Wal-Mart Stores, Inc. announced the continuation of its aggressive unit growth for the fiscal year beginning Feb. 1, 2003.
Domestically, the Wal-Mart division plans to open approximately 45 to 55 new discount stores and 200 to 210 new Supercentre. This represents a continued acceleration of Supercentre unit expansion and reflects the strong consumer acceptance and financial results from the format. Relocations or expansions of existing discount stores will account for approximately 140 of the Supercentre, while the remainder will be built in new locations. The company plans to continue front loading the timing of openings as started two years ago and plans to open 85 to 90 percent by the end of the third quarter.
The Company will further expand its Neighbourhood Market concept by adding approximately 20 to 25 new units in the upcoming fiscal year.
The SAM'S CLUB division will open 40 to 45 domestic clubs, approximately two-thirds of which will be relocations or expansions of existing clubs. The division will also continue its remodelling program.
Wal-Mart International plans to open 120 to 130 units in existing markets. The announced units include two restaurant formats, specialty apparel retail stores and supermarkets in Mexico.
The planned square footage growth for the coming year represents approximately 48 million square feet of new retail space, and represents more than an eight percent increase over the fiscal 2003 total.
The Company will construct three new regional general merchandise distribution centers, six new food distribution centers during the next fiscal year. Combined, these nine DC's will add almost 8.7 million square feet of distribution space.
As of Aug. 31, 2002, the Company had 1,603 Wal-Mart stores, 1,179 Supercentre, 517 SAM'S CLUBS and 36 Neighbourhood Markets in the United States. Internationally, the Company operated units in Argentina (11), Brazil (22), Canada (199), China (20), Germany (96), Korea (12), Mexico (578), Puerto Rico (18) and United Kingdom (256).
Wal-Mart also owns a 6.1 percent interest in Seiyu, Ltd. with options to purchase up to 66.7 percent of that company. Seiyu operates over 400 stores located throughout Japan.
Wal-Mart employs more than one million associates in the United States and more than 300,000 internationally. Its securities are listed on the New York and Pacific stock exchanges under the symbol WMT.
This release contains statements that Wal-Mart believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and intended to enjoy the protection of the safe harbour for forward-looking statements provided by that Act. These forward-looking statements generally can be identified by use of phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee" or other similar words or phrases. Similarly, descriptions of our objectives, strategies, plans, goals or targets are also forward-looking statements. These statements discuss, among other things, expected growth, future revenues, future cash flows, future performance 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, the cost of goods, competitive pressures, inflation, consumer spending patterns and debt levels, currency exchange fluctuations, trade restrictions, changes in tariff and freight rates, interest rate fluctuations and other capital market conditions, and other risks. We discuss certain of these matters more fully in other of our filings with the SEC, including our Annual Report on Form 10-K for our fiscal year 2002, which was filed with the SEC on Apr. 15, 2002; this release should be read in conjunction with our Annual Report on Form 10-K, and together with all our other filings, including Current Reports on Form 8-K, made with the SEC through the date of this report. You are urged to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements. As a result of these matters, including changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from historical results or from anticipated results expressed or implied in these forward-looking statements. The forward-looking statements included in this release are made only as of the date of this report and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
