Q4 Reported EPS was $0.96, Exceeding Recent Guidance
 Underlying EPS was $1.03, Exceeding First Call Consensus Estimate
 FY09 Reported EPS was $3.35; Underlying EPS was $3.42
 Record Full-Year Free Cash Flow of $11.6 Billion
BENTONVILLE, Ark., Feb. 17, 2009 -- Wal-Mart Stores, Inc. (NYSE: WMT) today reported sales and earnings
for the quarter and the year ended Jan. 31, 2009. Net sales for the fourth quarter of fiscal year 2009 were $107.996 billion, an increase of 1.7 percent from $106.208 billion in the fourth quarter last year. Income from
continuing operations for the quarter was $3.792 billion, a decrease of 7.7 percent from $4.110 billion in the fourth quarter last year. Without a litigation settlement charge and the effect of unfavorable currency exchange
rates, income from continuing operations would have been positive on a comparable basis.
Reported diluted earnings per share from continuing operations (“reported EPS”) for the fourth quarter of fiscal year 2009 were $0.96, exceeding the company’s most recent guidance of $0.91 to $0.94. The underlying diluted
earnings per share from continuing operations (“underlying EPS”) were $1.03. Underlying EPS represents reported EPS in accordance with GAAP, adjusted for charges from the settlement of 63 U.S. class action wage and hour lawsuits (the “litigation charge”) of approximately $255 million on an after-tax basis for the fourth quarter. A reconciliation of reported and underlying EPS (a non-GAAP measure) for the full year and fourth quarter is provided in a schedule at the end of this release.

Last year, Wal-Mart earned $1.03 per share from continuing operations in the fourth quarter, which included a net charge of approximately $0.02 per share for real estate transactions and certain restructuring of its Japanese
operations.
Net sales for the fiscal year were $401.244 billion, an increase of 7.2 percent over fiscal year 2008. Income from continuing operations increased 3.0 percent to $13.254 billion, up from $12.863 billion in the prior year.
Reported EPS for fiscal year 2009 was $3.35, up 6.0 percent from $3.16 in the prior year. Underlying EPS was $3.42, excluding the litigation charge.

“Wal-Mart recorded the strongest sales result in its history in the fourth quarter, with $108 billion in sales,” said Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer. “We achieved this through the hard
work of our associates, helping our customers save money so they can live better.
“Our performance relative to competitors was exceptionally strong in the fourth quarter and throughout the year.
We expect this momentum to continue,” Duke said. “We finished the year with a strong balance sheet, record free cash flow of $11.6 billion and great inventory management. Our company created approximately 63,000
jobs worldwide this year, including more than 33,000 in the United States. In addition, Wal-Mart remains wellpositioned to continue to serve our customers in a challenging environment because of its strong price leadership.”

A reconciliation of free cash flow (a non-GAAP measure) is attached at the end of this release.
Net Sales
Net sales were as follows (dollars in billions):
Percent Percent 2009 2008 Change 2009 2008 Change
Net Sales:
Walmart U.S. $ 71.464 $ 6 7.428 6.0% $ 255.745 $ 239.529 6.8%
International 24.696 2 6.949 -8.4% 98.645 90.421 9.1%
Sam's Club 11.836 1 1.831 0.0% 46.854 44.357 5.6%
Total Company $ 107.996 $ 1 06.208 1.7% $ 401.244 $ 374.307 7.2%
Three Months Ended January 31, January 31, Twelve Months Ended
Reported International sales were negatively affected by the lower value of currencies versus the U.S. dollar. On
a constant currency basis (assuming currency exchange rates remained the same as the prior year), International
sales increased 9.0 percent in the fourth quarter and 11.6 percent for the full fiscal year.
Segment Operating Income
Segment operating income from continuing operations, which is defined as income before net interest expense,
income taxes, unallocated corporate overhead, minority interest and discontinued operations for each operating
segment, was as follows (dollars in billions):
2009 2008 Percent Change 2009 2008 Percent Change
Segment Operating Income:
Walmart U.S. $ 5.400 $ 5.286 2.2% $ 18.763 $ 1 7.516 7.1%
International 1.490 1.739 -14.3% 4.940 4 .725 4.6%
Sam's Club 0.427 0.444 -3.8% 1.610 1 .618 -0.5%
Three Months Ended January 31, Twelve Months Ended January 31,
Reported International operating income also was negatively affected by the lower value of currencies versus the U.S. dollar. On a constant currency basis (assuming currency exchange rates remained the same as the prior
year), International operating income increased 5.1 percent in the fourth quarter and 10.2 percent for the full fiscal year.

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