Sales Up for October And First Nine Months of Year!
We’re having another fine year in the Wal-Mart Company, and
I want to review things generally with you once again.
We’ve just completed another excellent month (October and a
quarter ending 10-31-72). Sales were up 65 per cent for October, and up 67 per
cent for the first nine months of the year. And more importantly, even with our
most ambitious new store opening program, seventeen new stores this year plus
two new relocations, we’re up a like amount in net profit for the first nine
Certainly we can all be mighty proud of the continuing fine
record that is being established here at Wal-Mart. I noted last week that our Wal-Mart
stock on the New York Stock Exchange was selling at the highest multiple
(selling price divided by the latest annual earnings) of any general
merchandise company in the United States; and this includes some mighty big
companies and some mighty good companies as well, such as J. C. Penney, Kresge,
I know you share with
me intense pride that we have a program and a company that’s rated one of the
best in the country. And as far as I’m concerned, we’ve got the kind of
dedicated and interested people that will keep up on top for years to come.
But before we get too enthused about 1972, let me remind us
all that the most important sixty day period is still ahead of us and that’s
December and January. So let’s bear down and make it the best we’ve ever had.
Frankly, I’m concerned with the large inventories some of
our stores are carrying into this Christmas season. They are larger than usual,
and only very strong sales and careful attention to shrinkage will pull us out
of this excess inventory condition.
In all honesty, never have I seen our stores more ready for
the Christmas season. I’ve been in some thirty stores in the past thirty days
and I’ve never seen them looking better. Many of you have come up with some
great imaginative and effective merchandise displays, and our stocks are
generally in better balance this year than ever before.
On behalf of all our management personnel here, I’d like to
tell all of you in the stores how much we appreciate the great job you’ve done
this year. Let’s keep our eyes open, watch those loose ends, and roll
through these last two months with record smashing sales and profits.
I’m confident we’ll do it and that we can say 1972 broke all
records for both sales and profits, and that as well we’ll be able to make the
largest contribution ever to our Profit Sharing Trust.
Good luck and keep it up.
Sam M. Walton
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The Records Tumble In This Summer of 1972 With Wal-Mart...