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1997 Annual Report

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1997 Annual Report A ‘global brand’:Hometown values circle the globe Message from Miss Helen FutureFuture StockStock Supercenters: tomorrow’s success stores Price Plus! The value of SAM’S Club membership KeepingKeeping thethe FUNFUN inin QUALITYQUALITY&& VALUE!VALUE! EveryEvery DAYDAY available exclusively at TABLE OF CONTENTS About the cover Tracey Murphy, her father Bob Brown and her husband Dale Murphy are all managers with Wal-Mart — and don’t forget her brother, mother-in-law and brother-in-law! For more on Tracey 2 President’s Message and her Wal-Mart family, see page 16. 4 Inside Track Looking up Wal-Mart’s latest 9 Rebirth in Vermont year was record- Wal-Mart anchors revitalized downtown shattering ... and the best is yet to come, 9 Making miracles David Glass says in the President’s Our associates’ own “Children’s Miracle” Message. See page 2. 10 Letters 11 Trivia Star power! 12 Magic Wand Washington powerhouse Life in the technological fast lane (and sculptor) Paula Stern is just one of the 14 Everybody’s Hometown notables who lend their know-how to Wal-Mart’s Wal-Mart culture drives international growth Board of Directors. See Inside Track, page 4. 16 The Future of Retailing Supercenters lead way to 21st century Cutting edge state-of-the-art 20 The Value Equation technology is a key competitive Building membership benefits at SAM’S Club advantage for Wal-Mart. See FINANCIALS page 12. 22 11 Year Financial Summary 24 Management’s Discussion and Analysis Wal-Mart’s world 26 Consolidated Statements of Income Agnes Seto is “having much more 27 Consolidated Balance Sheets fun” now that Wal-Mart has 28 Consolidated Statements of Shareholders’ Equity expanded to Canada — not to mention 29 Consolidated Statements of Cash Flows six other countries worldwide. 37 Corporate Information See page 14. 1 DIRECTORS: Paul R. Carter John A. Cooper, Jr. PRESIDENT’S LETTER Stephen Friedman Stanley C. Gault David D. Glass Frederick S. Humphries E. Stanley Kroenke Elizabeth A. Sanders Jack C. Shewmaker Donald G. Soderquist Paula Stern John T. Walton S. Robson Walton Chairman of the Board S. Robson Walton Chief Executive Officer President David D. Glass CEO David Glass looks forward to a world of future prospects. Vice Chairman Chief Operating Officer Donald G. Soderquist Executive Vice President FUTUREFUTURE STOCKSTOCK President, Wal-Mart Realty Paul R. Carter Building shareholder value Executive Vice President - Operations Thomas M. Coughlin al-Mart has a history of rising growth in the Company’s cash to the challenge. After a flow, we now can finance our Executive Vice President - W disappointing year in fiscal aggressive capital expenditures Specialty Division David Dible 1996, our associates responded program internally and still with a solid performance in have excess cash available for Executive Vice President fiscal 1997. Sales for the fiscal distribution to our shareholders. President - Sam’s Joseph S. Hardin, Jr. year approached $105 billion This strong sustainable cash and earnings topped $3 billion. flow allowed us to announce Executive Vice President Each operating division two actions to enhance President - International generated higher comparable shareholder value. The first was Bob L. Martin sales growth and improved to increase our dividend by 29% Executive Vice President operating margins. Our and the second was to increase Chief Financial Officer Wal-Mart operations experienced the size of our share repurchase John B. Menzer some of the best customer program with the intent to Executive Vice President - approval scores in our history repurchase up to $2 billion Merchandising and SAM’S Club showed solid worth of stock over the next H. Lee Scott, Jr. improvement in comparable 12 to 18 months. Executive Vice President - sales, membership, merchan- Our first priority remains Supercenter dise selection and income. profitable internal growth. Nick White Asset management and cash Future increases in the Secretary, General Counsel flow were key themes this year. dividend and repurchase Robert K. Rhoads We generated over $3 billion in program will depend on the free cash flow and increased availability of our growth Treasurer our return on assets. With the opportunities. Terri Bertschy 2 plenty of room left to grow. The value our customers In the United States, Wal-Mart respond to in the United States holds only 7% of a $1.4 trillion is enthusiastically received retail market. That leaves a wherever we go. In China, tremendous opportunity for where we recently opened our future growth. first units, the people already The supermarket industry, know what Wal-Mart is all amounting to $425 billion a about. Our three story year, is a great opportunity for Supercenter had 80,000 visitors continued growth. It’s almost on its first Saturday. three times the size of the With over 300 locations and discount store industry, where more than 50,000 associates Wal-Mart is one of the three outside the United States, retailers that, combined, hold Wal-Mart has become a true almost 85 percent of the market. global brand name, with Yet in the grocery segment, the worldwide appeal resembling top five players constitute less Coca-Cola or McDonald’s. than 25%. The Wal-Mart way of doing The significant increase in Then there is the rest of the business makes us one of both the dividend and the world. Our international the world’s most recognizable share repurchase program division reported sales in companies - which translates demonstrate our confidence excess of $5 billion and these to loyal customers and steady in the Company’s future earn- operations could represent profitable growth. ings and cash flow growth. 10 percent of our total sales in Wal-Mart associates have We believe our double digit the next 5 years. every right to be proud of what earnings growth combined with The international division we’ve built, from our very first the new shareholder initiatives was profitable for the year with store to today’s worldwide will allow us to achieve network of nearly 3,000 our targeted annual In June of 1990, Sam stores and clubs. We’re the total shareholder return company that works of 15%. Walton predicted Wal-Mart because of our people - the In June of 1990, at our associates who make it annual shareholder’s would reach $100 billion in happen every day. meeting, Sam Walton So if anyone wonders predicted Wal-Mart sales by the year 2000. At where our next $100 would reach $100 billion billion will come from – it in sales by the year that time, we thought the will come from customers 2000. At that time, we goal was quite a stretch. who recognize value thought the goal was throughout the world and quite a stretch. After all, from our associates who it took us 10 years to reach Canada and Puerto Rico will deliver it with a smile. $100 million and another 7 to showing excellent results and I am really excited about the reach our first billion. But our Mexico achieving profitability next year. We have so much strength has always been our in a difficult economy. opportunity and our team is dedicated associates, their ability Only three years after focused on continuing to serve to work together, and the acquiring the Woolco stores in our customers in such a way support of our loyal customers. Canada, Wal-Mart has become that clearly indicates they are So 3 years ahead of schedule, Canada’s highest volume the boss. But more importantly, we reached that goal. discount retailer and in Mexico they are focused on value. Even though we exceeded our joint venture is also the Value to our customers and that lofty goal, there is still country’s largest retailer. value to our shareholders. 3 INSIDE TRACK ‘Wal-Mart is welcoming’: Values are the ties that bind our extended ‘family’ A sense of community draws Paula Stern to Wal-Mart. The Washington, D.C.-based international trade consultant feels at home shopping at Wal-Mart, where the associates are friendly and the customers diverse. “Wal-Mart is so inclusive,” she says. Stern, one of nine outside directors on the Wal-Mart board, is proud to be associated with the company because of its positive impact. “In significant ways, Wal-Mart has affected the Frederick Humphries bought his Prince tennis standard of living of American families,” agrees racket at Wal-Mart, along with another important outdoor item. “I have found a wonderful barbecue director Betsy Sanders, a management consultant. grill,” he says. “I like the quality of goods there.” Humphries, the president of Florida A&M Here’s an inside look at the values these University in Tallahassee since 1985, also likes the “upbeatness” of Wal-Mart associates. Humphries important members bring to our Wal-Mart family. is pretty upbeat himself — about Wal-Mart’s community involvement and associate recruitment programs, and its efforts to create jobs. Artistry helps consultant sculpt trade policy Paula Stern advises President Clinton on international trade policy and is chairwoman of the Advisory Committee of the U.S. Export-Import bank. She’s an important figure in Washington. But there’s also an artistic side to this former chairwoman of the International Trade Commission. Stern loves to sculpt in clay, especially busts of family members. If she weren’t an international trade consultant, Stern says, she’d spend her days in artistic pursuits. “Instead of intellectualizing, I’d be reading a lot more poetry and listening to a lot more individual expression,” she says. She also would spend more time with her family before her children leave the nest. 4 A personal ‘search for excellence’ Stephen Friedman, senior chairman and limited partner of Goldman Sachs & Co., equates Wal-Mart with excellence.
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