Wal-Mart Stores, Inc. reported record earnings and sales for the quarter ended July 31, 2001. Net income for the quarter was $1.622 billion, up from $1.596 billion for the similar prior year quarter. Earnings per share were $0.36 flat with the $0.36 per share reported in the same prior year quarter. Total sales were $52.799 billion, an increase of 14.5 percent over the similar prior year quarter. Excluding the effect of the one-time charge for the reorganization resulting from the purchase of the minority interest in Walmart.com, earnings per share would have been $0.37 for the quarter ended July 31, 2001.

Wal-Mart

Sales were as follows: (Dollars in billions)

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	Quarter Ended July 31		Percent Change	Six Months Ended July 31		Percent Change
	2001	2000		2001	2000
Wal-Mart	$33.870	$29.647	14.2%	$64.621	$57.187	13.0%
SAM’S Club	7.270	6.665	9.1	13.805	12.744	8.3
International	8.362	7.404	12.9	15.998	14.601	9.6
Mclane	3.297	2.396	37.6	6.427	4.565	40.8
Total Company	$52.799	$46.112	14.5%	$100.851	$89.097	13.2

Total Company comparable sales for the quarter were up 5.7 percent. This is represented by a 5.6 percent comp increase for the Wal-Mart Stores and a 5.7 percent comp increase for SAM’S. For the six months ended July 31, 2001, total company comparable sales were up 4.7 percent. This is represented by a 4.6 percent increase for Wal-Mart Stores and a 5.4 percent comp increase for SAM’S.

Wal-Mart Stores Segment:
For the second quarter, the Wal-Mart Stores segment, including Supercenters, had operating profit (profit before interest, unallocated corporate expenses, and income taxes) of $2.618 billion, an increase of 4.1 percent compared with $2.516 billion for the similar period in the previous year. Operating profit for the first half of the fiscal year was $4.840 billion, an increase of 2.5 percent compared with $4.720 billion for the similar period in the previous year.

SAM’S CLUB Segment:
The SAM’S CLUB segment had an operating profit for the quarter of $267 million, an increase of 11.3 percent compared with $240 million for the similar period in the previous year. Sam’s Operating profit for six months ended July 31, 2001 was $485 million, a 13.1 percent increase compared with the $429 million for the similar period in the previous year

International Segment:
The International segment had an operating profit of $315 million for the most recent quarter, an increase of 35.8 percent compared with $232 million for the similar period in the previous year. International operating profit for the six months ended July 31, 2001 was $530 million, a 39.1 percent increase, compared to operating profit of $381 million for the similar period in the previous year.

A pre-recorded call offering additional comments on the quarter will be available to all investors for approximately 36 hours from the time of the release. You may listen to this call by dialing 402-220-3103 after the earnings release appears on the newswire. If this number is busy, you may dial 973-633-1010.

Except for historical information, statements in this release are forward-looking and are subject to risks and uncertainties including, but not limited to, competitive pressures, inflation, consumer debt levels, currency exchange fluctuations and other risks listed in the Company’s filings with the Securities and Exchange Commission. Actual results may materially differ from anticipated results.

As of July 31, 2001, the Company had 1667 Wal-Mart stores, 998 Supercenters, 486 SAM’S Clubs and 23 Neighborhood Markets in the United States. Internationally, the Company operated units in Argentina (11), Brazil (21), Canada (177), China (14), Germany (93), Korea (7), Mexico (520), Puerto Rico (17), and United Kingdom (246). Wal-Mart employs more than 962,000 associates in the U.S. and 282,000 internationally. Its securities are listed on the New York and Pacific stock exchanges.

WAL-MART STORES, INC., AND SUBSIDIARIES Consolidated Statements of Income (Unaudited)
(Amounts in millions except per share data)
			Quarter Ended July 31,
			2001		% to Sales		2000		% to Sales
Net sales			$ 52,799				$ 46,112
Other income-net			470		0.89%		476		1.03%
			53,269		100.89%		46,588		101.03%
Cost of sales			41,412		78.43%		36,044		78.17%
Operating, selling, and general
	and administrative expenses		8,893		16.84%		7,625		16.54%
Interest costs:
	Debt		284		0.54%		273		0.59%
	Capital leases		67		0.13%		71		0.15%
			50,656		95.94%		44,013		95.45%
Income before income taxes,
	and minority interest		2,613		4.95%		2,575		5.58%
Provision for income taxes			954		1.81%		948		2.06%
Income before minority interest			1,659		3.14%		1,627		3.53%
Minority interest			(37)		(0.07%)		(31)		(0.07%)
Net income			$1,622		3.07%		$1,596		3.46%
Net income per share:
	Basic earnings per share		$0.36				$0.36
	Diluted earnings per share		$0.36				$0.36
Average number of common shares:
	Basic		4,470				4,465
	Dilutive		4,486				4,487
Lifo credit/(charge)			$10				($10)

WAL-MART STORES, INC., AND SUBSIDIARIES Consolidated Statements of Income (Unaudited)
(Amounts in millions except per share data)
			Six Months Ended July 31,
			2001		% to Sales		2000		% to Sales
Net sales			$ 100,851				$ 89,097
Other income-net			983		0.97%		938		1.05%
			$ 101,834		100.97%		$ 90,035		101.05%
Cost of sales			79,262		78.59%		69,709		78.24%
Operating, selling, and general
	and administrative expenses		17,036		16.89%		14,943		16.77%
Interest costs:
	Debt		569		0.56%		536		0.60%
	Capital leases		135		0.13%		138		0.15%
			97,002		96.18%		85,326		95.77%

 
 
 
 
 

Income before income taxes,
 
 
 
 
 
 
 
 

 
and minority interest
 
4,832
 
4.79%
 
4,709
 
5.29%

 
 
 
 
 
 
 
 
 

Provision for income taxes
 
1,764
 
1.75%
 
1,733
 
1.95%












 
 
 
 
 
 
 
 
 

Income before minority interest
 
3,068
 
3.04%
 
2,976
 
3.34%

 
 
 
 
 
 
 
 
 

Minority interest
 
(67)
 
(0.07%)
 
(54)
 
(0.06%)












 
 
 
 
 
 
 
 
 

Net income
 
$3,001
 
2.98%
 
$2,922
 
3.28%












 
 
 
 
 
 
 
 
 

Net income per share:
 
 
 
 
 
 
 
 

 
Basic earnings per share
 
$0.67
 
 
 
$0.66
 
 












 
 
 
 
 
 
 
 
 

 
Diluted earnings per share
 
$0.67
 
 
 
$0.65
 
 












 
 
 
 
 
 
 
 
 

Average number of common shares:
 
 
 
 
 
 
 
 

 
Basic
 
4,472
 
 
 
4,460
 
 

 
Dilutive
 
4,488
 
 
 
4,482
 
 

 
 
 
 
 
 
 
 
 

Lifo credit/(charge)
 
$20
 
 
 
($20)
 
 

 

WAL-MART STORES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
SUBJECT TO RECLASSIFICATION (Amounts in millions)
			July 31,		July 31,
ASSETS			2001		2000
Current assets
	Cash and cash equivalents		$ 1,834		$ 1,310
	Receivables		1,751		1,249
	Inventories		23,034		21,093
	Prepaid expenses and other		1,377		1,593
Total current assets			27,996		25,245
Property, plant and equipment			51,275		43,937
Accumulated depreciation			(11,418)		(9,048)
Net property, plant and equipment			39,857		34,889
Net property under capital leases			3,146		3,115
Net goodwill and other acquired intangible assets			8,543		9,265
Other assets and deferred charges			2,034		893
Total assets			$ 81,576		$ 73,407
LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities
	Commercial paper		$ 1,088		$ 5,940
	Accounts payable		15,422		12,634
	Accrued liabilities		6,172		5,806
	Other current liabilities		4,741		2,356
Total current liabilities			27,423		26,736
Long-term debt			15,706		13,716
Long-term obligations under capital leases			3,030		2,968
Deferred income taxes and other			1,233		811
Minority interest			1,106		1,080
Shareholders’ equity
	Common stock & paid in capital		1,792		1,717
	Retained earnings		32,303		27,333
	Other accumulated comprehensive income		(1,017)		(954)
Total shareholders’ equity			33,078		28,096
Total liabilities and shareholders’ equity			$ 81,576		$ 73,407

 

WAL-MART STORES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED (Unaudited)
SUBJECT TO RECLASSIFICATION (Amounts in millions)
			July 31,		July 31,
			2001		2000
Cash flows from operating activities:
	Net income		$ 3,001		$ 2,922
Adjustments to reconcile net income to
	net cash provided by operating activities:
	Depreciation and amortization		1,481		1,331
	Increase in inventories		(1,631)		(1,413)
	Increase/(decrease) in accounts payable		539		(336)
	Other		(444)		(461)
Net cash provided by operating activities			2,946		2,043
Cash flows from investing activities
	Payments for property plant and equipment		(3,874)		(3,724)
	Investment in International operations		–		(617)
	Other investing activities		(20)		95
Net cash used in investing activities			(3,894)		(4,246)
Cash flows from financing activities:
	(Decrease)/increase in commercial paper		(1,197)		2,127
	Dividends paid		(625)		(534)
	Payment of long-term debt		(1,222)		(1,294)
	Proceeds from issuance of long-term debt		4,141		1,017
	Purchase of Company stock		(254)		(193)
	Proceeds from issuance of common stock		–		582
	Other financing activities		(115)		(48)
Net cash provided by financing activities			728		1,657
Net decrease in cash and cash equivalents			(220)		(546)
Cash and cash equivalents at the beginning of year			2,054		1,856
Cash and cash equivalents at end of period			$ 1,834		$ 1,310

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