2001 Annual Report
W A L - M A R TStore ofof thethe CommunityCommunityStorepage 44pageA N N U A LR E P O R TFoodFoodpage 1414page2 0 0 1InnovationsInnovationspage 1111pageCulturepage 5stomers.uCruOdounevolves ArRoDeWgEver ythinRetailtainmentpage 7InternationalInternationalpage 88pageGood WorksWorksGoodpage1212pageSAM’S Jewelrypage 15
Table OfOfContents:TableContents: 2. Lee Looks at 2001 – Lee Scott takesa glance back at fiscal 2001 and to the year ahead.4. This Store is Your StoreTailoring merchandise to individual communities hitsthe mark with Customers.5. The Wal-Mart Way – For almost40 years, the Wal-Mart culture of respect forindividuals has endured.6. Every Store Counts– Year endcount of Wal-Mart’s operations by state and country. 7. That’s Retailtainment! – From merchandising opportunities with hit movies and DVDsto exclusive concerts by the hottest stars, Wal-Mart“Retailtainment” continues to grow.11. A Brief History of Innovation 14. Fresh,Fresh,Fresh Fresh food in Supercenters, SAM’S CLUBS andNeighborhood Markets is just the beginning.15.SAM’S Sparkles – SAM’S CLUBchanges the setting for quality jewelry.16. Financial 11-Year Summary Management’s Discussion & Analysis Financial Statements Corporate InformationAbout The Cover: In every store, in every country, in everyway, our focus is as it has always been – on our Customers. 12. Low Prices and High PrioritiesBeing of real benefit to our communities is at the heartof every Wal-Mart Associate. Wal-Mart has always been an innovator, and isdedicated to uncovering more and better innovationsfor our Customers. International operations continually adapt to the needsand cultures of Customers around the globe. 8. Wal-Mart Around the World
ANNUAL REPORT 2001DIRECTORS:FINANCIAL HIGHLIGHTSJohn T. ChambersStephen FriedmanStanley C. GaultDavid D. GlassRoland HernandezNet SalesEarnings Per ShareDr. Frederick S. Humphries1997 104.91997 .67E. Stanley Kroenke1998 118.01998 .78Elizabeth A. Sanders1999 137.61999 .99H. Lee Scott2000 165.02000 1.21Jack C. Shewmaker2001 191.32001 1.41Donald G. SoderquistDr. Paula SternJose VillarrealJohn T. WaltonS. Robson WaltonOFFICERS:S. Robson WaltonChairman of the BoardH. Lee ScottPresident & CEODavid D. GlassChairman, Executive Committeeof the BoardPaul R. CarterExecutive Vice President &President, Wal-Mart RealtyBob ConnollyExecutive Vice President, MerchandiseThomas M. CoughlinExecutive Vice President &President & CEO, Wal-Mart Stores DivisionDavid DibleExecutive Vice President, Specialty DivisionMichael DukeExecutive Vice President, AdministrationReturn on AssetsReturn on Shareholder’s Equity1997 7.9%1997 19.2 %1998 8.5%1998 19.8%1999 9.6%1999 22.4%2000 9.5%*2000 22.9%2001 8.7%2001 22.0%Thomas GrimmExecutive Vice President &President & CEO, SAM’S CLUBDon HarrisExecutive Vice President, OperationsJohn B. MenzerExecutive Vice President &President & CEO, International DivisionColeman PetersonExecutive Vice President, People DivisionThomas M. SchoeweExecutive Vice President & Chief Financial OfficerRobert K. RhoadsSenior Vice President, General Counsel & SecretaryJ. J. FitzsimmonsSenior Vice President, Finance & Treasurer*Calculated giving effect to the amount by which a lawsuit settlementexceeded established reserves. If this settlement was not considered,the return was 9.8%.1
A LOOK AT 2001AND BEYONDDear Fellow Shareholder:facilities and addingservices, includingpharmacy, optical, 1-HourPhoto and fuel, to offer thehighest quality shoppingexperience to our Members.In short, our Memberscontinue to respondfavorably to SAM’Sunique, high-qualitymerchandise atexceptional values.It is truly an honor to serveas President and CEO ofWal-Mart Stores, Inc., andI appreciate the opportunityto share with you somethoughts from fiscal 2001 andour outlook for the future.What a year of milestones itwas! But before we get intothe details, I’d like to touchon a few highlights fromthe year.Net sales in fiscal 2001increased almost 16 percentto more than 191 billion,representing a growth inrevenue of more than 26 billion. In addition, netincome reached 2 billionfor the fourth quarter and almost 6.3 billion for the year, making it ourfirst “two-billion-dollar-incomequarter” and our first“six-billion-dollar-income year.”FORTUNE magazine namedWal-Mart the third “most admired”company in America and one of the100 best companies to work for inAmerica. Our Company also rankedfifth on FORTUNE’s Global MostAdmired Companies list based oncharacteristics such as leadership,teamwork and the way we treat ourpeople. In addition, Americansnamed Wal-Mart the company theythink of first in supporting localcauses and issues, according toCone, Inc., a national research firm.Whether it’s our domestic orinternational Associates in the stores,2clubs and distribution centers, orthose in the home office, our peopletruly deserve the credit for all theseaccomplishments. Let’s look a littlecloser at what our Associates wereable to achieve this year.Fiscal 2001 was clearly one of thestrongest years in recent memoryfor the SAM’S CLUB division. Wesaw growth in both sales andearnings. Moreover, earnings growthoutpaced sales growth for the year.Membership renewals reachedrecord levels, demonstrating strongloyalty and Member acceptance, andillustrating that a SAM’S membershipis the best value in the warehouseclub business. In fact, one in threehouseholds in America now has aSAM’S CLUB membership. SAM’Shas made great progress over thepast two years in upgrading ourThe International Divisionhad an excellent year,growing sales by 41 percentand achieving more than 32 billion in revenues. Aswe travel internationally, it’sexciting not only to see ourstores and clubs operatingat such high standards, butalso to see the Wal-Mart culturebeing embraced throughout theworld. This just shows that treatingpeople with respect and raising theirstandard of living through Every DayLow Prices knows no boundaries.I’ll highlight the exceptionalperformances by our three largestinternational operations: Canada,Mexico and the United Kingdom.Fiscal 2001 was a great year for ourCanadian business. Sales andoperating profit increased for theyear by more than 14 percent,continuing the customer-focusedretailing traditions established in theU.S. almost 40 years ago.Mexico also had an outstandingyear, exceeding both its sales andprofit goals. Our Customers there
have responded exceptionally wellto the high level of customerservice our Associates provide, andto the introduction of Every DayLow Prices in all our retail formatsin Mexico.In particular, I’d like to thank ourASDA Colleagues (Associates) inthe United Kingdom for theirexceptional performance over thelast year. For the fourth straightyear, ASDA was voted “Supermarketof the Year” by Checkout magazine.The division exceeded theobjectives set at the time weacquired ASDA, and our Colleaguesaccomplished our ultimate goal –taking care of our Customers andproviding them with an exceptionalvalue in the marketplace.The Wal-Mart Stores Division,by far our largest, features ourDiscount Store, Supercenter andNeighborhood Market formats. Theyear brought some truly bright spotsfor this division as well.We’ve made exceptional strides inour food offerings through theSupercenters and NeighborhoodMarkets. This year, Wal-Martbecame the largest retailer in theU.S. grocery industry, according toSupermarket News. That is truly aremarkable achievement, and I thinkSam Walton would be proud. Asalways, we will continue to ensurethat we are the best food retailer, notjust the largest.In July, we challenged our Associatesto react to the slowing economy byreducing inventories by more than 1 billion, the majority of whichwould come from the Wal-MartDivision. Despite disappointingholiday sales, our Associates not onlymet this goal – they exceeded it.The division had a strong first half ofthe year as our Associates built onlast year’s phenomenal growth. But“Sam Walton setthe standard for ourvision of leadership,and we are carryingit forward.”as we moved through the second halfof fiscal 2001, it became evident thatconsumer spending was slowing andwould not recover in time for thecrucial holiday shopping season. OurAssociates reacted appropriately,however, by continuing our focuson customer satisfaction.Although we did not end the year theway we would have liked, the keys toour ability to manage a slowdown inthe economy remain simple andeffective. They are what we have builtour business on since the beginning.First, we must maintain an in-stocklevel unequaled in the retail world.Our commitment is unchanged:provide the products our Customerswant at the moment they want tomake the purchase.Second, we must provide the level ofservice our Customers expect anddeserve. It’s not enough to providemerchandise and a safe, comfortableenvironment in which to shop. Wemust generate the excitement andenthusiasm necessary to build arelationship with the Customer andmake each shopping experiencebetter than the one before. Thisincludes simple things like sayingthank you and greeting ourCustomers warmly as they enter thestore. Sam Walton called it“aggressive hospitality,” and it stillworks today.Finally, it is a personal priority ofmine to identify and develop the nextgeneration of Wal-Mart leaders. Foryears, it was enough to just developmanagers. But as the businessenvironment becomes morechallenging, it takes true leadershipto guide a successful business. SamWalton set the standard for our visionof leadership, and we are carrying itforward. We are committed togrowing the leaders today who willpropel this Company into tomorrow.It’s the right thing to do for ourCustomers, our Associates andour Shareholders.On a more personal note, I wouldlike, on behalf of all Wal-MartAssociates, to thank David Glass forhis leadership over the past 25 years.David served as Chief ExecutiveOfficer for 12 years and presidedover more revenue and earningsgrowth than any other CEO in thehistory of retailing. We are fortunatethat David has agreed to stay on inhis present role, providing adviceand counsel to me and the entireWal-Mart team.At Wal-Mart, we’re passionate aboutdelivering value to our Customersand Shareholders. As Shareholders,you play a vital role in our success asyou invest in Wal-Mart stock andshop at our Wal-Mart stores andSAM’S CLUBS. While our history isrich with success, there’s no questionthat our best years are yet to come,and this time next year I expect toreport another record year forWal-Mart. Thank you, and I lookforward to visiting with you againnext year.Lee ScottThird, we must provide ourCustomers with top-qualitymerchandise and services at EveryDay Low Prices. After all, that’s whatthe sign says, and that’s ourcommitment to our Customers.3
THIS STORE ISYOUR STOREWal-Mart hastaken individualized assortmentto a new level with its Store of theCommunity initiative. The Storeof the Community is not a new lineof stores, but rather an excitingmodel for existing Wal-Mart discountstores and Supercenters to meet theshopping needs of local storeCustomers. Introduced in fiscal 2001,these stores are specifically tailoredto mirror the demographic makeupof their respective communities.“The one-size-fits-all concept simplydoesn’t work anymore in the retailindustry. Customers tell us what theywant and it is our responsibility tomeet those needs,” Tom Coughlin,President & CEO of the Wal-MartStores Division, said.The Store of the Community isstocked based on a combination ofconsumer purchasing data, areademographics, customer preferencesand input from our store Associates.Evaluating the buying patterns ofCustomers enables Wal-Mart buyersto determine what is selling best ateach store and purchasemerchandise based on eachstore’s data.All store managers, includinggeneral managers and departmentmanagers, submit yearly surveys,which include information suchas when little league baseball ora hunting season begins in theircommunity. This specific data isinvaluable for developing a Storeof the Community. For example,a Wal-Mart store located neara hospital may need a largerpharmacy area. Stores close torecreational bodies of water stocklife vests and fishing equipment notcarried in most land-locked stores.Other stores offer regional sportinggoods. Softball leagues in Louisianawould not know what to do with asoftball that is four inches larger indiameter like those used in Chicagoand other urban areas.In addition to obvious assortmentflexibility, the program also allowsseasonal start and end dates to bedetermined by the needs of theCustomers and not by a store’sparticular geographic zone. Forexample, turkey-hunting seasonmay extend longer in one state thanin an adjacent state. The Store ofthe Community concept allows us totailor the first store’s assortment sothat it can display turkeyhunting merchandise untilthe end of its season.“Our store Associates live and workin each store’s community andinteract with over 100 millionCustomers each week. If we utilizeinformation from all availableresources including Customers,Associates and suppliers, our storewill reflect the interests of itscommunity. We will sell merchandisethe Customers want to buy, notmerchandise we want to sell. Byaccomplishing this goal, we createhappy, satisfiedCustomers becausethey cannowcompleteall of theirshoppingin onelocation,our store,”Coughlinadded.The detailed knowledge of acommunity created by theCustomer/Associate partnershipallows each store to differentiatedepartment size, shelf-spaceallocation and departmentaladjacencies. The result is a moreefficient distribution of inventory bystocking our stores based oncustomer preferences rather thanstandardized assortments. It alsoincreases sales, reduces markdownsand lowers inventory investment inthe system. Most of all, it keepsCustomers coming back into ourstores because we’re attentive totheir needs.
THE WAL-MARTWAY OF LIFEOur Culture, Our Attitude, Our CommitmentThe cornerstone of Wal-Mart’ssuccess has and will always be ourculture. Customers shop at Wal-Martfor the best values and the greatestselection of merchandise. We believeit is our culture that allows us tomeet their expectations. The rootsof our culture are grounded in threefundamental principles: respect forthe individual (both our Associatesand Customers), the higheststandard of service to our Customersand a constant drive for excellence.Culture is the value systemthat directs people’sthoughts, deeds and words.Our founder, Sam Walton,established the basic beliefsupon which our Company’sculture has evolved, but theperpetuation of our cultureis the responsibility of allAssociates. Wal-Martunderstands that a personcannot be forced to acceptour culture. Instead, everyAssociate must lead byexample and continue todevelop the trust thatmakes our culture work.Managers are expected tobe servant leaders whoencourage their Associatesto take advantage ofopportunities to expressand share ideas with others.This environment of respectis one of the most importantaspects of our culture.Associates are encouraged to exceedCustomers’ expectations, and theresults are outstanding customertrust and loyalty. Mr. Sam called it“aggressive hospitality.” He believedthat by exceeding Customers’expectations, they will come backagain and again. Wal-Mart’s Ten-FootRule encourages Associates to speakto a Customer before that Customercan speak to them. Wal-Martcustomer service is legendary, andthe Ten-Foot Rule is one of thereasons why.Wal-Mart knows the best ideashave come from our front lineAssociates – greeters, checkers andstockers. In fact, the idea to have agreeter at the door to welcome ourCustomers came from an Associate.Every Associate is not onlyempowered but is also driven tomake a difference and strive forexcellence. Our Associates – theirideas and energy – are what willdetermine our future success andwe encourage their input. Wal-Mart’sOpen Door Policy allows Associatesto share suggestions,observations or concernswith any supervisor, froma store manager to thePresident and CEOof Wal-Mart, with nofear of retaliation.Our culture is what makesWal-Mart unique and willcontinue to make ussuccessful. Everyone inour Company is responsiblefor upholding the corebeliefs that help keep ourculture alive and well. Ourpurpose as a Company is toprovide our Customers andMembers with the verybest value and shoppingexperience possible. It allbegins with our culture.It is the cornerstone ofwhat our Company wasfounded on and it is ourmain focus. Always.5
5New Hampshire18440California1170260New Jersey23060Colorado2318120New Mexico91340Connecticut19130New York52131803210North Carolina 5935160Florida8657340North lvania4929190Indiana5033140Rhode Island7010Iowa331870South Carolina 273290Kansas341650South 110Vermont4000Massachusetts innesota37290West uri6646130Wyoming5420DelawareSAM’SStateU.S. tsFiscal 2001 End - of - Year Store Count1736888 475 l01280Puerto Rico32380906000174000United Kingdom 0241**China01010INT’l Total:406South Korea0600Germany09400World WideGrand Total: 2348 1294 528 19Canada* Includes: 37 Aurreras, 80 Bodegas, 54 Suburbias, 40 Superamas, and 218 Vips.**Includes: 238 ASDA Stores and 3 ASDA/Wal-Mart Supercentres.6429*61253 0
“That’s Retailtainment!” Hit Movies, Hot Stars And Hip Merchandising Keep Customers ShoppingThe Company, through itsWal-Mart Live ConcertSeries, broadcast an exclusivesatellite concert performanceby international singingsuperstar Ricky Martin inthe home entertainmentdepartments of storesnationwide last year. Thistelevised event coincidedwith the release of Martin’ssecond English-languagealbum. Other concertspresented last year includedGarth Brooks, Faith Hill andBackstreet Boys.Wal-Mart understands thattoday’s consumers have anincredible array of shoppingchoices from which tochoose. Not only do theywant the best value for theirhard-earned dollar, butthey also demandoutstanding customerservice. We realized earlyon that we must take careof Customers and thatpart of doing so iscreating a fun, dynamicshopping environment.At Wal-Mart, we call theconcept Retailtainment andour goal is to add excitementto the shopping experience.The result is a fun environment forthe Customers and our Associates,but other benefits include increasedcustomer traffic and loyalty becausethat Customer looks forward to theirtrip to Wal-Mart.Every store is encouraged tocreate its own “wild and crazy”Retailtainment events specificallydesigned for its individualcommunity. Local stores invite clubsand civic organizations to set upexhibits, or ask police and firedepartments to conduct safetyseminars and demonstrations. Toraise money for local charities lastyear, stores engaged in everythingfrom a ladder drive (in whichAssociates volunteered to sit ontop of a ladderuntil they soliciteda certain amount indonations) to Bingofor Seniors, whichraised money for the Children’sMiracle Network.Wal-Mart also organizes system-wideRetailtainment events. Last May,all Wal-Mart discount stores andSupercenters participated in an eventto support the direct-to-video releaseof The Rugrats Discover America.Kids were invited to stores to watchthe new Rugrats adventure whilethey ate snacks. Associates thentook the children on their own“Discover America” adventurethrough the stores. To enhance theeducational value of this promotion, agroup of teachers developed acompleme
“six-billion-dollar-income year.” FORTUNE magazine named Wal-Mart the third “most admired” company in America and one of the 100 best companies to work for in America. Our Company also ranked fifth on FORTUNE’s Global Most Admired Companies list based on characteristics such as leadership, teamwork and the way we treat our people.
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Law 1 of 1971-15th December, 1970 Law 7 of 2000- 20th July, 2000 Law 7 of 1973-28th June, 1973 Law 5 of 2001-20th April, 2001 Law 24 of 1974-22nd November, 1974 Law 10 of 2001-25th May, 2001 Law 25 of 1975-9th December, 1975 Law 29 of 2001-26th September, 2001 Law 19 of 1977-10th November, 1977 Law 46 of 2001-14th January, 2002
THE COMPANIES ACT 2001 Act 15/2001 Proclaimed by [Proclamation No. 21 of 2001] w.e.f. 1st December 2001 SAVINGS 1. Please refer to schedule 15 as per section 364 of [Act No.15 of 2001] for sections which are still in force in [Act No. 57 of 1984] 2.
Annual Report 2020 compared to our 2019 Annual Report. The total carbon footprint for printing CIMB Annual Report 2020 was 11,588kgCO2e, compared to 14,987kgCO2e for our 2019 annual report. The carbon footprint for the 3 books of CIMB Annual Report 2020 is 14.485kgCO2e. We are committed to reducing the environmental impact of our annual report .
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and Meeting Schedules: 6: Annual Report Workgroup Next Steps: Next steps for FY18 report development: 1. HITAC full committee reviews report . FY18 Annual Report Draft discussed: March 1, 2019. FY18 Annual Report Draft discussed: Winter/Spring 2019. FY18 Annual Report completed as needed:
Annual Management Report (AMR) and the FY 2020 Annual Performance Report (APR), included in this Annual Report. As the FY 2020 Annual Report illustrates, PBGC’s two insurance programs are in dramatically different financial positions. The Single-Employer Insurance Program continues to imp
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