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Non-Tech : Wal-Mart -- Ignore unavailable to you. Want to Upgrade?

To: Profi who wrote (316)	1/8/1998 11:21:00 AM
From: Ken Turetzky	Respond to of 1166

Sorry, profi, that's not my area. Some news: RETAIL STOCK OUTLOOK: DLJ E.R. December Retail Sales 10:38am EST 8-Jan-98 DLJ Securities (Gary Balter) Wal-Mart# Reported Comp: DS-7.0%, Sam-8.1% These were some of the best sales we have seen from WMT in some time. However, they were a little more promotional than expectation because the sales came late. In addition labor costs were higher because of the minimum wage increases effect on the seasonal help. This stock should continue to be a good stock as it represents the safety that investors are looking for as they search out retailers. ----------------------------------------- Dec. Retail Sales Summary: ANN FD GPS KM JCP S WMT Dow Jones News Service via Dow Jones The following companies are among those reporting December retail sales Thursday morning: Same- Total Store AnnTaylor ANN (5.5%) (10.1%) Federated Dept Stores FD 0.2% 1.0% Gap Inc. GPS 29.0% 10.0% K Mart Corp. KM 0.2% 2.9% Penney (J.C.) Inc. JCP 8.0% (2.3%) Sears, Roebuck & Co. S a. 5.4% a. 7.8% Wal-Mart Stores Inc. WMT 16.8% 7.0% ------------------------------------------ Wal-Mart Stores Sales -2: 48-Wk Same-Store Sales Rose 6.8% Dow Jones News Service via Dow Jones BENTONVILLE, Ark. (Dow Jones)--Wal-Mart Stores Inc. (WMT) December same-store sales rose 7% from last year. In a press release Thursday, the retail company said total sales for Wal-Mart for the five-week period ending Jan. 2 rose 16.8% to $16.5 billion from $14.13 billion last year. Total company same-store sales, including Sam's Stores, for December rose 7.2%. For the 48-week period ending Jan. 2, Wal-Mart same-store sales rose 6.8%. Total sales for the year-to-date period rose 13% to $110.07 billion. Sam's Clubs same-store sales for the five-week period rose 8.1%. Sam's Club December total sales rose 9.2% to $2.52 billion from $2.31 billion last year. Sam's Club sales same-store sales rose 3.8% for the 48-week period, while total sales rose 4.6% to $19.13 billion from a year ago. Total company same-store sales for the 48-week period rose 6.1%. As of December 31, 1997, Wal-Mart had 1,904 Wal-Mart stores, 436 Supercenters, and 444 SAM'S Clubs in the U.S.

To: Profi who wrote (316)	1/9/1998 11:25:00 AM
From: Ken Turetzky	Respond to of 1166

RETAIL STOCK OUTLOOK: Continue To Recommend Overweighting Retail Sto 10:24am EST 9-Jan-98 DLJ Securities (Gary Balter) WMT KM HD LOW JCP COST S CC DLJ **** DONALDSON, LUFKIN & JENRETTE **** DLJ January 9, 1998 Gary Balter (212) 892-4228 Dana Eisman Cohen (212) 892-4250 Doug Donovan (212) 892-8906 Jeff McMahon (212) 892-2351 RETAIL STOCK OUTLOOK Continue To Recommend Overweighting Retail Stocks Solid December Sales Underlying Trends Remain Strong, Margins Solid (Part 3 of 7) VIEWPOINT WAL-MART (WMT: $39 5/16)# Rating: Market Performance EPS Estimates 1/97A 1/98E 1/99E P/E 1/98E 1/99E $1.33 $1.54 $1.75 25.5x 22.5x In December, Wal-mart's comp sales at the discount stores rose a solid 6.5% and Sam's Club's comps grew robustly 4.4%, both at the high end of plans. These were some of the best sales we have seen from WMT in some time, however they were a little more promotional than expectation because the sales came late. In addition, labor costs were higher because of the minimum wage increases effect on the seasonal help. This stock should continue to be a good stock as it represents the safety that investors are looking for as they search out retailers. Holiday sales were on the high end of expectations, but came in short and very intensive bursts. Specifically, Thanksgiving and the two days before Christmas were the strongest. Throughout the holiday season, Wal-Mart improved its in-stock position and merchandise presentation, while receiving some of the best customer service scores. The post-holiday sales were good. Inventory and sell-through improved year over year at both the discount stores and the clubs. By division, the discount stores started off with sales on the low end of plan for the first three weeks of the month and finished up at the high end of plan due to very strong Christmas and good post-holiday sales. Robust demand for seasonal, electronics, pets, books, and apparel drove revenues at the discount stores. The Clubs posted sales on the high end of expectations as office supplies, toys, books, and softgoods sold well. Membership renewal rates were strong, supporting the excellent value members associate with the clubs. Internationally, Canada and Puerto Rico came in on plan, while Mexico and Argentina were slightly below expectations. On December 30th, 1997, Wal- Mart completed the acquisition of the 21 store Wertkauf hypermarket chain ($1.4 billion in annual sales) in Germany. With robust holiday sales results, a good merchandise mix, and solid sell through of inventory, the fourth quarter outlook is positive. There has been some off-price promotional activity occurring in the sector, but it should not impact bottom line results, and management is comfortable with fourth quarter consensus estimates of around $0.55. January comps are expected to be in the mid-single digits at the discount stores and in the low single digits at Sam's.

To: Profi who wrote (316)	1/30/1998 2:00:00 PM
From: Ken Turetzky	Read Replies (1) \| Respond to of 1166

Smith Barney likes Wal-Mart: Four Sharp Charts for Four Cheap Stocks 07:55am EST 30-Jan-98 Salomon Smith Barney (JR. 212-816-1857) EMR MEA NSM WMT --SUMMARY:------------------------------------------------------------------ The marketplace seems to be in the process of re-evaluating its outlook for "Asia" and the impact that Asia,s woes (or lack thereof) will have on equity prices in the United States. This week, we feature four stocks that,in our opinion, offer superb value, growth, and momentum or a combination of all three. * Article originally appeared in the Portfolio Strategist dated January 30, 1998. Finally, Wal-Mart Stores makes this list despite its strong 1997 gain. Figure 13 demonstrates quite clearly that 1997 was the first year in the last 10 that the company,s perceived growth rate did not decline. Figure 14 describes the acceleration in relative earnings expectations last seen in the 1980s. Finally, Figures 15 and 16 show that despite these improvements, the company has a relative P/E multiple that is near its historical low along with a relative total return that is almost 50% below its 1992 high. Retailing analyst Richard Church rates Wal-Mart his Top Pick for 1998. Note: The figures referred to above can be found in the January 30 issue of Portfolio Strategist.