Wal-Mart 2005 Annual Report

"To Our Shareholders, Associates And Customers:

Our fiscal year ending January 31, 2005 was another record year for Wal-Mart. We topped $10 billion in net income for the first time in our history and added almost $29 billion in sales.

As we look back on last year and reflect on the overall performance of our company, we hope one thing is crystal clear to you as a shareholder: Wal-Mart’s health and future growth prospects have never been stronger.

Record Financial Results

We ended our 2005 fiscal year with record sales and earnings. We opened a record number of stores. We promoted a record number of associates. We made significant achievements in our diversity and compliance programs. We made management changes on the operations side of our business that will serve us well, both today and in the future. Perhaps most important, Wal-Mart remains committed to a culture built from a foundation of integrity, respect for one another, continual improvement and service to the customer. We have found that this culture translates well anywhere in the world.

Global revenues for the fiscal year 2005 exceeded $285 billion, and net income surpassed $10 billion. We grew earnings faster than sales by doing the basics well – better in-stock, less markdowns and an improved merchandise mix. As a result, we generated higher profits for our shareholders without passing along higher prices to our customers."

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