Good morning, and thank you for joining us to review Walmart's fourth quarter fiscal 2017 results. This is Steve Schmitt, Vice President of Investor Relations at Wal-Mart Stores, Inc. The date of this call is February 21, 2017. On today's call, you will hear from Doug McMillon, President and CEO; and Brett Biggs, CFO. 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. 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 fiscal 2018 earnings release dates, store counts, square footage, earnings infographic and other materials are available on the Investor's portion of our corporate website, stock.walmart.com. For fiscal year 2017, we utilized a 52-week comp reporting calendar. Our Q4 reporting period ran from Saturday, October 29, 2016, through Friday, January 27, 2017. Before we get started, I'd like to remind you of a few upcoming dates. Our first quarter fiscal 2018 earnings release will be on Thursday, May 18, 2017; and our annual shareholder meeting will be held Friday, June 2, on University of Arkansas campus here in Fayetteville. Now I'd like to turn it over to Walmart's CEO, Doug McMillon.

Good morning, everyone. As you saw in our earnings materials this morning, we delivered a very solid quarter and it's great to see continued momentum in the business. Total revenue grew 3% in the quarter and increased 3.1% for the year, both in constant currency. Comp sales growth of 1.8% in the Walmart U.S. business this quarter was better than expected, and I'm particularly pleased with the traffic in our stores. U.S. GMV grew 36% in the quarter, so we're headed in the right direction with this important part of our business too. Our international business again delivered solid sales growth in constant currency last quarter and Sam's Club delivered its best comp sales growth of the year. I'm excited about what's happening at our company. We're moving with speed to better serve our customers every day and progressing against our 4 key objectives, which are: make every day easier for busy families, change how we work by becoming a more digital enterprise, deliver results and operate with discipline, and be the most trusted retailer. Brett's going to take you through the financials. But before he does, I'd like to highlight some of our accomplishments from this past year that are positioning us to win in the future. Let me start with our Walmart U.S. business. It all starts with our associates, and I'm pleased that in addition to increased wages, we've deployed more sophisticated tools to assist our associates to meet the needs of customers. New technology and apps are providing real-time information to improve our in-stock levels and better manage inventory, which is down 7% this quarter versus last year on a comp store basis. We've also invested in training academies for associates to further develop the skills they need to better serve customers and succeed in today's…

Good morning, everyone. As Doug mentioned, this has been an exciting year of transformation at Walmart. We've made strategic decisions revolving around the customer that will reposition the business for sustainable growth to win long term. We're moving with speed to provide customers with a better offer through stores, mobile and e-commerce. And we're confident this will drive value for shareholders. And while going through this transformation, our financial strength serves as a great competitive advantage. For fiscal year 2017, there were a number of accomplishments. I'll highlight just a few. Constant currency net sales were up nearly 3%, a growth of $13.7 billion. Operating cash flow reached $31.5 billion, an all-time record for Walmart. E-commerce GMV growth accelerated throughout the year. Adjusted EPS of $4.32 exceeded our initial full year guidance. GAAP EPS was $4.38. It has been a very successful year in a number of ways. Now let's discuss the results in more detail starting with the fourth quarter. Total revenue excluding an unfavorable $2.6 billion currency impact increased 3% to $133.6 billion. On a constant currency basis, we added $3.7 billion in net sales. It's important to note that currency impacts on net sales during the quarter were about $600 million higher than anticipated versus when we began the quarter, driven primarily by the depreciation of the Mexican peso versus the U.S. dollar. Walmart U.S. delivered strong top line performance with comp sales of 1.8% exceeding guidance. International continued its steady constant currency top line performance with another solid quarter, and Sam's Club comp sales of 2.4% were better than expected with continued strength in e-commerce and omnichannel initiatives. Fourth quarter adjusted EPS was $1.30, which was near the upper end of our guidance range. Walmart's consolidated gross profit margin increased 5 basis points in the quarter…

This call includes 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 3 months ending April 30, 2018; Walmart's earnings per share, operating income, net sales, levering of expenses and effective tax rate for the year ending January 31, 2018; the impact of currency on net sales and earnings per share for the year ending January 31, 2018; 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 April 28, 2017; actions that will drive value for shareholders, future investments in e-commerce to drive traffic and improve the customer value proposition; the benefits of our investments in e-commerce and the benefits of our alliance with JD.com. Assumptions on which any guidance or forecasts 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 risks, uncertainties and factors, including: 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, changes in market interest rates, and commodity prices; unemployment levels; competitive pressures; inflation or deflation generally and in particular product categories; consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels and demand for certain merchandise; consumer enrollment in health and drug insurance programs and such programs' reimbursement rates; the amount of Walmart's net sales denominated in the U.S. dollar and various foreign currencies; the financial performance of…