising US healthcare spending The US has the highest per capita health care spending in the industrialized world. The US health care spending is expected to reach $4 trillion by 2015, led by an aging population using more drugs. The US Census Bureau and the National Institute on Aging have predicted that by 2030, one in every five US citizens will be aged 65 or above. The 65-and-above age demographic segment represents a prime consumer segment for pharmaceuticals. Wal-Mart operates pharmacies in most of its stores. Furthermore, the company has announced plans of opening 300 to 400 clinics in next three years. The company could leverage rising health care spending in the US to boost revenues of its pharmacies and health clinics.
Threats
Competition Wal-Mart is facing stiff competition from a large number of companies in the retail market worldwide, including Carrefour, Tesco, Target, Home Depot, Sears and local companies. The companys Wal-Mart Stores segment competes with retailers operating discount, department, drug, variety and specialty stores, supermarkets, supercenter-type stores and hypermarts, as well as internet-based retailers and catalog businesses. Sams Club segment competes with other wholesale club operators, as well as discount retailers, retail and wholesale grocers and general merchandise wholesalers and distributors, as well as internet-based retailers, wholesalers and catalog businesses. Internationally, the company competes with retailers who operate department, drug, variety and specialty stores, supermarkets, supercenter-type stores, hypermarts, wholesale clubs, internet-based retailers and catalog businesses. Such retailers and wholesale club operators compete in a variety of ways, including merchandise selection and availability, services offered to customers, location, store hours, in-store amenities and price. The company faces stiff competition with Carrefour. Carrefour is the worlds second largest retailer (in terms of revenue) with nearly 7,000 stores in 29 countries.

SWOT Analysis
Carrefour has been more successful doing business internationally compared to WalMart and has the leadership position in China (hypermarkets). Increasing competition from local competitors and Carrefour could adversely affect the revenue base and profitability of Wal-Mart. Counterfeit goods The proliferation of counterfeit goods and accessories is adversely affecting the sales of branded accessories. During the first six months of 2006, more than 760 incidents of intellectual property theft focusing exclusively on copyright and trademark infringement were recorded. A total value of $699.3 million was calculated for seizures and losses from sources located in 69 countries. Counterfeiting is more prevalent in fashion accessories such as watches, shoes, and hand bags and these goods are increasingly finding place in various retail shops. In June 2006, Moet Hennessy Louis Vuitton, owner of the Fendi brand, sued Wal-Mart Stores in federal court in Manhattan, alleging counterfeit Fendi bags and wallets being sold in Sams Club stores. The alleged counterfeit items were sold for as much as 68% less than the actual Fendi products. As counterfeit trade increases, Wal-Mart, as a retailer of premium brands stands to lose on its brand equity. Besides, it may also result in customer dissatisfaction, which can be detrimental for the companys image. Opposition and resistance from communities Wal-Marts plans to open new retail stores in the US may run into opposition from local communities. Small retailers fear that the low price offered by Wal-Mart may force them out of business. In some of the states, residents and local governments are raising concerns about congestion due to increased traffic and the need to preserve open space. Recently, Wal-Marts application to open a new store in Inglewood, California was rejected by the local authorities for similar reasons. The companys attempts to open new stores in Queens, New York, met with the same fate. The antiWal-Mart brigade has made inroads into India too. India Retail Watch, an organization that represents the interest of small shopkeepers, is all set to organize protests on the streets of New York against Wal-Mart and its India plans. Growing opposition to new stores from local communities is likely to hold back the companys expansion plans. Fraudulent practices
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SWOT Analysis
Consumer fraud investigators in the state of Wisconsin released their findings after a long investigation into allegations that Wal-Mart stores throughout the state of Wisconsin had misled consumers by misidentifying conventional food items as organic. Numerous instances of conventional food products improperly labeled as organic by the retail chain were found during the investigation. Indulgence in such practices could adversely affect the brand image of Wal-Mart.
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Top Competitors
TOP COMPETITORS
Costco Wholesale Corporation Federated Department Stores, Inc. J. C. Penney Corporation, Inc. Kmart Corporation Safeway Inc. Sears Holdings Corporation Target Corporation
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Wal-Mart Stores, Inc.

Reference Code: 8046847E-B325-4AF0-BC79-48100850E764 Publication Date: May 2007

Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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Wal-Mart Stores, Inc.

Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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Wal-Mart Stores, Inc.

Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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Wal-Mart Stores, Inc.

Wal-Mart Stores, Inc.

Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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Wal-Mart Stores, Inc.

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MAJOR PRODUCTS & SERVICES

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Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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Chief Operating Officer, Professional Services and New Business Development

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KEY EMPLOYEE BIOGRAPHIES

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Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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Wal-Mart Stores, Inc. Datamonitor (Published May 2007)

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LOCATIONS & SUBSIDIARIES

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