Wal-Mart: We'll Keep Customers Gained In Recession

ANNE D'INNOCENZIO

FAYETTEVILLE, Arkansas (AP) — Wal-Mart Stores Inc. executives pledged Friday to continue making changes to the company to adapt to the economy but to do so in a way that it keeps the new customers it has picked up because of the recession.

The company announced it would launch a new $15 billion share repurchase program. The program replaces a $15 billion program begun in 2007 that $3.4 billion of remaining authorization.

Chief Financial Officer Tom Schoewe told shareholders that the company was increasing sales and profits faster than its competitors. He noted that Wal-Mart forecast earnings per share for fiscal 2008 of between $3.30 and $3.43.

The company came in at $3.35. Meeting that projection came as the economy went into a nosedive.

"Did we know when we provided guidance that consumer confidence would look like this?" Schoewe said, pointing at a graphic that featured a sharp downward arrow. He said the retail environment became increasingly difficult and that Wal-Mart was pressured internationally by a stronger dollar.

The meeting featured Wal-Mart's customary celebrity appearances. Miley Cyrus, who has a new apparel line with Wal-Mart, performed, as did American Idol winner Kris Allen, who is from Arkansas. Basketball legend Michael Jordan also spoke briefly.