Caso Practico

Five-Year Financial Summary

(Dollar amounts in millions, except per share and unit count data)
2012

2011

2010

2009

2008

$443,854
5.9%

$418,952
3.4%

$405,132
1.0%

$401,087
7.3%

$373,821
8.4%

1.6%
0.3%
8.4%
24.5%

(0.6)%
(1.5)%
3.9%
24.8%

(0.8)%
(0.7)%
(1.4)%
24.9%

3.5%
3.2%
4.9%
24.3%

1.6%
1.0%
4.9%
24.1%

19.2%
$ 26,558
15,76619.4%
$ 25,542
15,355

19.7%
$ 24,002
14,449

19.4%
$ 22,767
13,235

19.1%
$ 21,916
12,841

$

$

$

$

$

As of and for the Fiscal Years Ended January 31,

Operating Results
Net sales
Net sales increase
Increase (decrease) in calendar comparable sales (1)
in the United States
Walmart U.S.
Sam’s Club
Gross profit margin
Operating, selling, general andadministrative expenses, as
a percentage of net sales
Operating income
Income from continuing operations attributable to Walmart
Net income per share of common stock:
Diluted net income per common share from
continuing operations attributable to Walmart
Dividends declared per common share
Financial Position
Inventories
Property, equipment and capital lease assets, net
Total assets
Long-termdebt, including obligations under capital leases
Total Walmart shareholders’ equity
Unit Counts
Walmart U.S. Segment
Walmart International Segment
Sam’s Club Segment
Total units

4.54
1.46

4.18
1.21

3.73
1.09

3.35
0.95

3.15
0.88

$ 40,714
112,324
193,406
47,079
71,315

$ 36,437
107,878
180,782
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

3,868
5,651
611

3,804
4,557
609

3,755
4,099
605

3,703
3,595
611

3,595
3,093
600

10,130

8,970

8,459

7,909

7,288

(1) 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.

Walmart 2012 Annual Report 17117543_L01_FIN.indd 17

4/3/12 6:03 PM

Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Overview
Wal-Mart Stores, Inc. (“Walmart,” the “Company” or “we”) operates retail
stores in various formats around the world and is committed to saving
people money so they can live better. We earn the trust of our customers
every day by providing a broadassortment of quality merchandise and
services at everyday low prices (“EDLP”), while fostering a culture that
rewards and embraces mutual respect, integrity and diversity. EDLP is our
pricing philosophy under which we price items at a low price every day
so our customers trust that our prices will not change under frequent
promotional activities. Our focus for Sam’s Club is to provideexceptional
value on brand name and private label merchandise at “members only”
prices for both business and personal use. Internationally, we operate
with similar philosophies.
Our fiscal year ends on January 31 for our United States (“U.S.”) and
Canadian operations and on December 31 for all other operations.
We discuss how the results of our various operations are consolidated
for financialreporting purposes in Note 1 in the “Notes to Consolidated
Financial Statements.”
We intend for this discussion to provide the reader with information
that will assist in understanding our financial statements, the changes in
certain key items in those financial statements from year to year, and the
primary factors that accounted for those changes, as well as how certain
accounting principles...