Wal-Mart Reports Record First Quarter Sales and Earnings
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203-369-1090 Click here to download the printable 1st Quarter Sales and Earnings pdf BENTONVILLE, Ark., May 13, 2008 -- Wal-Mart Stores, Inc. (NYSE: WMT) today reported its sales and earnings for the quarter ended April 30, 2008. Net sales for the first quarter of fiscal year 2009 were approximately $94.1 billion, an increase of 10.2 percent over $85.4 billion for the first quarter of fiscal year 2008. Net income for the quarter was $3.022 billion, an increase of 6.9 percent from $2.826 billion in the first quarter of fiscal year 2008. Diluted earnings per share for the first quarter of fiscal year 2009 were $0.76, up from $0.68 per share in the same prior year quarter. “We’re off to a solid start, with record first quarter sales and earnings,” said Lee Scott, Wal-Mart Stores, Inc. president and chief executive officer. “We continue to deliver against the business model that Sam Walton started – selling branded merchandise for less. Our business is even more relevant to our customers today, given the current economic pressures.” Price leadership, better customer service and operational improvements remained the primary drivers of sales growth worldwide, even in light of economic headwinds caused by higher energy costs and food inflation. “Our customers appreciate that Wal-Mart is the consistent price leader,” Scott added. “We continue to make progress in delivering on our mission of saving people money so they can live better.” Net Sales
Net sales were as follows (dollars in billions): 
Segment Operating Income
Segment operating income for each of the Company’s operating segments, which is defined as income before net interest expense, income taxes, unallocated corporate overhead and minority interest, was as follows (dollars in billions): 
Comparable Store Sales
The Company reports comparable store sales in this earnings release based on the calendar months in the quarters that ended April 30, 2008 and 2007. The first quarter this year included an additional selling day on Feb. 29, due to the leap year. Comparable store sales for the United States were as follows: 
Guidance
“For the second quarter of fiscal year 2009, we estimate the Company’s comparable store sales increase in the United States to be between flat and two percent. As we have discussed, it is currently difficult to quantify the impact on U.S. sales from the stimulus payments,” said Tom Schoewe, Wal-Mart Stores, Inc. executive vice president and chief financial officer. “We expect the Company’s earnings per share for the second quarter to be between $0.78 and $0.81. As a reminder, last year’s second quarter results included a net benefit of approximately $0.04 per share from the impact of a reduction of general liability and workers’ compensation claims accruals, gains from the sale of certain real estate properties somewhat offset by charges for legal and other contingencies.” 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 are 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 (NYSE) 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 our management’s expectations regarding the comparable store sales increase in the United States in the second quarter of fiscal year 2009 and the Company’s expectations for its earnings per share for the second quarter of fiscal year 2009 that Wal-Mart believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements are intended to enjoy the protection of the safe harbor for forward-looking statements provided by that Act. These statements can be identified by the use of the word “estimate” and “expect” 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, general economic conditions, consumer credit availability, 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 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. Click here for WAL-MART STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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