The following document contains statements that Walmart believes are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and that are intended to enjoy the protection of the safe harbor for forward-looking information provided by that Act. A cautionary statement regarding forward looking statements is at the end of this document. Doug McMillon Walmart Inc., President & CEO We just completed an exciting year with solid fourth quarter results and continued momentum in the business. On a constant currency basis, total revenue grew approximately 3 percent both in the quarter and for the full year. We reached more than $500 billion in revenue for fiscal 2018 for the first time as a company. For the quarter, Walmart U.S. delivered strong comp sales growth of 2.6 percent due primarily to improved comp traffic growth in stores of 1.6 percent. Strength was broad-based across merchandise categories, formats, and regions, and holiday sales were solid. In addition, comp store inventory declined again for the eleventh consecutive quarter, so we're well-positioned as we begin the year. Sam's Club comps improved 2.4 percent and in International, nine of eleven markets posted positive comp sales. So overall, we were pleased with most aspects of the quarter and confident in the foundational aspects of the business as we enter this new fiscal year.2Walmart U.S. eCommerce sales growth in the fourth quarter was 23 percent, down from 50 percent in the third quarter. The majority of this slowdown was expected as we fully lapped the Jet acquisition as well as creating a healthier long-term foundation for holiday. A smaller portion of the slowdown was unexpected, as we experienced some operational challenges that negatively impacted growth. Overall, we finished the year with eCommerce sales growth of more than 40 percent. So, we feel better about the year than the quarter. Looking ahead, we expect eCommerce growth to increase from the fourth quarter level as we enter the new year with about 40 percent growth for the year. We're confident in our strategy to transform the company and we continue to be guided by four key objectives: · Make every day easier for busy families · Change how we work · Deliver results and operate with discipline and · Be the most trusted retailer. We're accelerating innovation in the business to make shopping faster and easier for our customers. Creativity, decisiveness and speed are priorities. We made good progress this past year to save busy families time and money and we will do more. By becoming stronger at mobile and leveraging digital capabilities, we improved in-store experiences, including our pharmacy and money services areas. We enabled easy reorder online. We're making the checkout experience easier with Scan & Go and also digitizing the returns process. We made acquisitions to improve our online assortment and we're partnering with others, like Google and JD.com, in new ways. We're expanding online grocery in the U.S. and around the world and broadening our delivery capabilities in the U.S., China and other international markets. It's really all about providing more convenience for customers. Customers that shop across all channels are important to us. As we said in October, U.S. customers that shop us in-store and online spend nearly

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