2011 Financial Review Five-Year Financial Summary
| (Dollar amounts in millions, except per share and unit count data) As of and for the Fiscal Years Ended January 31, |
As Adjusted | ||||||||
2011 |
2010 |
2009 |
2008 |
2007 |
|||||
| Operating Results (1) Net sales Net sales increase Comparable store sales in the United States (2) Walmart U.S. Sam’s Club Gross profit margin |
$418,952 3.4% -0.6% -1.5% 3.9% 24.7% |
$405,132 1.0% -0.8% -0.7% -1.4% 24.9% |
$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% |
| Operating, selling, general and administrative expenses, |
| as a percentage of net sales Operating income Income from continuing operations attributable to Walmart |
19.3% $ 25,542 15,355 |
19.7% $ 24,002 14,449 |
19.3% $ 22,767 13,235 |
19.0% $ 21,916 12,841 |
18.5% $ 20,552 12,224 |
| Net income per share of common stock: Diluted net income per common share from |
| continuing operations attributable to Walmart Dividends declared per common share |
$ 4.18 1.21 |
$ 3.73 1.09 |
$ 3.35 0.95 |
$ 3.15 0.88 |
$ 2.93 0.67 |
| Financial Position |
| Inventories Property, equipment and capital lease assets, net Total assets Long-term debt, including obligations under capital leases Total Walmart shareholders’ equity |
$ 36,318 107,878 180,663 43,842 68,542 |
$ 32,713 102,307 170,407 36,401 70,468 |
$ 34,013 95,653 163,096 34,549 64,969 |
$ 34,690 96,867 163,200 33,402 64,311 |
$ 33,235 88,287 151,274 30,735 61,298 |
| Unit Counts |
| Walmart U.S. segment Walmart International segment Sam’s Club segment |
3,804 4,557 609 |
3,755 4,099 605 |
3,703 3,595 611 |
3,595 3,093 600 |
3,488 2,733 588 |
| Total units |
8,970 | 8,459 | 7,909 | 7,288 | 6,809 |
(1) Effective May 1, 2010, the Company implemented a new financial system for its operations in the United States, Canada and Puerto Rico. Concurrent with this implementationand the increased system capabilities, the Company changed the level at which we apply the retail method of accounting for inventory in these operations. The retrospective application of this accounting change impacted both segment and consolidated operating income, as well as consolidated net income for all comparable periods presented. See “Notes to Consolidated Financial Statements,” Note 2. “Accounting Change.”
In addition, we reclassified certain revenue and expense items within our Consolidated Statements of Income for financial reporting purposes. The reclassifications did not
impact consolidated operating income or consolidated net income attributable to Walmart. The changes were effective February 1, 2009 and have been reflected for
fiscal 2010, 2009 and 2008.
(2) Comparable store and club sales include fuel. Fiscal 2008 and fiscal 2007 comparable sales include all stores and clubs that have been open for at least the previous 12 months. Additionally, for those fiscal years, stores and clubs that are relocated, expanded or converted are excluded from comparable sales for the first 12 months following the relocation, expansion or conversion. Fiscal 2011, 2010 and 2009 comparable sales include sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions. Fiscal 2008 and fiscal 2007 comparable store and club sales do not reflect reclassifications effective February 1, 2009, as noted above.
In addition, we reclassified certain revenue and expense items within our Consolidated Statements of Income for financial reporting purposes. The reclassifications did not
impact consolidated operating income or consolidated net income attributable to Walmart. The changes were effective February 1, 2009 and have been reflected for
fiscal 2010, 2009 and 2008.
(2) Comparable store and club sales include fuel. Fiscal 2008 and fiscal 2007 comparable sales include all stores and clubs that have been open for at least the previous 12 months. Additionally, for those fiscal years, stores and clubs that are relocated, expanded or converted are excluded from comparable sales for the first 12 months following the relocation, expansion or conversion. Fiscal 2011, 2010 and 2009 comparable sales include sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions. Fiscal 2008 and fiscal 2007 comparable store and club sales do not reflect reclassifications effective February 1, 2009, as noted above.