The corporate culture of Wal-Mart is one of the biggest contributing factors that make it one of the world's most admired companies. When Sam Walton founded the company, he instilled in his people and his business a belief system that is still very much in place today.
From the three basic beliefs to the sundown rule, we respect our customers, Associates and suppliers and strive to treat them as we ourselves want to be treated. In building and nurturing these relationships, as well as serving the communities where we live, we've helped build a better business-one committed to excellence.
To our shareholders, associates and customers:
Last year, Wal-Mart Stores, Inc. delivered both record sales and earnings from continuing operations. We also stepped out and took on some of the toughest challenges facing the communities we serve. But we did not achieve these things while doing business as usual.We did them during a period of perhaps the most rapid and profound change in our Company's history. With our transformation plan, we are committed to staying "Out in Front" of the changes around us.
This success is a tribute toWal-Mart associates around the world, and the culture they live and carry forward every day. At Wal-Mart, we save people money so they can live better. We are proud of that purpose, and I am proud of our associates, our Company, and the results we achieved together this past year.
When it comes to the fifi scal year's fifi nancial results,Wal-Mart again delivered solid performance.We had record net sales of $345 billion, an increase of 11.7 percent over fifi scal year 2006. Our net income from continuing operations rose 6.7 percent over last year to a record $12.2 billion. Earnings per share from continuing operations were $2.92.
I am also very pleased with our results inWal-Mart's International division, headed by Mike Duke. Led byMexico and increasing momentum at Asda in the United Kingdom, international... [continues]
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