Wal-Mart Stores, Inc. (NYSE: WMT), reported
record sales for the third quarter of $45.676 billion and sales of $134.773
billion for the nine months ended Oct. 31, 2000, representing increases of 13.0
percent and 18.6 percent, respectively, compared to the same periods last year.

Net income for the third fiscal quarter
was also a record at $1.369 billion, or $0.31 per share, and was up 5.8 percent
compared to the $1.294 billion, or $0.29 per share, reported in the same quarter
in the prior year. Net income for the nine months increased 24.0 percent to
$4.291 billion, or $0.96 per share, compared to $3.461 billion, or $0.78 per
basic share, reported in the same nine month period last year.

Lee Scott, president and chief executive
officer of Wal-Mart Stores, Inc., said, “We are pleased that in a difficult
quarter we were able to achieve record sales and earnings. We gained market
share and generated good earnings growth in a challenging retail environment.
This is a tribute to our associates around the world who remain completely focused
on serving the local needs of their customers.”

Sales for the periods were as follows:

(Dollars in millions)

Quarter
Ended Oct. 31
Percent
Six
Months Ended Oct. 31
Percent
2000
1999
Change
2000
1999
Change
Wal-Mart
$29,226
$26,460
10.5%
$86,413
$77,000
12.2%
SAM’S Club
6,573
6,011
9.3
19,317
17,747
8.8
International
7,437
5,910
25.8
22,038
12,883
71.1
Mclane
2,440
2,051
19.0
7,005
5,989
17.0

Total Company
$45,676
$40,432
13.0%
$134,773
$113,619
18.6%

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Total company comparable sales for the
quarter increased 4.9 percent. This is represented by a 4.5 percent comp increase
for the Wal-Mart stores and a 6.6 percent increase for Sam’s Clubs.

Wal-Mart Stores Segment:

For the third quarter
the Wal-Mart Stores segment, including Supercenters, had operating profit (profit
before interest, unallocated corporate expenses, and income taxes) of $2.249
billion, compared to $1.993 billion, in the same period last year, a 12.8 percent
increase. Year to date operating profit was $6.969 billion, an increase of 16.6
percent compared to the $5.977 billion for the nine months ending Oct. 31, 1999.

Sam’s Club Segment:

The Sam’s Club segment
had an operating profit for the quarter of $219 million, an increase of 12.9
percent compared to $194 million for the same period last year. Sam’s operating
profit for the nine-month period was $648 million, an increase of 11.9 percent
compared to operating profit of $579 million in the same period last year.

International Segment:

The International segment
had an operating profit of $241 million for the quarter, a 25.5 percent increase,
compared to $192 million in the same period last year. Year to date, international
operating profit was $622 million, a 69.5 percent increase, compared to $367
million in the nine months ending Oct. 31, 1999.

A pre-recorded call offering
additional comments regarding the quarter will be available for approximately
36 hours from the time of this release. You may listen to this call by dialing
402-220-3103. If this number is busy, you can dial 973-633-1010.

Except for historical
information, statements in this release are forward- looking and are subject
to risks and uncertainties including, but not limited to, competitive pressures,
inflation, consumer debt levels, currency exchange fluctuations and other risks
listed in the Company’s filings with the Securities and Exchange Commission.
Actual results may materially differ from anticipated results.

As of Oct. 31, 2000, the
Company had 1,723 Wal-Mart stores, 866 Supercenters, 469 Sam’s Clubs and 15
Neighborhood Markets in the United States. Internationally, the Company operated
units in Argentina (11), Brazil (18), Canada (169), China (8), Germany (95),
Korea (6), Mexico (483), Puerto Rico (15) and United Kingdom (240). Wal-Mart
employs more than 885,000 associates in the U.S. and 255,000 internationally.
Its securities are listed on the New York and Pacific stock exchanges.

WAL-MART STORES,
INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

SUBJECT TO RECLASSIFICATION

(Amounts
in millions)
October
31, 2000
October
31,1999
ASSETS
Current
assets
  Cash
and cash equivalents
$ 1,311 $ 1,435
  Receivables 1,468 1,630
  Inventories 24,975 22,373
  Prepaid
expenses and other
1,675 1,517
Total current
assets
29,429 26,955
Property,
plant and equipment
45,833 40,322
Accumulated
depreciation
(9,619) (8,781)
Net property,
plant and equipment
36,214 31,541
Net property
under capital leases
3,112 3,216
Net goodwill
and other acquired intangible assets
8,994 9,837
Other assets
and deferred charges
1,302 820
Total
assets
$ 79,051 $ 72,369
LIABILITIES
& SHAREHOLDERS’ EQUITY
Current
liabilities
  Commercial
paper
$ 6,251 $ 6,459
  Accounts
payable
15,872 14,081
  Accrued
liabilities
6,373 7,270
  Other
current liabilities
3,470 1,379
Total current
liabilities
31,966 29,189
Long-term
debt
12,912 13,532
Long-term
obligations under capital leases
2,973 3,027
Deferred
income taxes and other
884 793
Minority
interest
1,082 1,746
Shareholders’
equity
  Common
stock & paid in capital
1,736 1,052
  Retained
earnings
28,433 23,433
  Other
accumulated comprehensive income
(935) (403)
Total shareholders’
equity
29,234 24,082
Total
liabilities and shareholders’ equity
$ 79,051 $ 72,369
           
 		
                                   
 		
 
WAL-MART
STORES, INC., AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(Amounts in millions except per share data)
 
Quarter
Ended October 31,
  2000 % to Sales 1999 % to Sales
Net sales $ 45,676   $ 40,432  
Other income-net 505 1.11% 466 1.15%
  46,181 101.11% 40,898 101.15%
         
Cost of sales 35,694 78.15% 31,606 78.17%
Operating, selling,
and general
   and administrative expenses
7,918 17.34% 6,907 17.08%
         
Interest costs:        
  Debt 307 0.67% 251 0.62%
  Capital
leases
68 0.15% 66 0.16%
  43,987 96.30% 38,830 96.04%
         
Income before income
taxes, minority interest, equity in unconsolidated subsidiaries and cumulative
effect of accounting change
2,194 4.80% 2,068 5.11%
         
Provision for income
taxes
807 1.77% 757 1.87%
         
Income before minority
interest, equity in unconsolidated subsidiaries and cumulative effect of
accounting change
1,387 3.04% 1,311 3.24%
         
Minority interest and
equity in unconsolidated subsidiaries
(18) (0.04%)
(17) (0.04%)
         
Income before cumulative
effect of accounting change
1,369 3.00% 1,294 3.20%
         
Cumulative effect of
accounting change, net of tax benefit of $119
0.00% 0.00%
         
Net income $1,369 3.00% $1,294 3.20%
         
Net income per share:

Basic earnings per share Income before cumulative effect of accounting change
$0.31   $0.29  
Cumulative effect of
accounting change, net of tax
$0.00   $0.00  
         
Net income $0.31   $0.29  
         
Diluted earnings per
share Income before cumulative effect of accounting change
$0.31   $0.29  
Cumulative effect of
accounting change, net of tax
$0.00   $0.00  
         
Net income $0.31   $0.29  
         
Average number of common
shares:
       
 Basic 4,468   4,454  
 Dilutive 4,487   4,475  
         
Lifo credit/(charge) ($10)   $20  

 

WAL-MART
STORES, INC., AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)

(Amounts in millions except per share data)

 
Nine
Months Ended October 31,
  2000 % to Sales 1999 % to Sales
Net sales $ 134,773   $ 113,619  
Other income-net 1,443 1.07% 1,322 1.16%
  136,216 101.07% 114,941 101.16%
         
Cost of sales 105,403 78.21% 88,970 78.31%
Operating, selling,
and general and administrative expenses
22,862 16.96% 19,368 17.05%
         
Interest costs:        
  Debt 842 0.62% 502 0.44%
  Capital
leases
206 0.15% 197 0.17%
  129,313 95.95% 109,037 95.97%
         
Income before income
taxes, minority interest, equity in unconsolidated subsidiaries and cumulative
effect of accounting change
6,903 5.12% 5,904 5.20%
         
Provision for income
taxes
2,540 1.88% 2,161 1.90%
         
Income before minority
interest, equity in unconsolidated subsidiaries and cumulative effect of
accounting change
4,363 3.24% 3,743 3.29%
         
Minority interest and
equity in unconsolidated subsidiaries
(72) (0.05%)

(84)
(0.07%)
         
Income before cumulative
effect of accounting change
4,291 3.18% 3,659 3.22%
         
Cumulative effect of
accounting change, net of tax benefit of $119
0.00% (198) (0.17%)
         
Net income $ 4,291 3.18% $ 3,461 3.05%
         
Net income per share:
       
 Basic earnings
per share
       
  Income
before cumulative effect of accounting change
$0.96   $0.82  
  Cumulative
effect of accounting change, net of tax
$0.00   ($0.04)
 
         
Net income $0.96   $0.78  
         
Diluted earnings per
share
       
  Income
before cumulative effect of accounting change
$0.96   $0.82  
  Cumulative
effect of accounting change, net of tax
$0.00   ($0.04)
 
         
Net income $0.96   $0.77  
         
Average number of common
shares:
       
  Basic 4,463   4,451  
  Dilutive 4,484   4,473  
         
Lifo credit/(charge) ($30)   $60  
 
 

WAL-MART STORES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED
(Unaudited)
SUBJECT TO RECLASSIFICATION
(Amounts in millions)
October
31,
October
31,
2000 1999
Cash flows from operating
activities:
  Net Income $ 4,291 $ 3,461
Adjustments to reconcile
net income to net cash provided by operating activities:
  Depreciation
and amortization
2,014 1,612
  Increase
in inventories
(5,315) (4,621)
  Increase
in accounts payable
3,007 2,699
  Other (184) 610
Net cash provided by
operating activities
3,813 3,761
Cash flows from investing
activities:
  Payments
for property, plant, and equipment
(5,846) (4,013)
  Investment
in International operations
(617) (10,653)
  Other investing
activities
53 (179)
Net cash used in investing
activities
(6,410) (14,845)
Cash flows from financing
activities:
  Increase
in commercial paper
2,441 6,709
  Dividends
paid
(802) (668)
  Payment
of long-term debt
(1,292) (838)
  Proceeds
from issuance of long-term debt
1,523 5,755
  Purchase
of Company stock
(193) (101)
  Proceeds
from issuance of common stock
582
  Other financing
activities
(207) (217)
Net cash provided by
financing activities
2,052 10,640
Net decrease in cash
and cash equivalents
(545) (444)
Cash and cash equivalents
at beginning of year
1,856 1,879
Cash and cash equivalents
at end of period
$ 1,311 $ 1,435