Wal-Mart January Comps Up 5.7%

Wal-Mart Stores net sales for the four-week period ending
January 30, 2004, of $18.400 billion, an increase of 14.3 percent over the $16.105 billion in the similar period in the prior year. Sales for the fifty-two week period were $256.026 billion, an increase of 11.5 percent over
$229.679 billion in the similar period in the prior year.

On May 23, 2003, Wal-Mart Stores, Inc. completed the sale of McLane
Company, Inc. (“McLane”), then a wholly-owned subsidiary, to Berkshire
Hathaway Inc. The amounts disclosed above are from continuing operations and
exclude McLane sales for all periods presented.

The Wal-Mart division's sales for the four-week period were
$12.131 billion, up 13.5 percent over sales of $10.690 billion in the similar
period in the prior year. The division's sales for fifty-two weeks of
$173.579 billion were up 10.8 percent over the $156.702 billion in the similar
period in the prior year.

SAM'S CLUB sales for the four-week period were $2.476 billion, up
10.4 percent over sales of $2.242 billion in the similar period in the prior
year. Club sales for the fifty-two weeks of $34.376 billion were up
8.7 percent over the $31.614 billion in the similar period in the prior year.

The International division's sales for the four-week period were
$3.793 billion, up 19.5 percent over sales of $3.173 billion in the similar
period in the prior year. The division's sales for the fifty-two weeks of
$48.071 billion were up 16.2 percent over the $41.363 billion in the similar
period in the prior year.

Comparable sales for the periods ending January 30, 2004, were as
follows:

                                  4 Weeks                  52 Weeks
                          This Year    Last Year    This Year     Last Year

    Wal-Mart                 5.3 %        2.6 %        3.8 %         5.6 %
    SAM'S CLUB               7.9 %        0.9 %        5.1 %         2.2 %
    Total US                 5.7 %        2.3 %        4.0 %         5.0 %

For the February four-week period, we are estimating comparative sales for
the U.S. to be up in the 3 to 5 percent range.

With January sales exceeding our expectations, we would have expected
earnings per share around the high end of our previous guidance of $0.63 to
$0.65 per share. However, our fourth quarter results will likely be
influenced by a tax law change enacted by the German government that became
effective in January 2004. This change has prompted a re-evaluation of the
recoverability of the deferred tax asset related to our cumulative operating
losses in Germany. The non-cash adjustment to the valuation allowance is
still being evaluated, but could result in earnings of around $0.63 per share
for the quarter.