Good morning and thank you for joining us to review Wal-Mart's Second Quarter Fiscal 2017 results. This is Steve Schmitt, Vice President of Investor Relations at Wal-Mart Stores, Inc. The date of this call is August 18, 2016. On today's call you will hear from Doug McMillon, President and CEO, and Brett Biggs, CFO. This call contains statements that Wal-Mart 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. As a reminder, our earnings materials include the press release, transcript and accompanying slide presentation, which are intended to be used together. 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. For fiscal year 2017, we utilize a 52-week comp reporting calendar. Our Q2 reporting period ran from Saturday, April 30th, through Friday, July 29th, of this year. And, as previously announced, our annual meeting for the investment community will be in Bentonville, Arkansas on October 5th and 6th. We plan on having facility tours on the 5th with our meeting taking place on the 6th. We look forward to seeing you here. Now, I'd like to turn it over to Wal-Mart CEO, Doug McMillon.

Thanks, Steve, and good morning everyone. Thank you for joining us to hear more about our second quarter results. We had a strong quarter with adjusted earnings per share of $1.07. Excluding the $2.7 billion currency impact, we delivered total revenue of $123.6 billion, an increase of 2.8% over last year. We exceeded our Walmart U.S. comp sales guidance this quarter, with Walmart U.S. delivering comp sales of 1.6%, driven by a traffic increase of 1.2%. This was our 8th consecutive quarter of positive comp sales and our 7th consecutive quarter of positive traffic. I’m encouraged by what I'm seeing when I visit stores and pleased with how Greg Foran, our leadership team and our associates are executing our plan to win. Our customer satisfaction scores continue to improve, and the team did a great job of managing the flow of inventory again this quarter. Comp store inventory was down 6.5% and in-stock levels are up. We’re also showing progress in e-commerce. On a constant currency basis, GMV and e-commerce sales increased 13% and 11.8% respectively. The U.S. results were stronger than those in our key international markets. This was primarily due to growth in our marketplace offering in the U.S., the continued roll out of online grocery and growth of pick-up in stores and clubs. We continue to see proof that our customers enjoy a seamless shopping experience. The distinctions that we talk about today between stores, apps, pick-up, delivery and sites are continuing to blur into the background for customers. For them, it’s just Walmart. We've built a solid foundation in e-commerce under the leadership of Neil Ashe. During Neil’s tenure, we more than doubled our e-commerce GMV, became the second most trafficked e-commerce site in the U.S., re-platformed Walmart.com, opened a national fulfillment center network and most…

Thanks, Doug, and good morning everyone. We're half way through the year and we continue to be pleased with the momentum we're seeing across many parts of the business. We're executing against our strategic priorities, focusing on the customer and improving core retail fundamentals around the world. In addition to delivering solid second quarter results, which I'll talk about in a minute, we continue to make decisions that focus the business for long term success. Just in the past few weeks we've furthered our strategy in e-commerce through the alliance with JD.com and the planned acquisition of Jet.com. In addition, we've agreed to divest our Suburbia apparel business in Mexico, allowing for additional focus on our core business in that market. Each of these decisions aligns with our strategy and demonstrates our commitment to thoughtfully allocating capital against our long term strategy. Now, let's get to the results. Second quarter adjusted EPS was $1.07, which was at the high end of our guidance range, while reported EPS was $1.21. Adjusted EPS excludes a non-cash gain of $0.14, net of tax, from the sale of Yihaodian in China to JD.com. We anticipate the gain for the full year will be $0.16 per share, which is within the original guidance range when we announced the transaction. From a revenue perspective, we had another solid quarter. Excluding the $2.7 billion currency impact, total revenue increased 2.8% to $123.6 billion, while on a reported basis, total revenue was $120.9 billion. On a constant currency basis, we added net sales of $2.8 billion in the quarter and $7.2 billion in the first six months of the fiscal year. Walmart U.S. delivered a very solid comp sales increase of 1.6% driven by a 1.2% increase in traffic. It’s now been two full years that Walmart U.S.…