Walmart Outlines Plan to Win with Customers, including E-commerce Acceleration, at Meeting for Investment Community Today

• The company reiterates fiscal year 2017 GAAP EPS guidance of $4.29
  to $4.49, or adjusted EPS¹ guidance of $4.15
  to $4.35.
• For fiscal year 2018, the company expects GAAP EPS to be relatively
  flat to fiscal year 2017 adjusted EPS¹.
• Capital investments are expected to be approximately $11.0 billion
  for fiscal year 2018.

BENTONVILLE, Ark.–(BUSINESS WIRE)–At its 2016 Investment Community Meeting today, Wal-Mart Stores, Inc.
(NYSE: WMT) will outline the company’s strategic framework to grow by
serving customers across all channels, creating a seamless shopping
experience. The company is also sharing select guidance information
along with its capital expenditure estimates for the next fiscal year.

Walmart President and CEO Doug McMillon will outline four key areas of
focus to drive continued success:

• Make every day easier for busy families;
• Operate with discipline, including a continued focus on expense
  management;
• Be the most trusted retailer; and
• Deliver results and position the company to win.

McMillon noted ongoing success will be driven by a number of factors.
These include continued momentum in the U.S. business; solid growth in
key international markets, including Mexico and Canada; a sharpened
focus in China; and e-commerce investments.

“We are encouraged by the progress we’re seeing across our business and
we’re moving with speed to position the company to win the future of
retail. Our customers want us to run great stores, provide a great
e-commerce experience and find ways to save them money and time
seamlessly – so that’s what we’re doing,” McMillon said.

Walmart CFO Brett Biggs will outline the company’s financial framework
to deliver strong, efficient growth, operate with discipline and
allocate capital strategically to drive long-term shareholder value. The
company will rely more on comp sales and e-commerce growth to drive the
top line and plans to slow new-store openings, while increasing
investments in e-commerce, technology, store remodels and other customer
initiatives.

Biggs added, “I’m pleased with the momentum in our business. We have the
financial strength to strategically invest in growth, while returning
significant cash to shareholders in the form of dividends and share
repurchases.”

¹ See additional information at the end of this release
regarding a non-GAAP financial measure

Select guidance (assumes September 2016
currency exchange rates)

• For fiscal year 2018, the company expects GAAP EPS to be relatively
  flat to fiscal year 2017 adjusted EPS¹. The company expects
  continued momentum in its store business. Incremental U.S. e-commerce
  operating investments, including Jet.com, are expected to accelerate
  e-commerce growth.
• For fiscal year 2019, the company expects EPS growth to be
  approximately 5%.
• Walmart currently has $11.7 billion remaining on its $20 billion share
  buyback authorization approved in October 2015 and currently expects
  to complete this buyback around the end of fiscal year 2018.
• Walmart’s capital expenditure plan is expected to be approximately
  $11.0 billion in fiscal year 2018 as the company moderates new store
  openings, accelerates the pace of remodels and invests in e-commerce
  and digital initiatives.
• The company remains on track to generate approximately $80 billion in
  operating cash flow from fiscal year 2017 through fiscal year 2019.

Capital expenditure details

Projected capital expenditures and unit growth are as follows and
exclude the impact of acquisitions, if any:

¹ See additional information at the end of this release
regarding a non-GAAP financial measure

² Numbers are approximate

About Walmart

Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save
money and live better – anytime and anywhere – in retail stores, online,
and through their mobile devices. Each week, nearly 260 million
customers and members visit our 11,539 stores under 63 banners in 28
countries and e-commerce websites in 11 countries. With fiscal year 2016
revenue of $482 billion, Walmart employs more than 2.3 million
associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting http://corporate.walmart.com
on Facebook at http://facebook.com/walmart
and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com
and http://www.samsclub.com.

Forward-Looking Statements

This release contains certain forward-looking statements that are
intended to enjoy the safe harbor protections of the Private Securities
Litigation Reform Act of 1995, as amended, including statements
regarding guidance, forecasts and expectations of Walmart’s management
of or for:

• Adjusted earnings per share and earnings per share for fiscal 2017 and
  fiscal 2018;
• Earnings per share for fiscal 2019;
• Continued momentum in Walmart’s store business and acceleration of
  e-commerce growth from incremental U.S. e-commerce operating
  investments;
• Completion of Walmart’s $20 billion share buyback authorization and
  the timing of such completion;
• Capital expenditures, by segment and in total, for fiscal 2017 and
  fiscal 2018;
• Total unit growth, for Walmart U.S. by format and for Walmart
  International and Sam’s Club U.S., for fiscal 2017 and fiscal 2018;
• The moderation of Walmart’s new store openings, acceleration of the
  pace of remodels and investments in e-commerce and digital initiatives;
• Operating cash flow to be generated from fiscal 2017 through fiscal
  2019;
• Ongoing success being driven by a number of factors, including
  continued momentum in the U.S. business; solid growth in key
  international markets; a sharpened focus in China; and e-commerce
  investments;
• Greater reliance on comp sales and e-commerce growth to drive the top
  line and plans to slow new-store openings, while increasing investment
  in e-commerce, technology and store remodels; and
• Strategic investments in growth while returning significant cash to
  shareholders in the form of dividends and share repurchases.

Walmart’s actual results may differ materially from the guidance,
projections, estimates and expectations discussed in or implied by such
forward-looking statements as a result of changes in circumstances,
assumptions not being realized or other risks, uncertainties and
factors, whether globally or in one or more of the markets in which we
operate, including:

• economic, geo-political, capital markets and business conditions,
  trends and events around the world and in the markets in which Walmart
  operates;
• currency exchange rate fluctuations, changes in market interest rates
  and commodity prices;
• unemployment levels;
• competitive pressures;
• inflation or deflation, generally and in particular product categories;
• consumer confidence, disposable income, credit availability, spending
  levels, shopping patterns, debt levels and demand for certain
  merchandise;
• consumer enrollment in health and drug insurance programs and such
  programs’ reimbursement rates;
• the amount of Walmart’s net sales denominated in the U.S. dollar and
  various foreign currencies;
• the financial performance of Walmart and each of its segments;
• Walmart’s effective tax rate and factors affecting Walmart’s effective
  tax rate, including assessments of certain tax contingencies,
  valuation allowances, changes in law, administrative audit outcomes,
  impact of discrete items and the mix of earnings between the U.S. and
  Walmart’s international operations;
• customer traffic and average ticket in Walmart’s stores and clubs and
  on its e-commerce websites;
• the mix of merchandise Walmart sells, the cost of goods it sells and
  the shrinkage it experiences;
• the amount of Walmart’s total sales and operating expenses in the
  various markets in which it operates;
• transportation, energy and utility costs and the selling prices of
  gasoline and diesel fuel;
• supply chain disruptions and disruptions in seasonal buying patterns;
• consumer acceptance of and response to Walmart’s stores, clubs,
  e-commerce websites, mobile apps, initiatives, programs and
  merchandise offerings;
• cyber security events affecting Walmart and related costs;
• casualty and accident-related costs and insurance costs;
• the turnover in Walmart’s workforce and labor costs, including
  healthcare and other benefit costs;
• changes in accounting estimates or judgments;
• changes in existing tax, labor and other laws and changes in tax
  rates, trade restrictions and tariff rates;
• the level of public assistance payments;
• natural disasters, public health emergencies, civil disturbances, and
  terrorist attacks.
• Walmart’s expenditures for FCPA and other compliance related costs; and
• developments in, the outcomes of and costs incurred in legal
  proceedings and investigations, including the FCPA investigation, to
  which Walmart is a party or in which Walmart is involved.

Such risks, uncertainties and factors also include the risks relating to
Walmart’s operations and financial performance discussed in Walmart’s
most recent annual report on Form 10-K filed with the SEC. You should
read this release in conjunction with that annual report on Form 10-K
and Walmart’s subsequently filed quarterly reports on Form 10-Q and
current reports on Form 8-K. You should consider all of the risks,
uncertainties and other factors identified above and in those SEC
reports carefully when evaluating the forward-looking statements in this
release. Walmart cannot assure you that the future results reflected in
or implied by any such forward-looking statement will be realized or,
even if substantially realized, will have the forecasted or expected
consequences and effects for or on Walmart’s operations or financial
performance. Such forward-looking statements are made as of the date of
this release, and Walmart undertakes no obligation to update such
statements to reflect subsequent events or circumstances.

Wal-Mart Stores, Inc.

Reconciliation of and Other Information Regarding a Non-GAAP Financial
Measure

(Unaudited)

The following information provides a reconciliation of a non-GAAP
financial measure presented in the press release to which this
reconciliation is attached to the most directly comparable financial
measure calculated and presented in accordance with generally accepted
accounting principles (GAAP). The company has provided the non-GAAP
financial information presented in the press release, which is not
calculated or presented in accordance with GAAP, as information
supplemental and in addition to the financial measure presented in the
press release that is calculated and presented in accordance with GAAP.
A non-GAAP financial measure should not be considered superior to, as a
substitute for or alternative to, and should be considered in
conjunction with, the GAAP financial measure presented in the press
release. The non-GAAP financial measure in the press release may differ
from similar measures used by other companies.

Adjusted EPS Guidance

Adjusted EPS is considered a non-GAAP financial measure. Management
believes that Adjusted EPS guidance for Fiscal 2017 is a meaningful
metric to share with investors because that metric, which adjusts GAAP
EPS guidance for a specific item recorded or expected to be recorded in
the period, is the metric that best allows comparison of the expected
performance for Fiscal 2017 to the performance for the comparable
period. In addition, the metric affords investors a view of what
management is forecasting for Walmart’s core earnings performance for
Fiscal 2017 and also affords investors the ability to make a more
informed assessment of the core earnings performance for the comparable
period.

The calculation of Adjusted EPS guidance for Fiscal 2017 set forth below
adjusts GAAP EPS for the gain from the sale of Yihaodian in China.

Contacts

Wal-Mart Stores, Inc.
Investor Relations Contact
Steve
Schmitt
479-258-7172
or
Media Relations Contact
Randy
Hargrove
800-331-0085