Financial Report

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,
	2012	2011	2010	2009	2008
Operating Results
Net sales	$443,854	$418,952	$405,132	$401,087	$373,821
Net sales increase	5.9 %	3.4 %	1.0 %	7.3 %	8.4 %
Comparable sales in the United States (1)	1.6 %	-0.6 %	-0.8 %	3.5 %	1.6 %
Walmart U.S.	0.3 %	-1.5 %	-0.7 %	3.2 %	1.0 %
Sam's Club	8.4 %	3.9 %	-1.4 %	4.9 %	4.9 %
Gross profit margin	24.5 %	24.8 %	24.9 %	24.3 %	24.1  %
Operating, selling, general and administrative expenses, as a percentage of net sales	19.2 %	19.4 %	19.7 %	19.4 %	19.1 %
Operating income	$  26,558	$  25,542	$  24,002	$  22,767	$  21,916
Income from continuing operations attributable to Walmart	15,766	15,355	14,449	13,235	12,841
Net income per share of common stock:
Diluted net income per common share from continuing operations attributable to Walmart	$      4.54	$      4.18	$      3.73	$      3.35	$      3.15
Dividends declared per common share	1.46	1.21	1.09	0.95	0.88
Financial Position
Inventories	$  40,714	$  36,437	$  32,713	$  34,013	$  34,690
Property, equipment and capital lease assets, net	112,324	107,878	102,307	95,653	96,867
Total assets	193,406	180,782	170,407	163,096	163,200
Long-term debt, including obligations under capital leases	47,079	43,842	36,401	34,549	33,402
Total Walmart shareholders' equity	71,315	68,542	70,468	64,969	64,311
Unit Counts
Walmart U.S. segment	3,868	3,804	3,755	3,703	3,595
Walmart International segment	5,651	4,557	4,099	3,595	3,093
Sam's Club segment	611	609	605	611	600
Total units	10,130	8,970	8,459	7,909	7,288

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Comparable store and club sales include fuel. Fiscal 2008 comparable sales include all stores and clubs that were open for at least the previous 12 months; however, stores and clubs that were relocated, expanded or converted are excluded from comparable sales for the first 12 months following the relocation, expansion or conversion. Fiscal 2012, 2011, 2010 and 2009 comparable sales include sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions, as well as online sales.