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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 3, 2000
Wal-Mart Stores, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 001-06991 71-0415188
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(State or other (Commission File (IRS Employer
Jurisdiction of Number) Identification No.)
Incorporation)
702 S.W. 8th Street
Bentonville, Arkansas 72716
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(501) 273-4000
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Item 5. Other Events.
On February 3, 2000, Wal-Mart Stores, Inc. (the "Company") issued a press
release announcing its approximate net sales for the fiscal year ended
January 31, 2000 and the four-week period ended January 28, 2000. The press
release also discusses a change in accounting principle made by the Company in
the last fiscal year in response to the issuance of a new Securities and
Exchange Commission Staff Accounting Bulletin regarding revenue recognition. The
change resulted in a one-time, non-cash reduction to the Company's earnings for
fiscal year 2000 of $0.05 per share. Of that reduction, $0.04 per share was made
with respect to prior years. The press release is attached hereto as Exhibit
99.1 and is incorporated in its entirety herein by reference. See "Index to
Exhibits."
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release issued by Wal-Mart Stores, Inc. on February 3, 2000
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: February 8, 2000 WAL-MART STORES, INC.
By: /s/ H. Lee Scott
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Name: H. Lee Scott
Title: President and
Chief Executive Officer
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INDEX TO EXHIBITS
Exhibit
Number Description
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99.1 Press Release issued by Wal-Mart Stores, Inc. on February 3, 2000
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EXHIBIT 99.1
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WAL-MART STORES, INC.
Bentonville, Arkansas 72716
Investor Relations Contacts: (501) 273-8446 (Investor Relations)
(501) 273-6445 (Jay Fitzsimmons)
(501) 277-9558 (Steve Hunter)
Media Contact: (501) 273-4314 (Jay Allen)
FOR IMMEDIATE RELEASE
Wal-Mart Reports January Sales
Bentonville, Arkansas, February 3, 2000 - Wal-Mart Stores, Inc., reported net
sales for the four-week period ending January 28, 2000, of $11,623,000,000, an
increase of 22.8% from the $9,464,000,000 in the similar period in the prior
year.
Net sales for the year ended January 31, 2000, were approximately
$164,846,000,000, an increase of 19.8% over the prior fiscal year.
Sam's Clubs sales for the four-week period were $1,593,000,000, down .5% from
sales of $1,601,000,000 in the similar prior year period. Sam's sales were
negatively impacted by one less day during the retail reporting period.
Club sales for the fiscal year were approximately $24,802,000,000, up 8.4% over
the prior fiscal year.
Comparable sales for the periods were as follows:
<TABLE>
<CAPTION>
4 Weeks 52 Weeks
This Year Last Year This Year Last Year
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<S> <C> <C> <C> <C>
Wal-Mart 5.7% 10.8% 7.9% 8.9%
Sam's Club (1.9%) 8.7% 6.7% 9.3%
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Total Company 4.1% 10.3% 7.7% 9.0%
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</TABLE>
During the fourth quarter of fiscal 2000, the Company adopted changes in its
method of accounting for membership revenue recognition. This change was made
in response to the issuance of the Securities and Exchange Commission Staff
Accounting Bulletin
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No 101 - Revenue Recognition in Financial Statements. The implementation of this
change was accounted for as a change in accounting principle and applied
cumulatively as if the change occurred at the beginning of this fiscal year and
as if it was recorded in the first quarter. The effect of the change will be a
one-time non-cash reduction to the Company's earnings of approximately $0.05 per
share. Earnings per share will be reported both before and after the cumulative
effect of the accounting change.
As of January 31, 2000, the Company had 1,797 Wal-Mart stores, 710 Supercenters,
and 463 Sam's Clubs in the United States. Internationally, the Company operated
units in Argentina (13), Brazil (14), Canada (166), China (6), Germany (95),
Korea (5), Mexico (462), Puerto Rico (15), and United Kingdom (232). 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.
