Exhibit 99.1

WAL-MART

STORES, INC.

    479/273-4314 www.walmartstores.com/news/    

FOR IMMEDIATE RELEASE	Investor Relations Contacts
	Investor Relations 479/273-8446
	Jay Fitzsimmons 479/273-6445
	Pauline Tureman 479/277-9558
	Media Relations Contact
	Gus Whitcomb 479/273-4314
	Pre-recorded Conference Call
	402/998-1748

Wal-Mart Reports Record Third Quarter Sales and Earnings

BENTONVILLE, Ark., November 16, 2004 — Wal-Mart Stores, Inc. reported record third quarter sales and earnings for the quarter ended October 31, 2004. Net sales were $68.5 billion, an increase of 9.7 percent over the third quarter of fiscal 2004. Income from continuing operations for the quarter was $2.3 billion, an increase of 12.7 percent from $2.0 billion in the third quarter of fiscal 2004. Diluted earnings per share from continuing operations were $0.54, up from $0.46 per share in the same prior year quarter.

Net sales for the nine months ended October 31, 2004, were $203.0 billion, an increase of 11.6 percent over the first nine months of fiscal 2004. Income from continuing operations for the nine months ended October 31, 2004, increased 15.7 percent to a record $7.1 billion, up from $6.1 billion in the same prior year period. Diluted earnings per share from continuing operations for the nine months ended October 31, 2004, were $1.66, up from $1.40 in the same prior year period.

Lee Scott, President and CEO said, “I am pleased to report another record quarter of sales and earnings. The economy continues to improve and we are well positioned for the holidays. With the help of our associates, I look forward to another record quarter and a successful holiday season.”

Net sales were as follows (dollars in billions):

	Quarter Ended October 31,						Nine Months Ended October 31,
	2004		2003		Percent Change		2004		2003		Percent Change
Wal-Mart Stores	$	45.888	$	42.386	8.3	%	$	136.373	$	123.574	10.4	%
SAM’S CLUB		9.082		8.607	5.5	%		27.139		24.982	8.6	%
International		13.550		11.487	18.0	%		39.493		33.279	18.7	%
Total Company	$	68.520	$	62.480	9.7	%	$	203.005	$	181.835	11.6	%

Total U.S. comparable sales for the quarter increased 1.7 percent, which is represented by a 1.3 percent comp increase for Wal-Mart Stores and a 4.0 percent comp increase for SAM’S CLUB. Total U.S. comparable sales for the nine month period were up 4.1 percent which is comprised of a 3.4 percent comp increase for Wal-Mart Stores and a 7.2 percent comp increase for SAM’S CLUB.

Wal-Mart Stores Segment:

For the third quarter of fiscal 2005, the Wal-Mart Stores segment, including Supercenters, had operating income (income from continuing operations before unallocated corporate expenses, net interest expense, income taxes and minority interest) of $3.115 billion, an increase of 5.0 percent compared with $2.967 billion in the third quarter of fiscal 2004.

For the nine months ended October 31, 2004, the Wal-Mart Stores segment, including Supercenters, had operating income of $9.921 billion, an increase of 9.8 percent as compared with operating income of $9.036 billion in the similar period in the prior year.

SAM’S CLUB Segment:

The SAM’S CLUB segment had operating income for the third quarter of fiscal 2005 of $306 million, an increase of 13.3 percent compared with $270 million in the third quarter of fiscal 2004.

For the nine months ended October 31, 2004, the SAM’S CLUB segment had operating income of $925 million, an increase of 18.1 percent as compared with operating income of $783 million in the similar period in the prior year.

International Segment:

The International segment had operating income of $698 million for the most recent quarter, an increase of 23.8 percent compared with $564 million in the third quarter of fiscal 2004.

The International segment had operating income of $2.009 billion for the first nine months of fiscal 2005, an increase of 33.1 percent compared with $1.509 billion for the similar period in fiscal 2004.

After this earnings release has been furnished to the SEC, a pre-recorded call offering additional comments on the quarter will be available to all investors. You may listen to this call by dialing 402-998-1748. The information included in this release and our pre-recorded phone call will be available on our web site at www.walmartstores.com, news, news releases, earnings and dividends.

Wal-Mart Stores, Inc. operates in all fifty states. Internationally, the Company operates in Argentina, Brazil, Canada, China, Germany, Mexico, Puerto Rico, South Korea and the United Kingdom. Wal-Mart also owns approximately a 37% interest in The Seiyu, Ltd. (“Seiyu”) with options to purchase up to approximately 69% of that company by the end of December 2007. Seiyu operates over 400 stores located throughout Japan. The Company’s securities are listed on the New York and Pacific stock exchanges under the symbol WMT.

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. McLane has been accounted for as a discontinued operation.

Last year, Wal-Mart Stores, Inc. contributed more than $150 million to support communities and local non-profit organizations. Customers and associates raised an additional $70 million at Stores and Clubs. View additional information about the Company on our website at www.walmartstores.com or shop with us on-line at www.walmart.com and www.samsclub.com.

This release contains a statement as to the view of our Chief Executive Officer regarding the balance of the year that Wal-Mart believes is a “forward-looking statement” within the meaning of the Private Securities Litigation Reform Act of 1995, and intended to enjoy the protection of the safe harbor for forward-looking statements provided by that Act. This forward-looking statement is subject to risks, uncertainties and other factors, domestically and internationally, including, the cost of goods, competitive pressures, geopolitical conditions, inflation, consumer spending patterns and debt levels, currency exchange fluctuations, trade restrictions, changes in tariff and freight rates, changes in the cost of energy, labor and health care, accident costs, interest rate fluctuations and other capital market conditions and other risks. We discuss certain of these factors more fully in other of our filings with the SEC, including our last Annual Report on Form 10-K filed with the SEC, and this release should be read in conjunction with that Annual Report on Form 10-K, and together with all our other filings, including current reports on Form 8-K, made with the SEC through the date of this report. We urge you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statement contained in this release. As a result of these matters, including changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from historical results or from anticipated results implied in the forward-looking statement contained in this release. That forward-looking statement is made only as of the date of this report and we undertake no obligation to update it to reflect subsequent events or circumstances.

WAL-MART STORES, INC.

Consolidated Statements of Income

(Unaudited)

(Amounts in millions except per share data)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2004			2003			2004			2003
Revenues:
Net sales	$	68,520		$	62,480		$	203,005		$	181,835
Other income, net		741			555			2,165			1,656
		69,261			63,035			205,170			183,491
Costs and expenses:
Cost of sales		52,567			48,292			156,069			140,508
Operating, selling, general and administrative expenses		12,910			11,344			37,308			32,704
Operating income		3,784			3,399			11,793			10,279
Interest:
Debt		248			168			649			512
Capital leases		57			64			189			202
Interest income		(64	)		(26	)		(149	)		(83	)
Interest, net		241			206			689			631
Income from continuing operations before income taxes and minority interest		3,543			3,193			11,104			9,648
Provision for income taxes		1,207			1,117			3,853			3,377
Income from continuing operations before minority interest		2,336			2,076			7,251			6,271
Minority interest		(50	)		(48	)		(148	)		(131	)
Income from continuing operations		2,286			2,028			7,103			6,140
Income from discontinued operation, net of tax		—			—			—			193
Net income	$	2,286		$	2,028		$	7,103		$	6,333
Basic net income per common share:
Net income per common share from continuing operations	$	0.54		$	0.46		$	1.67		$	1.40
Net income per common share from discontinued operation		—			—			—			0.05
Basic net income per common share	$	0.54		$	0.46		$	1.67		$	1.45
Diluted net income per common share:
Net income per common share from continuing operations	$	0.54		$	0.46		$	1.66		$	1.40
Net income per common share from discontinued operation		—			—			—			0.04
Diluted net income per common share	$	0.54		$	0.46		$	1.66		$	1.44
Weighted-average number of common shares:
Basic		4,242			4,362			4,266			4,375
Diluted		4,249			4,372			4,274			4,385

Certain reclassifications have been made to the prior period to conform to the current presentation.

WAL-MART STORES, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(Amounts in millions)

SUBJECT TO RECLASSIFICATION

	October 31, 2004			October 31, 2003			January 31, 2004
ASSETS
Cash and cash equivalents	$	4,639		$	3,312		$	5,199
Receivables		1,418			1,112			1,254
Inventories		33,347			31,285			26,612
Prepaid expenses and other		1,573			1,083			1,356
Total current assets		40,977			36,792			34,421
Property, plant and equipment, at cost		80,421			69,203			71,601
Less accumulated depreciation		(18,545	)		(15,593	)		(15,684	)
Property, plant and equipment, net		61,876			53,610			55,917
Property under capital leases		4,465			4,245			4,286
Less accumulated amortization		(1,798	)		(1,651	)		(1,673	)
Property under capital leases, net		2,667			2,594			2,613
Goodwill		10,191			9,446			9,882
Other assets and deferred charges		2,378			2,383			2,079
Total assets	$	118,089		$	104,825		$	104,912
LIABILITIES AND SHAREHOLDERS’ EQUITY
Commercial paper	$	7,569		$	4,709		$	3,267
Accounts payable		22,133			20,300			18,932
Dividends payable		537			—			—
Accrued liabilities		12,325			10,185			10,741
Accrued income taxes		525			679			1,377
Long-term debt due within one year		3,721			2,913			2,904
Obligations under capital leases due within one year		206			181			196
Total current liabilities		47,016			38,967			37,417
Long-term debt		19,099			16,951			17,102
Long-term obligations under capital leases		3,048			2,997			2,997
Deferred income taxes and other		2,588			2,317			2,289
Minority interest		1,452			1,422			1,484
Common stock and capital in excess of par value		2,723			2,513			2,566
Retained earnings		40,850			39,750			40,206
Other accumulated comprehensive income		1,313			(92	)		851
Total shareholders’ equity		44,886			42,171			43,623
Total liabilities and shareholders’ equity	$	118,089		$	104,825		$	104,912

Certain reclassifications have been made to the prior periods to conform to the current presentation.

WAL-MART STORES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in millions)

SUBJECT TO RECLASSIFICATION

	Nine Months Ended October 31,
	2004			2003
Cash flows from operating activities:
Income from continuing operations	$	7,103		$	6,140
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,161			2,813
Decrease (increase) in accounts receivable		(44	)		460
Increase in inventories		(6,632	)		(6,630	)
Increase in accounts payable		3,099			3,655
Increase in accrued liabilities		450			1,202
Other operating activities		311			120
Net cash provided by operating activities of continuing operations		7,448			7,760
Net cash provided by operating activities of discontinued operation		—			50
Net cash provided by operating activities		7,448			7,810
Cash flows from investing activities:
Payments for property, plant and equipment		(9,260	)		(7,403	)
Disposal of assets		742			191
Proceeds from sale of McLane		—			1,500
Investment in international operations		(315	)		—
Other investing activities		(23	)		172
Net cash used in investing activities of continuing operations		(8,856	)		(5,540	)
Net cash used in investing activities of discontinued operation		—			(176	)
Net cash used in investing activities		(8,856	)		(5,716	)
Cash flows from financing activities:
Increase in commercial paper		4,302			635
Proceeds from issuance of long-term debt		4,831			5,610
Dividends paid		(1,664	)		(1,180	)
Payment of long-term debt		(2,081	)		(3,500	)
Purchase of Company stock		(4,398	)		(3,105	)
Other financing activities		(181	)		(70	)
Net cash provided by (used in) financing activities		809			(1,610	)
Effect of exchange rates on cash		39			70
Net increase (decrease) in cash and cash equivalents		(560	)		554
Cash and cash equivalents at beginning of year *		5,199			2,758
Cash and cash equivalents at end of period	$	4,639		$	3,312

* Includes cash and cash equivalents of discontinued operation of $22 million at January 31, 2003.

Certain reclassifications have been made to the prior period to conform to the current presentation.