'Transformation driving results for business and role in society'
By siliconindia   |   Tuesday, 17 June 2008, 01:47 IST
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Fayetteville: In a speech to investors and associates at the 2008 Wal-Mart Annual Shareholder Meeting, Wal-Mart Stores, President and CEO Lee Scott said that the changes made by management during the transformation of the past three years, as well as a deeper understanding of the company's mission of saving people money so they can live better, are driving results for the business and helping it effectively take on the toughest issues facing customers around the world. "'Saving Money' has always been a part of who we are. 'Living Better' is now a real part of our company too," said Scott in a prepared text of his remarks. "That connection, and our understanding of its potential, is making the difference between the great company we have always been and the even better Wal-Mart we are today." Scott also talked about Wal-Mart being better positioned than any other retailer to succeed both in today's current economic climate and the retail environment taking shape for the future. He cited strengths such as the company's global footprint, its leadership in sustainability, and the appeal of its price leadership strategy among aging populations. Scott touted the performance of Wal-Mart's core business units and said that the Wal-Mart model can succeed everywhere the retailer operates,in markets as different from each other as Canada, Argentina and China. "When it comes to our underlying business, our performance has been outstanding." Scott continued, "Our capital efficiency model is working. We are continuing to focus on delivering strong free cash flow. We also delivered record returns to our shareholders last year through more than $11 billion in share repurchases and dividends. Investors like what they see in our underlying business." Scott also talked about the company's efforts to help solve some of the toughest challenges facing its customers, such as rising energy prices and high out-of-pocket health care costs. He said that American voters who will be the focus of the upcoming elections are Wal-Mart shoppers who are concerned about these very issues. In his conclusion, Scott assured the audience that Wal-Mart would continue to succeed and lead in the future. He said the company's associates would make sure the company stays relevant in a changing world while staying true to its core.

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