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2000 Annual Report Banneryear for International Expansion Management Q&A: Q&A:Domestic Operations Drive Earnings Growth

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2000 Annual Report Banneryear for International Expansion Management Q&A: Q&A:Domestic Operations Drive Earnings Growth 2000 WALWALMARTMART 2000 Annual Report BannerYear for International Expansion Management Q&A: Q&A:Domestic Operations Drive Earnings Growth Retailer of the Century TABLE OF CONTENTS On the Cover: The flags of the United States, Mexico and Germany show just a few of the places where Everyday Low ROB WALTON Prices can now be found. 2. Question & Answer Session Wal-Mart leaders discuss the year’s events and answer the questions every shareholder wants to ask. 4. Clear Vision, Through Glass David Glass shares his view of the positive role of change. 5. Where the Elite Meet Introducing a new era of value at SAM’S Club. 2000 6. Wal-Mart’s World Wal-Mart’s global presence shown in store counts by state and nation. 7. Welcome, Wal-Mart “Clickers” Wal-Mart.com shifts into cyber-speed. 8. Friendly in Any Language The acquisition of ASDA in the United Kingdom is only a sampling of fiscal year 2000’s international flavors. 12. Celebration of the Century Discount Store News bestows a once-in-a-lifetime honor upon the Wal-Mart culture. 14. Sam’s Best Friend It all started with a dog named “Ol’ Roy.” Today, the namesake dog food leads a pack of private- label brands at Wal-Mart. 16. The Gift is in the Giving Community involvement and charitable giving set an all-time record. 18. FINANCIALS 11-Year Summary Management’s Discussion & Analysis Financial Statements Corporate Information DIRECTORS: John A. Cooper, Jr Stephen Friedman Stanley C. Gault WALMART David D. Glass WAL MART Roland Hernandez ANNUAL REPORT 2000 Dr. Frederick S. Humphries E. Stanley Kroenke FINANCIAL HIGHLIGHTS Elizabeth A. Sanders H. Lee Scott Jack C. Shewmaker Donald G. Soderquist Dr. Paula Stern Net Sales Earnings Per Share Jose Villarreal John T. Walton $165.0 S. Robson Walton $1.21 OFFICERS: $137.6 S. Robson Walton Chairman of the Board $.99 H. Lee Scott $118.0 President & CEO David D. Glass $104.9 $.78 Chairman, Executive Committee of the Board Donald G. Soderquist $93.6 Senior Vice Chairman $.67 Paul R. Carter $.60 Executive Vice President & President, Wal-Mart Realty Bob Connolly 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Executive Vice President, Merchandise Thomas M. Coughlin Executive Vice President & President & CEO, Wal-Mart Stores Division Return On Assets Return On Shareholders’ Equity David Dible Executive Vice President, Specialty Division Michael Duke 9.8%* Executive Vice President, Logistics 9.6% 22.9% Thomas Grimm 22.4% Executive Vice President & President & CEO, SAM’S Club Don Harris 8.5% Executive Vice President, Operations John B. Menzer 7.9% 19.9% 19.8% Executive Vice President & 7.8% President & CEO, International Division 19.2% Coleman Peterson 7.8% Executive Vice President, People Division Thomas M. Schoewe Executive Vice President & Chief Financial Officer Robert K. Rhoads Senior Vice President, General Counsel & Secretary J. J. Fitzsimmons 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Senior Vice President, Finance & Treasurer *Reflects ASDA acquisition activities and excludes one-time litigation charge. 1 Wal-Mart Management Answers the Most Frequently SODERQUIST DON Asked Shareholder Wal-Mart is the largest retailer Questions he impressed me so much that we Q in the world, with sales of $165 hired him to run our truck fleet. Lee billion last year. With that in mind, sustainable. However, our objective is established himself as such a tremen- how will you continue to grow to deliver consistent earnings growth dous leader and innovator in our sales and profits into the future? logistics areas that we asked him to Where will the growth come from? that allows the value of our Company to continue to grow over time. lead our merchandising efforts for the entire buying organization. Over the WALTON: Over the next five years, David, you recently announced last four years he has served as 60 to 70 percent of our growth in sales Q you were stepping down as CEO President and CEO of the Wal-Mart and earnings will come from the to become Chairman of the Division, and most recently, as COO domestic markets with our Wal-Mart Executive Committee. After such and Vice Chairman of the Company, stores and Supercenters, and another a great year, and with great where he led all of our retail 10–15 percent from SAM’S Club and prospects for the future, why operations worldwide. The one McLane. The remaining 20 percent of would you choose to make this characteristic that may best equip the growth will come from our move now? him as a leader is his willingness and planned growth in the international GLASS: First, let me remind everyone desire to surround himself with pas- markets. This means we have a great that I’m not going anywhere; I’ll be sionate and talented people that opportunity to drive our growth doing around to give everyone more help complement each others’ skills. the things that we do best today in the than they probably would like! U.S. market. Seriously, one of the greatest responsi- The International Division is bilities of leadership is to ensure the Q continuing to be a growing Wal-Mart stock has been down ongoing success of an organization, piece of the business. What are since the beginning of the the prospects for that division, Q and I believe that my primary duty to and where are the challenges of calendar year. Considering the my fellow Associates and shareholders tremendous growth in sales and the future? earnings last year, what has creat- is to place this Company’s future in the ed this pressure on the stock? hands of the best possible leaders. In SCOTT: The most pleasing news is any relay race there are times when that the Wal-Mart culture transcends teammates run in tandem, and some- international boundaries. Customers SODERQUIST: Our sales and earn- where in that period the baton is all over the world want and appreciate ings were up significantly this last passed. We have been working togeth- value, service and broad merchandise year, but the market reacts to many er for some time and this point assortments. In less than 10 years, the macro-economic pressures, and our appeared right to me to hand the International Division has grown to stock, along with that of other retailers baton to the next group of leaders and over 1,000 stores and should exceed and fellow members in the “Dow 30,” then run beside them for a while. $30 billion in sales this year. The excit- is susceptible to those movements. ing thing about this division is that it is Fortunately, if we continue to perform, What is Lee Scott’s background still in its infancy. We are serving cus- we believe that the stock price ulti- and why does the Company Q tomers in nine markets, but there is so mately will track our performance. believe that he is the one to lead much more opportunity worldwide. In Over the last three calendar years, the Company into this new fiscal year 2000, we were very pleased Wal-Mart stock has appreciated 70, millennium? with the acquisition of ASDA, which 106 and then 73 percent. This was GLASS: I first met Lee over 20 years gave us a major presence in the U.K.; clearly an exceptional period of stock ago when he was working for a truck- the level of operating performance we growth and we commented in each of ing firm that serviced Wal-Mart, and experienced in Canada; and also those years that it was probably not 2 LEE SCOTT ROB WALTON DAVID GLASS DAVID improvements we saw in Mexico. straints. As with anything we do, which will result in less volatility in We still have a tremendous amount customers will ultimately decide if slower economic environments. of work to do in some of our new and this model serves their needs. emerging markets, but the lessons Why doesn’t Wal-Mart pay more in dividends to the shareholders? will make us better able to serve our Why did you put Wal-Mart.com Q into a separate company? customers in the future. Q WALTON: Although we are not neces- SCOTT: Our opportunity to grow the sarily a dividend company, we have Until Wal-Mart purchased online business will be improved by increased our dividend every year Q ASDA, you indicated that the creating this separate company. since 1974, and returned to sharehold- U.K. was not a key priority. What Wal-Mart.com will be located in ers over $1 billion in Company profits changed your mind, and why did this year. We believe it’s important to you make this particular acquisition? California, allowing us to attract the best possible Internet and technology pay a dividend, but we also think it’s prudent and beneficial for the Company WALTON: ASDA was a to reinvest its cash and earn- business we had watched Over the next five years,60 to 70 percent ings back into its growth. We and admired for years. of our growth in sales and earnings will have tremendous opportunities They had a great manage- to serve new markets with our ment team, a similar culture, come from our Wal-Mart stores and Stores and Clubs, and new and their philosophy on Supercenters in the domestic markets. growth allows us to support retailing was almost identi- the valuation of our Company. cal to ours. We didn’t have any immedi- talent to lead this effort. Under the ate plans to go to the U.K., but another SAM’ S Club experienced good “dotcom” business, we are establishing company offered to buy ASDA in early results this last year.
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