Bentonville, Ark. Wal-Mart Stores reported Tuesday that it issued its 2010 Annual Report and proxy statement in preparation for the retailer’s Annual Meeting of Shareholders on June 4.
The report, said Wal-Mart, highlights the company’s achievements of the past year and its priorities for the current fiscal year.
“I’m really proud of the performance of our team around the world and the results Walmart delivered for fiscal year 2010 in a year challenged by a difficult economy in all of our markets,” said Mike Duke, Walmart president and CEO, in his letter to shareholders.
Duke noted that Walmart reported net sales of more than $405 billion for the year, with international net sales exceeding $100 billion for the first time in the company’s history. He went on to say that the company would focus on three priorities in order to enhance shareholder value: growth, leverage and returns.
Growth in the United States, said Duke, would be achieved by leveraging opportunities in major metropolitan markets with innovative new formats and plans to make the company’s existing assets more productive. Growth in Walmart International would be driven by efforts to accelerate increases in square footage, by entering new markets and through acquisitions.
Duke emphasized Walmart’s focus on leverage, which would involve cost-cutting and traffic-boosting, and on returns, which would mean producing free cash flow to drive ROI and shareholder value.