Wal-Mart Message Board - Msg: 1916244

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Non-Tech : Wal-Mart

WMT 102.48

-0.1%

Nov 14 9:30 AM EST

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To: Jack L. Dlugach who wrote (206)	8/6/1997 1:36:00 PM
From: Ken Turetzky	of 1166

RETAIL STOCK OUTLOOK: Expect Solid July Sales Results Looking For U 12:46pm EDT 6-Aug-97 DLJ Securities (Gary Balter) WMT KM DH HD LOW S COST GNCI DLJ **** DONALDSON, LUFKIN & JENRETTE **** DLJ August 6, 1997 Gary Balter (212) 892-4228 Doug Donovan (212) 892-8906 Jeff McMahon (212) 892-2351 RETAIL STOCK OUTLOOK Expect Solid July Sales Results Looking For Upside Earnings Surprises Stocks Positioned For Continued Outperformance Easy Comparisons Due in Large Part To Last Year's Olympics (Part 2 of 2) VIEWPOINT o WMT# * Could Be Best Discount Store Comps Of The Year * Earnings Should Be On Or Above Plan Sales at Wal-Mart's discount stores have been excellent, running ahead of the 4-6% plan, implying comps in the high single digits and possibly double digit. And while sales at the clubs have been less than stellar, the company seems to have tremendous momentum as almost everything continues to fall into place. As the company keeps inventories tight and continues to rationalize expenses, we see the potential for a fatter and fatter bottom line. In fact, we believe that the company even has some leeway to do some different things to try to improve performance and still have enough left to make the earnings. We continue to expect Wal-Mart stock to outperform the market near term and view it as a core holding for our more favorable retail outlook. Look for strong earnings on August 12th when they report.

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