Hello and thank you for joining us today to review the results of our first quarter of fiscal 2017. This is Pauline Mohler, Senior Director of Global Investor Relations for Wal-Mart Stores, Inc. The date of this call is May 19, 2016. This call is the property of Wal-Mart Stores Inc. and is intended for the use of Walmart shareholders and the investment community. It should not be reproduced in any way. [Operator Instructions]. This call contains statements that Walmart believes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended and that are intended to enjoy the protection of the safe harbor for forward-looking information provided by that Act. A cautionary statement regarding forward-looking statements is at the end of this call. Today you will notice some changes with our earnings materials and Brett will cover the details regarding these changes later in this call. The earnings release, transcript and accompanying slide presentation are intended to be used together. The slide presentation has been enhanced to include financial highlights for each operating segment, additional context on merchandise categories and market level highlights. All of this information along with our store counts, square footage, earnings infographic and other materials are available on the investors' portion of our corporate website, stock.Walmart.com. We look forward to hearing your feedback on these changes. With this year being a leap year, today's results, including International comparable sales data, reflect the extra day in our first quarter. Leap year does not affect the 4-5-4 comp sales reporting for the U.S. businesses. As a reminder, for fiscal year 2017, we utilize a 52-week comp reporting calendar. Our Q1 reporting period ran from Saturday, January 30, 2016 through Friday, April 29, 2016. As previously announced, our Annual Shareholders' Meeting will be held Friday, June 3, on the University of Arkansas campus in Fayetteville. The meeting starts at 8 AM central time and is also available for viewing via webcast through our website, stock.Walmart.com or via Walmart' free investor relations app. Also on October 6, we will hold our annual meeting for the investment community in Northwest Arkansas. Now let's continue on to today's call. Doug McMillon, President and CEO of Wal-Mart Stores Inc., will provide his thoughts about our results for the quarter in the context of our overall strategy. Brett Biggs, Walmart's CFO, will show the overall financial results along with highlights for our three operating segments, Walmart U.S., international and Sam's Club. He will wrap up with guidance for the second quarter and fiscal 2017. Now I would like to turn it over to our CEO, Doug McMillon. Doug?

Thanks, Pauline and good morning everyone. Thank you for joining us to hear more about our first quarter results and an update on our overall strategy. We're off to a good start to the fiscal year. For the first quarter, EPS was $0.98 which is above the top end of our guidance. Excluding a $3.5 billion currency impact, we delivered total revenue of $119.4 billion which is growth of $4.6 billion or 4% over last year. On a reported basis, total revenue increased 0.9% to $115.9 billion. We exceeded both our EPS and Walmart U.S. comp sales guidance. As we described in October, we're improving our stores, adding critical capabilities and deepening relationships with customers. We're encouraged by the Walmart U.S. comp and believe it is attributable to real improvement in our store experience. Our customers are giving us positive feedback and I'm seeing it myself on store visits and you can see it in the traffic numbers. We delivered comp sales of 1% in Walmart U.S. due to continuing traffic increases which improved 1.5% this quarter. This was our seventh consecutive quarter of positive comp sales and our sixth consecutive quarter of positive comp traffic. It is exciting to see the improvement in core retail fundamentals. For example, I'm encouraged by the progress we're making on inventory. That progress is important in its own right and for cash flow purposes but it can also help create a virtuous loop. When combined with our investments in training and associate education, wages and store structure, it is giving our associates more time on the sales floor to serve customers. Our customer satisfaction scores have continued to strengthen and our in stock has gotten better. Our associates are responding and I'm proud of them, Greg Foran and the entire U.S. leadership team.…

Thanks, Doug and good morning everyone. As Pauline mentioned, our earnings materials are a little different this quarter. Our intent is to continue to provide you with a high level of transparency and information but in a more efficient and concise manner. For example, we have added specific comments and highlights on the performance of each of our operating segments within the financial presentation instead of being spread out among several parts of a lengthy transcript. Therefore it is important that you review the financial presentation in conjunction with the comments from Doug and me. We hope you find this new format more efficient and we look forward to any feedback you may have. With that, let's turn our attention to the results for the quarter. I would like to start by taking a minute to thank all of our associates around the world. Over the past few months, I have had the opportunity to visit with associates in our U.S. stores as well as in China, Japan and Brazil and I was encouraged by the level of dedication they continue to demonstrate. As a company, we're executing against our strategic priorities and not only delivering short to midterm improvements but positioning Walmart for long term success. We still have work to do, however, we're pleased that our first quarter results demonstrate continued progress. First quarter EPS of $0.98 was above our guidance range. During the quarter, we saw a benefit from lower utility and maintenance expenses due to a milder winter in the U.S. and slightly lower costs from store closures announced last quarter. From a revenue standpoint excluding the $3.5 billion currency impact, total revenue increased $4.6 billion or 4% to $119.4 billion. On a reported basis, our total revenue increased 0.9% to $115.9 billion. Walmart U.S. delivered…

This call included certain forward-looking statements intended to enjoy the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to management's guidance and forecasts as to and expectations for Walmart's earnings per share for the quarter ending July 31, 2016, comparable-store sales for the Walmart U.S. segment and the comparable Club sales excluding fuel of the Sam's Club segment for the 13-week period ending July 29, 2016, the expansion of Walmart U.S. Grocery Pickup program to a certain number of new markets and additional stores by certain times within the quarter ending July 31, 2016. The timing of a nationwide rollout of Walmart Pay and Walmart's goals of making strategic investments in its UK operations to improve those operations' market position and invest in price for managing the bottom line and cash flow and Project Renewal remaining a focus with the aim to simplify and strengthen the customer offer, reduce costs and drive sales, Walmart's goal of stronger working capital management, Walmart's growth plan including price investment, Walmart building on its successes and working through challenges in key markets, and the Sam's Club segment's focus on leading in digital. Assumptions on which any guidance or forecast are based are considered forward-looking statements. Walmart's actual results may differ materially from the guidance provided or the goals, expectations or forecasts discussed in such forward-looking statements as a result of changes in facts, assumptions not being realized or other risk, uncertainties and factors, including economic and market factors, economic, geopolitical, capital markets and business conditions, trends and events around the world and in the markets in which Walmart operates, currency exchange rate fluctuations and changes in market interest rates, unemployment levels, changes in market levels of wages, initiatives of competitors, competitors' entry into and…