My Friends:

I seem to be a little light on material this Monday (certainly shouldn’t be) and my deadline is on me. So why not let me repeat the most basic fundamental and important part of our business. You’ve seen it before, we’ve talked about it often, but we can’t over-emphasize the important of our wonderful customers to us and our futures. Think on each of these Wal-Mart commandments:

• Customers are the most important people in any business.
• Customers are not dependent on us. We are dependent on them.
• Customers are not interruptions of our work?they are the purpose of our work.
• Customers do us a favor when they shop with us. We are not doing them a favor by serving them.
• Customers are part of our business. They are not outsiders.
• Customers are not people with whom you argue or match wits.
• Customers are people who bring us their wants. It is our job to fill those wants.
• Customers are not cold statistics. They are flesh and blood human beings with emotions and feelings like our own.
• Customers are deserving of the most courteous and attentive treatment we can give them.
• Customers are the people that make it possible to pay your salary.
• Customers are the lifeblood of this and every other business.

Our stockholders and directors meetings last week were terrific. I felt real good about the entire event and we all owe so much to Bette Hendrix and all the teams that worked so hard to make it all come off in time and so very well done. I just can’t say enough for everyone—all the committees and drivers from our General Office. It was without question the best we’ve ever had, even if high water prevented our Annual Float down Big Sugar Creek. The highlight, for me at least, was getting to see, visit and listen to the over 400 stockholder associates who were elected by you to attend our shareholders meeting. They were the greatest—all eyes full of enthusiasm and Wal-Mart spirit—all during the trip—all day—and I’m sure they didn’t let up on those long bus rides home. What wonderful associate partners we have. That’s the real key to our Wal-Mart success. Our people, like those who represented you so well here, and everyone throughout Wal-Mart. Man! We did have fun, and I think we all learned a great deal from each other during the process. Just wish you all could have been here. But you’d have been proud of your delegates. It was also an honor for us to get to recognize all you district winners for the first quarter of our Aggressive Hospitality Contest of Wal-Mart. Also we had the #1 department manager winners present for 1984. These department managers were #1 in percent of sales to their store sales in the entire company. What an accomplishment. They are tops, and have to be truly great merchants.

As predicted, May was difficult, but we came through with a reasonably good month—up 7% in comparable stores on sales. June also is running about the same to date. As you may remember, last year we had an unbelievable month of June—up +24% comparable sales. So we can look for only a fair comparison this year at best.

Our theme at our Annual Meeting and at our stockholders meeting again—was “Let’s Go For It!” Why not? Let’s cinch up and go for it with all the determination and team work we can put together throughout our Company. I’m even more confident now about us coming through this second quarter and all of 1985 with a respectable performance than I was six months ago.

I just know how this Wal-Mart Team will function when the going is tough, and this year is one of those challenges. So “Let’s Go For It” my friends by being #1 with our customers and being aggressively hospitable; by being #1 merchants and V.P.I. participators; by working together as a team and as partners. A true Wal-Mart partnership, putting our associates’ interest first, should always be a major objective for us all.

Thanks for listening, and thanks for all that you continue to do so well for our Wal-Mart Company.

“Mr. Sam”