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WAL-MART, CIFRA REACH AGREEMENT TO EXPAND JOINT VENTURE EFFORTS IN MEXICO

 WAL-MART, CIFRA REACH AGREEMENT
 TO EXPAND JOINT VENTURE EFFORTS IN MEXICO
 BENTONVILLE, Ark., May 29 /PRNewswire/ -- Wal-Mart Stores, Inc. (NYSE: WMT; PSE) and CIFRA, S.A., the largest retailers in the United States and Mexico, respectively, have reached an agreement to expand their previously announced joint venture efforts in Mexico.
 The companies have agreed to jointly and exclusively pursue, as equal partners, future growth opportunities in the retail, wholesale, distribution and related businesses in Mexico. These plans presently include Wal-Mart Supercenter combination stores, Club Aurrera units (wholesale clubs previously joint ventured by the parties), McLane wholesale business, and distribution center operations, and all future Almacenes Aurrera and Gran Bazar combination stores, Bodega Aurrera discount stores and Superama supermarkets, including those currently under development. CIFRA will continue to independently own and operate the existing units of these stores as well as its Vips and Suburbia businesses.
 Henry Davis, president of CIFRA, commented: "The prospects for combining the future growth of our discount and grocery operations in Mexico with those of Wal-Mart is a very exciting strategic alliance for all of us. Wal-Mart is the recognized leader in people supportive technology applications as well as merchandising and distribution. We believe these capacities and their proven record of profitable expansion will enable us to increase our growth in all of our operations and to continue our efforts to lower the cost of goods to consumers in Mexico."
 David Glass, president and chief executive officer of Wal-mart added: "We have learned a lot from our work with our CIFRA partners to date and look forward to expanding our efforts in Mexico together. In addition to the exciting growth opportunities in both retailing and wholesaling, we believe significant potential lies in the further development of quality Mexican-made goods for export. We anticipate stepping up our efforts to grow this export business as well as aggressively recruiting and assisting off-shore manufacturers in their expansion and relocation efforts in Mexico."
 The joint venture has immediate plans to expand its existing Club Aurrera operations in Mexico City by an additional six to eight new units to open in the 1992-1993 period. Further aggressive club expansion outside of Mexico City is planned. The first such unit, a club in Monterrey, is currently under construction.
 CIFRA's previously announced openings of five Almacenes Aurrera combination stores, 12 Bodega Aurrera discount stores, and six Superama supermarkets are scheduled to be opened by the joint venture within the next year and additional expansion plans are under review.
 The first Wal-Mart Supercenter is planned to open in 1993 in Monterrey. Announcements regarding additional units are anticipated soon.
 The agreement is contingent upon certain conditions including CIFRA shareholder approval and approval by the CIFRA and Wal-Mart boards of directors.
 At April 30, CIFRA operated 38 Almacenes Aurrera combination stores, 29 Bodega Aurrera discount stores, 35 Superama stores, two Gran Bazar, 28 Suburbia and 72 restaurants (54 Vips, 15 El Porton, and three Italian). During the first quarter ended March 31, CIFRA consolidated sales totaled $723,900,000, a 17 percent growth rate, after discounting inflation, vs. last year. CIFRA securities are listed on the Mexican Stock Exchange.
 At April 30, Wal-Mart had 1,735 Wal-Mart stores (includes nine Supercenters), 215 Sam's Clubs and four Hypermart*USA units, compared with 1,591 Wal-Mart stores (included five Supercenters), 178 Sam's Clubs and four Hypermart*USA units at the same time last year.
 Wal-mart operates in a 43-state trade area, and its securities are listed on the New York and Pacific stock exchanges.
 -0- 5/29/92
 /CONTACT: Paul R. Carter, 501-273-4184, or Randy Laney, 501-273-4148, both of Wal-Mart Stores/
 (WMT) CO: Wal-Mart Stores, Inc.; CIFRA, S.A. ST: Arkansas IN: REA SU: JVN


BR-EA -- AT001 -- 5045 05/29/92 08:04 EDT
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Date:May 29, 1992
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