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2001 Annual Report

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2001 Annual Report WAL-MART ANNUAL REPORT 2001 Food Store of the Community Food InnovationsInnovations Store of the Community pagepage 14 14 pagepage 4 4 pagepage 11 11 Culture page 5 Retailtainment page 7 Everything We Do Revolves Around Our Customers. InternationalInternational pagepage 8 8 GoodGood WorksWorks SAM’S Jewelry page 12 SAM’S Jewelry page 12 page 15 TableTable Of Of Contents: Contents: 2. Lee Looks at 2001 – Lee Scott takes a glance back at fiscal 2001 and to the year ahead. 4. This Store is Your Store Tailoring merchandise to individual communities hits the mark with Customers. 5. The Wal-Mart Way… – For almost 40 years, the Wal-Mart culture of respect for individuals has endured. 6. Every Store Counts – Year end count of Wal-Mart’s operations by state and country. 7. That’s Retailtainment! – From merchandising opportunities with hit movies and DVDs to exclusive concerts by the hottest stars, Wal-Mart “Retailtainment” continues to grow. Wal-Mart Around the World 8. International operations continually adapt to the needs and cultures of Customers around the globe. 11. A Brief History of Innovation Wal-Mart has always been an innovator, and is dedicated to uncovering more and better innovations for our Customers. 12. Low Prices and High Priorities Being of real benefit to our communities is at the heart of every Wal-Mart Associate. 14. Fresh,Fresh,Fresh Fresh food in Supercenters, SAM’S CLUBS and Neighborhood Markets is just the beginning. 15.SAM’S Sparkles – SAM’S CLUB changes the setting for quality jewelry. 16. Financial$ $ 11-Year Summary $ Management’s Discussion & Analysis $ Financial Statements $ Corporate Information About The Cover: In every store, in every country, in every way, our focus is as it has always been – on our Customers. ANNUAL REPORT 2001 DIRECTORS: John T. Chambers FINANCIAL HIGHLIGHTS Stephen Friedman Stanley C. Gault David D. Glass Roland Hernandez Net Sales Earnings Per Share Dr. Frederick S. Humphries 1997 $104.9 1997 $.67 E. Stanley Kroenke 1998 $118.0 1998 $.78 Elizabeth A. Sanders 1999 $137.6 1999 $.99 H. Lee Scott 2000 $165.0 2000 $1.21 Jack C. Shewmaker 2001 $191.3 2001 $1.41 Donald G. Soderquist Dr. Paula Stern Jose Villarreal John T. Walton S. Robson Walton OFFICERS: S. Robson Walton Chairman of the Board H. Lee Scott President & CEO David D. Glass Chairman, Executive Committee of the Board Paul R. Carter Executive Vice President & President, Wal-Mart Realty Bob Connolly Return on Assets Return on Shareholder’s Equity Executive Vice President, Merchandise 1997 7.9% 1997 19.2 % Thomas M. Coughlin Executive Vice President & 1998 8.5% 1998 19.8% President & CEO, Wal-Mart Stores Division 1999 9.6% 1999 22.4% David Dible 2000 9.5%* 2000 22.9% Executive Vice President, Specialty Division 2001 8.7% 2001 22.0% Michael Duke Executive Vice President, Administration Thomas Grimm Executive Vice President & President & CEO, SAM’S CLUB Don Harris Executive Vice President, Operations John B. Menzer Executive Vice President & President & CEO, International Division Coleman Peterson 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 *Calculated giving effect to the amount by which a lawsuit settlement Senior Vice President, Finance & Treasurer exceeded established reserves. If this settlement was not considered, the return was 9.8%. 1 AA LOOKLOOK ATAT 20012001 ANDAND BEYONDBEYOND Dear Fellow Shareholder: facilities and adding services, including It is truly an honor to serve pharmacy, optical, 1-Hour as President and CEO of Photo and fuel, to offer the Wal-Mart Stores, Inc., and highest quality shopping I appreciate the opportunity experience to our Members. to share with you some In short, our Members thoughts from fiscal 2001 and continue to respond our outlook for the future. favorably to SAM’S What a year of milestones it unique, high-quality was! But before we get into merchandise at the details, I’d like to touch exceptional values. on a few highlights from the year. The International Division had an excellent year, Net sales in fiscal 2001 growing sales by 41 percent increased almost 16 percent and achieving more than to more than $191 billion, $32 billion in revenues. As representing a growth in we travel internationally, it’s revenue of more than exciting not only to see our $26 billion. In addition, net stores and clubs operating income reached $2 billion at such high standards, but for the fourth quarter and almost clubs and distribution centers, or also to see the Wal-Mart culture $6.3 billion for the year, making it our those in the home office, our people being embraced throughout the first “two-billion-dollar-income truly deserve the credit for all these world. This just shows that treating quarter” and our first accomplishments. Let’s look a little people with respect and raising their “six-billion-dollar-income year.” closer at what our Associates were standard of living through Every Day able to achieve this year. Low Prices knows no boundaries. FORTUNE magazine named Wal-Mart the third “most admired” Fiscal 2001 was clearly one of the I’ll highlight the exceptional company in America and one of the strongest years in recent memory performances by our three largest 100 best companies to work for in for the SAM’S CLUB division. We international operations: Canada, America. Our Company also ranked saw growth in both sales and Mexico and the United Kingdom. fifth on FORTUNE’s Global Most earnings. Moreover, earnings growth Admired Companies list based on outpaced sales growth for the year. Fiscal 2001 was a great year for our characteristics such as leadership, Membership renewals reached Canadian business. Sales and teamwork and the way we treat our record levels, demonstrating strong operating profit increased for the people. In addition, Americans loyalty and Member acceptance, and year by more than 14 percent, named Wal-Mart the company they illustrating that a SAM’S membership continuing the customer-focused think of first in supporting local is the best value in the warehouse retailing traditions established in the causes and issues, according to club business. In fact, one in three U.S. almost 40 years ago. Cone, Inc., a national research firm. households in America now has a SAM’S CLUB membership. SAM’S Mexico also had an outstanding Whether it’s our domestic or has made great progress over the year, exceeding both its sales and international Associates in the stores, past two years in upgrading our profit goals. Our Customers there 2 have responded exceptionally well “Sam Walton set Finally, it is a personal priority of to the high level of customer mine to identify and develop the next service our Associates provide, and the standard for our generation of Wal-Mart leaders. For to the introduction of Every Day vision of leadership, years, it was enough to just develop Low Prices in all our retail formats managers. But as the business in Mexico. and we are carrying environment becomes more it forward.” challenging, it takes true leadership In particular, I’d like to thank our to guide a successful business. Sam ASDA Colleagues (Associates) in as we moved through the second half Walton set the standard for our vision the United Kingdom for their of fiscal 2001, it became evident that of leadership, and we are carrying it exceptional performance over the consumer spending was slowing and forward. We are committed to last year. For the fourth straight would not recover in time for the growing the leaders today who will year, ASDA was voted “Supermarket crucial holiday shopping season. Our propel this Company into tomorrow. of the Year” by Checkout magazine. Associates reacted appropriately, It’s the right thing to do for our The division exceeded the however, by continuing our focus Customers, our Associates and objectives set at the time we on customer satisfaction. our Shareholders. acquired ASDA, and our Colleagues accomplished our ultimate goal – Although we did not end the year the On a more personal note, I would taking care of our Customers and way we would have liked, the keys to like, on behalf of all Wal-Mart providing them with an exceptional our ability to manage a slowdown in Associates, to thank David Glass for value in the marketplace. the economy remain simple and his leadership over the past 25 years. effective. They are what we have built David served as Chief Executive The Wal-Mart Stores Division, our business on since the beginning. Officer for 12 years and presided by far our largest, features our over more revenue and earnings Discount Store, Supercenter and First, we must maintain an in-stock growth than any other CEO in the Neighborhood Market formats. The level unequaled in the retail world. history of retailing. We are fortunate year brought some truly bright spots Our commitment is unchanged: that David has agreed to stay on in for this division as well. provide the products our Customers his present role, providing advice want at the moment they want to and counsel to me and the entire We’ve made exceptional strides in make the purchase. Wal-Mart team. our food offerings through the Supercenters and Neighborhood Second, we must provide the level of At Wal-Mart, we’re passionate about Markets. This year, Wal-Mart service our Customers expect and delivering value to our Customers became the largest retailer in the deserve. It’s not enough to provide and Shareholders. As Shareholders, U.S. grocery industry, according to merchandise and a safe, comfortable you play a vital role in our success as Supermarket News.
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