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HITTING THE WALL

Sales and earnings growth slow at the world's largest retailer

2000 4Q 1999 4Q

Sales

+10.0%

+20.0%

Same-Store Sales

+3.1%

+6.3%

Profits

+4.5%

+22.9%


Wal-Mart Stores Inc.


Qtr. 1/31 (x000) 2000 1999 %CHG

Sales

$56,556,000a

$51,394,000a

10.0

Oper. income (EBIT)

3,538,000

3,502,000

10.3

Net income

2,004,000b

1,917,000b

4.5

Per share (diluted)

0.45

0.43

4.7

Average gross margin

20.7%

20.8%

-

SG & A expenses

15.4%

14.9%

-

12 months

2000

1999

%CHG

Sales

191,329,000a

165,013,000a

15.9

Oper. income (EBIT

11,490,000

10,105,000

13.7

Net income

6,295,000b

5,377,000b

17.1

Per share (diluted)

1.40

1.20

13.7

Average gross margin

21.5%

21.4%

-

SG & A expenses

16.5%

16.4%

-


a-Net retail sales, excluding other income during the fourth quarter of $522 million vs. $475 million. Total sales for the period rose by 10.0 percent, to $57.1 billion from $51.9 billion last year. 12-month retail sales excludes other income of $2.0 billion, compared with $1.8 billion the prior year. Total sales for the 12 months rose by 15.9 percent, to $193.3 billion from $166.8 billion.

b-Fourth-quarter earnings were reduced by a $57 million loss from a subsidiary, compared with a loss of $86,000 last year; 12-month results include a $129 million loss from a subsidiary vs. a prior-year loss of $170 million. Prior-year results also were reduced by a $198 million one-time charge stemming from a change in accounting.

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