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Business Description
Wal-Mart Stores, Inc. operates retail stores in various formats around the world. It organizes its business into three segments: Wal-Mart Stores, SAM'S CLUB and International. The Wal-Mart Stores segment consists of three different retail formats, Discount Stores, Supercenters and Neighborhood Markets, all of which operate in the United States. The SAM'S CLUB segment consists of membership warehouse clubs. As of January 31, 2004, the Company operated 1,478 Discount Stores, 1,471 Supercenters, 538 SAM'S CLUBs and 64 Neighborhood Markets in the United States. The International segment consists of retail operations in eight countries and Puerto Rico. The International segment includes several different formats of retail stores and restaurants, including Discount Stores, Supercenters and SAM'S CLUBs that operate outside the United States. Additionally, the Company owns an unconsolidated 37.8% minority interest in The Seiyu, Ltd., a retailer in Japan.

Financial Information
For the six months ended 7/31/04, revenues rose 13% to $135.91 billion. Net income from continuing operations rose 17% to $4.82 billion. Revenues reflect domestic and international expansion and an increase in same store sales. Net income also benefitted from reduced inventory shrinkage, improved merchandising, and a decrease in interest costs of capital leases.