Wal Mart Annual Report Analysis

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EXECUTIVE OFFICERS
Eduardo Castro-Wright
Vice Chairman, Wal-Mart Stores, Inc.
M. Susan Chambers
Executive Vice President, Global People
Brian C. Cornell
Executive Vice President, President and
Chief Executive Officer, Sam’s Club

2 010
Financial Report
15

Five-Year Financial Summary

16

Management’s Discussion and Analysis of
Financial Condition and Results of Operations

30

Consolidated Statements of Income

31

Consolidated Balance Sheets

32

Consolidated Statements of Shareholders’ Equity

33

Consolidated Statements of Cash Flows

34

Notes to Consolidated Financial Statements

52

Report of Independent Registered Public Accounting Firm

53

Report of Independent Registered Public Accounting Firm
on Internal Control Over Financial Reporting

Thomas M. Schoewe
Executive Vice President and
Chief Financial Officer

54

Management’s Report to Our Shareholders

55

Fiscal 2010 End-of-Year Store Count

H. Lee Scott, Jr.
Chairman of the Executive Committee
of the Board of Directors

56

Corporate and Stock Information

Leslie A. Dach
Executive Vice President, Corporate Affairs
and Government Relations
Michael T. Duke
President and Chief Executive Officer
Rollin L. Ford
Executive Vice President,
Chief Information Officer
Thomas D. Hyde
Executive Vice President, Legal, Ethics,
and Corporate Secretary
C. Douglas McMillon
Executive Vice President, President
and Chief Executive Officer,
Walmart International

S. Robson Walton
Chairman of the Board of Directors
Steven P. Whaley
Senior Vice President and Controller

14 Walmart 2010 Annual Report

107077_L01_FIN_02.indd 14

4/6/10 12:10:45 AM

2010 FINANCIAL REVIEW
Five-Year Financial Summary
(Amounts in millions except per share and unit count data)
As of and for the Fiscal Years Ended January 31,

2010

2009

2008

2007

2006

(1)

Operating Results
Net sales
Net sales increase
Comparable store sales in the United States (2)
Walmart U.S.
Sam’s Club
Gross profit margin
Operating, selling, general and administrative expenses,
as a percentage of net sales
Operating income
Income from continuing operations attributable to Walmart
Per share of common stock:
Income from continuing operations attributable
to Walmart, diluted
Dividends

$405,046
1.0%
-0.8%
-0.7%
-1.4%
24.8%

$401,087
7.3%
3.5%
3.2%
4.9%
24.2%

$373,821
8.4%
1.6%
1.0%
4.9%
24.0%

$344,759
11.6%
2.0%
1.9%
2.5%
23.4%

$308,945
9.8%
3.4%
3.0%
5.0%
23.1%

19.7%
$ 23,950
14,414

19.3%
$ 22,798
13,254

19.0%
$ 21,952
12,863

18.5%
$ 20,497
12,189

18.0%
$ 18,693
11,386

3.72
1.09

$3.35
0.95

$3.16
0.88

$2.92
0.67

$2.72
0.60

$ 33,160
102,307
170,706
36,401
70,749

$ 34,511
95,653
163,429
34,549
65,285

$ 35,159
96,867
163,514
33,402
64,608

$ 33,667
88,287
151,587
30,735
61,573

$ 31,910
77,863
138,793
30,096
53,171

Unit Counts
Walmart U.S. Segment
International Segment
Sam’s Club Segment

3,708
4,112
596

3,656
3,605
602

3,550
3,098
591

3,443
2,734
579

3,289
2,158
567

Total units

8,416

7,863

7,239

6,756

6,014

Financial Position
Inventories
Property, equipment and capital lease assets, net
Total assets
Long-term debt, including obligations under capital leases
Total Walmart shareholders’ equity

$

(1) In connection with the company’s fi nance transformation project, we reviewed and adjusted the classification of certain revenue and expense items within our Consolidated Statements of Income for fi nancial reporting purposes. Although the reclassifications impacted net sales, gross margin and operating, selling, general and administrative expenses, they did not impact operating income or income from continuing operations attributable to Walmart. The changes were effective February 1, 2009 and have been reflected for fi scal years 2010, 2009 and 2008....
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