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Wal-Mart Stores, Inc. again posted record sales and earnings for fiscal year 2008. Total net sales for the Company were $374.5 billion, an 8.6 percent increase over the previous fiscal year and a record for any retailer.

Operating income was up 7.3 percent for the year, with income from continuing operations up 5.8 percent. Diluted earnings per share from continuing operations for the fiscal year were $3.16, an increase of 8.2 percent over the previous year. These are all indications of our strong Company.

In addition to sales, operating income and earnings per share, we believe that free cash flow is an important financial measure in evaluating Wal-Mart’s performance. We define free cash flow as the cash provided by operating activities, less our payments for property and equipment (capital expenditures). Our priorities for cash remain the same: expansion, strategic acquisitions, payment of dividends and share repurchase.[Download]