Earnings Call Excerpt
Wal-Mart Stores, Inc (WMT)
F2Q09 Earnings Call
August 14, 2008 7:30 am ET
Executives
Carol Schumacher – Vice President of Investor Relations
Lee Scott – President and Chief Executive Officer
Tom Schoewe – Executive Vice President and Chief Financial Officer
Eduardo Castro-Wright – Wal-Mart Stores U.S. President and Chief Executive Officer
Charles Holley – Executive Vice President Finance and Treasurer
Doug McMillon – Sam’s Club President and Chief Executive Officer
Presentation
Thank you for calling Wal-Mart Stores, Inc. second quarter earnings call for fiscal year 2009. (Operator Instructions)
This call will contain statements that Wal-Mart believes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended and intended to enjoy the protection of the safe harbor for forward-looking statements provided by that act.
These forward-looking statements generally are identified by the use of the words or phrases anticipate, expect, forecast, will continue and will remain, or a variation of one of those words or phrases in those statements, or by the use of words or phrases of similar import. Similarly, descriptions of our objectives, plans, goals, targets or expectations are forward-looking statements.
These statements discuss, among other things, our anticipated U.S. comparable store sales for the current fiscal quarter and our anticipated earnings per share for the current fiscal quarter and fiscal year 2009 as a whole, our anticipated tax rate for fiscal year 2009 and the factors that may impact that tax rate, our expectation that high transportation costs will be an expense headwind for the remainder of the year, our forecast for our capital expenditures for fiscal year 2009, our expectation that the long-term projects to enhance our information systems for merchandising, finance and human resources will continue to be an expense headwind for the rest of fiscal year 2009 and beyond, our anticipation that we will record in the third quarter of fiscal year 2009 a gain on our sale of Gazeley, our expectation for customer response to new offerings in the home category, our expectation for momentum to grow in backtoschool sales during August, our anticipation that our Sam’s Club segment will experience pricing pressures in the coming months, and our expectation that the next two quarters will be challenging for our Sam’s Club segment from a membership renewal dollar perspective, and the anticipation and expectations of Wal-Mart and its management as to future occurrences and trends.
These forward-looking statements are subject to risks, uncertainties, and other factors domestically and internationally, including geopolitical events and conditions, the cost of goods, competitive pressures, general economic conditions, consumer credit availability, inflation, consumer spending patterns and debt levels, currency exchange fluctuations, trade restrictions, changes in tariff and freight rates, fluctuations in the costs of gasoline, diesel fuel, and other energy, transportation, utilities, labor and health care, accident costs, casualty and other insurance costs, interest rate fluctuations, capital market conditions, weather conditions, damage to our facilities resulting from natural disasters, regulatory matters and other risks.
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