Wal-Mart well positioned to succeed in current economic climate, CEO Lee Scott tels shareholders

10 June 2008

In a speech to investors and associates at the 2008 Wal-Mart annual shareholder meeting, Wal-Mart Stores president and CEO Lee Scott said that the changes made by management during the transformation of the past three years, as well as a deeper understanding of the company's mission of saving people money so they can live better, are driving results for the business and helping it effectively take on the toughest issues facing customers around the world.

'''Saving money' has always been a part of who we are. 'living better' is now a real part of our company too,'' said Scott in a prepared text of his remarks. ''That connection, and our understanding of its potential, is making the difference between the great company we have always been and the even better Wal-Mart we are today.''

Scott also talked about Wal-Mart being well positioned to succeed both in today's current economic climate and the retail environment taking shape for the future. He cited strengths such as the company's global footprint, its leadership in sustainability and the appeal of its price leadership strategy among aging populations.

''Wal-Mart is uniquely positioned to succeed not just in this economy, but in these times. And, among retailers, we are the best positioned to lead in the world of tomorrow,'' Scott told the audience.

Scott talked about the strong performance of Wal-Mart's core business units and said that the Wal-Mart model can succeed everywhere the retailer operates, in markets as different from each other as Canada, Argentina and China.

''When it comes to our underlying business, our performance has been outstanding.'' Scott continued, ''our capital efficiency model is working. We are continuing to focus on delivering strong, free cash flow. We also delivered record returns to our shareholders last year through more than $11 billion in share repurchases and dividends. Investors like what they see in our underlying business.''