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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Walmart Inc | NYSE:WMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.69 | 1.17% | 59.54 | 59.885 | 58.58 | 58.98 | 17,788,641 | 00:34:50 |
ý
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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Delaware
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71-0415188
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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702 S.W. 8th Street
Bentonville, Arkansas
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72716
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(Address of principal executive offices)
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(Zip Code)
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Large Accelerated Filer
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ý
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Accelerated Filer
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o
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Non-Accelerated Filer
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o
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Smaller Reporting Company
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o
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Page
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Item 1.
|
Financial Statements
|
|
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Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except per share data)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
119,405
|
|
|
$
|
119,330
|
|
|
$
|
234,391
|
|
|
$
|
233,332
|
|
Membership and other income
|
|
1,449
|
|
|
899
|
|
|
2,367
|
|
|
1,723
|
|
||||
Total revenues
|
|
120,854
|
|
|
120,229
|
|
|
236,758
|
|
|
235,055
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
89,485
|
|
|
90,056
|
|
|
176,029
|
|
|
176,539
|
|
||||
Operating, selling, general and administrative expenses
|
|
25,204
|
|
|
24,104
|
|
|
49,289
|
|
|
46,767
|
|
||||
Operating income
|
|
6,165
|
|
|
6,069
|
|
|
11,440
|
|
|
11,749
|
|
||||
Interest:
|
|
|
|
|
|
|
|
|
||||||||
Debt
|
|
509
|
|
|
523
|
|
|
1,008
|
|
|
1,046
|
|
||||
Capital lease and financing obligations
|
|
79
|
|
|
44
|
|
|
165
|
|
|
364
|
|
||||
Interest income
|
|
(22
|
)
|
|
(24
|
)
|
|
(46
|
)
|
|
(43
|
)
|
||||
Interest, net
|
|
566
|
|
|
543
|
|
|
1,127
|
|
|
1,367
|
|
||||
Income before income taxes
|
|
5,599
|
|
|
5,526
|
|
|
10,313
|
|
|
10,382
|
|
||||
Provision for income taxes
|
|
1,710
|
|
|
1,891
|
|
|
3,208
|
|
|
3,464
|
|
||||
Consolidated net income
|
|
3,889
|
|
|
3,635
|
|
|
7,105
|
|
|
6,918
|
|
||||
Consolidated net income attributable to noncontrolling interest
|
|
(116
|
)
|
|
(160
|
)
|
|
(253
|
)
|
|
(102
|
)
|
||||
Consolidated net income attributable to Walmart
|
|
$
|
3,773
|
|
|
$
|
3,475
|
|
|
$
|
6,852
|
|
|
$
|
6,816
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share attributable to Walmart
|
|
$
|
1.21
|
|
|
$
|
1.08
|
|
|
$
|
2.19
|
|
|
$
|
2.11
|
|
Diluted net income per common share attributable to Walmart
|
|
1.21
|
|
|
1.08
|
|
|
2.18
|
|
|
2.11
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
3,109
|
|
|
3,221
|
|
|
3,126
|
|
|
3,226
|
|
||||
Diluted
|
|
3,119
|
|
|
3,231
|
|
|
3,136
|
|
|
3,237
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.00
|
|
|
$
|
1.96
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Consolidated net income
|
$
|
3,889
|
|
|
$
|
3,635
|
|
|
$
|
7,105
|
|
|
$
|
6,918
|
|
Less consolidated net income attributable to nonredeemable noncontrolling interest
|
(116
|
)
|
|
(160
|
)
|
|
(253
|
)
|
|
(102
|
)
|
||||
Consolidated net income attributable to Walmart
|
3,773
|
|
|
3,475
|
|
|
6,852
|
|
|
6,816
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), net of income taxes
|
|
|
|
|
|
|
|
||||||||
Currency translation and other
|
(950
|
)
|
|
437
|
|
|
(329
|
)
|
|
(1,247
|
)
|
||||
Net investment hedges
|
288
|
|
|
(17
|
)
|
|
210
|
|
|
(81
|
)
|
||||
Cash flow hedges
|
(87
|
)
|
|
(139
|
)
|
|
56
|
|
|
(19
|
)
|
||||
Minimum pension liability
|
(7
|
)
|
|
4
|
|
|
(106
|
)
|
|
74
|
|
||||
Other comprehensive income (loss), net of income taxes
|
(756
|
)
|
|
285
|
|
|
(169
|
)
|
|
(1,273
|
)
|
||||
Less other comprehensive income (loss) attributable to nonredeemable noncontrolling interest
|
79
|
|
|
(78
|
)
|
|
94
|
|
|
53
|
|
||||
Other comprehensive income (loss) attributable to Walmart
|
(677
|
)
|
|
207
|
|
|
(75
|
)
|
|
(1,220
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income, net of income taxes
|
3,133
|
|
|
3,920
|
|
|
6,936
|
|
|
5,645
|
|
||||
Less comprehensive income (loss) attributable to nonredeemable noncontrolling interest
|
(37
|
)
|
|
(238
|
)
|
|
(159
|
)
|
|
(49
|
)
|
||||
Comprehensive income attributable to Walmart
|
$
|
3,096
|
|
|
$
|
3,682
|
|
|
$
|
6,777
|
|
|
$
|
5,596
|
|
|
|
July 31,
|
|
January 31,
|
|
July 31,
|
||||||
(Amounts in millions)
|
|
2016
|
|
2016
|
|
2015
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
7,676
|
|
|
$
|
8,705
|
|
|
$
|
5,751
|
|
Receivables, net
|
|
5,275
|
|
|
5,624
|
|
|
5,275
|
|
|||
Inventories
|
|
43,453
|
|
|
44,469
|
|
|
45,007
|
|
|||
Prepaid expenses and other
|
|
1,828
|
|
|
1,441
|
|
|
2,099
|
|
|||
Total current assets
|
|
58,232
|
|
|
60,239
|
|
|
58,132
|
|
|||
Property and equipment:
|
|
|
|
|
|
|
||||||
Property and equipment
|
|
178,596
|
|
|
176,958
|
|
|
178,899
|
|
|||
Less accumulated depreciation
|
|
(69,729
|
)
|
|
(66,787
|
)
|
|
(66,075
|
)
|
|||
Property and equipment, net
|
|
108,867
|
|
|
110,171
|
|
|
112,824
|
|
|||
Property under capital lease and financing obligations:
|
|
|
|
|
|
|
||||||
Property under capital lease and financing obligations
|
|
11,544
|
|
|
11,096
|
|
|
7,194
|
|
|||
Less accumulated amortization
|
|
(5,001
|
)
|
|
(4,751
|
)
|
|
(3,507
|
)
|
|||
Property under capital lease and financing obligations, net
|
|
6,543
|
|
|
6,345
|
|
|
3,687
|
|
|||
|
|
|
|
|
|
|
||||||
Goodwill
|
|
16,339
|
|
|
16,695
|
|
|
17,799
|
|
|||
Other assets and deferred charges
|
|
7,905
|
|
|
6,131
|
|
|
6,178
|
|
|||
Total assets
|
|
$
|
197,886
|
|
|
$
|
199,581
|
|
|
$
|
198,620
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
||||||
Short-term borrowings
|
|
$
|
1,932
|
|
|
$
|
2,708
|
|
|
$
|
1,725
|
|
Accounts payable
|
|
39,902
|
|
|
38,487
|
|
|
37,225
|
|
|||
Dividends payable
|
|
3,101
|
|
|
—
|
|
|
3,162
|
|
|||
Accrued liabilities
|
|
19,651
|
|
|
19,607
|
|
|
18,290
|
|
|||
Accrued income taxes
|
|
720
|
|
|
521
|
|
|
373
|
|
|||
Long-term debt due within one year
|
|
2,265
|
|
|
2,745
|
|
|
4,024
|
|
|||
Capital lease and financing obligations due within one year
|
|
551
|
|
|
551
|
|
|
463
|
|
|||
Total current liabilities
|
|
68,122
|
|
|
64,619
|
|
|
65,262
|
|
|||
|
|
|
|
|
|
|
||||||
Long-term debt
|
|
36,673
|
|
|
38,214
|
|
|
38,581
|
|
|||
Long-term capital lease and financing obligations
|
|
6,070
|
|
|
5,816
|
|
|
4,262
|
|
|||
Deferred income taxes and other
|
|
7,877
|
|
|
7,321
|
|
|
8,391
|
|
|||
|
|
|
|
|
|
|
||||||
Commitments and contingencies
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Equity:
|
|
|
|
|
|
|
||||||
Common stock
|
|
310
|
|
|
317
|
|
|
321
|
|
|||
Capital in excess of par value
|
|
1,915
|
|
|
1,805
|
|
|
1,979
|
|
|||
Retained earnings
|
|
85,972
|
|
|
90,021
|
|
|
84,959
|
|
|||
Accumulated other comprehensive loss
|
|
(11,672
|
)
|
|
(11,597
|
)
|
|
(8,388
|
)
|
|||
Total Walmart shareholders' equity
|
|
76,525
|
|
|
80,546
|
|
|
78,871
|
|
|||
Nonredeemable noncontrolling interest
|
|
2,619
|
|
|
3,065
|
|
|
3,253
|
|
|||
Total equity
|
|
79,144
|
|
|
83,611
|
|
|
82,124
|
|
|||
Total liabilities and equity
|
|
$
|
197,886
|
|
|
$
|
199,581
|
|
|
$
|
198,620
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
Total
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
Capital in
|
|
|
|
Other
|
|
Walmart
|
|
Nonredeemable
|
|
|
|||||||||||||||
(Amounts in millions)
|
Common Stock
|
|
Excess of
|
|
Retained
|
|
Comprehensive
|
|
Shareholders'
|
|
Noncontrolling
|
|
Total
|
|||||||||||||||||
Shares
|
|
Amount
|
|
Par Value
|
|
Earnings
|
|
Loss
|
|
Equity
|
|
Interest
|
|
Equity
|
||||||||||||||||
Balances as of February 1, 2016
|
3,162
|
|
|
$
|
317
|
|
|
$
|
1,805
|
|
|
$
|
90,021
|
|
|
$
|
(11,597
|
)
|
|
$
|
80,546
|
|
|
$
|
3,065
|
|
|
$
|
83,611
|
|
Consolidated net income
|
—
|
|
|
—
|
|
|
—
|
|
|
6,852
|
|
|
—
|
|
|
6,852
|
|
|
253
|
|
|
7,105
|
|
|||||||
Other comprehensive income (loss), net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75
|
)
|
|
(75
|
)
|
|
(94
|
)
|
|
(169
|
)
|
|||||||
Cash dividends declared ($2.00 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,231
|
)
|
|
—
|
|
|
(6,231
|
)
|
|
—
|
|
|
(6,231
|
)
|
|||||||
Purchase of Company stock
|
(70
|
)
|
|
(7
|
)
|
|
(94
|
)
|
|
(4,665
|
)
|
|
—
|
|
|
(4,766
|
)
|
|
—
|
|
|
(4,766
|
)
|
|||||||
Cash dividend declared to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(508
|
)
|
|
(508
|
)
|
|||||||
Other
|
5
|
|
|
—
|
|
|
204
|
|
|
(5
|
)
|
|
—
|
|
|
199
|
|
|
(97
|
)
|
|
102
|
|
|||||||
Balances as of July 31, 2016
|
3,097
|
|
|
$
|
310
|
|
|
$
|
1,915
|
|
|
$
|
85,972
|
|
|
$
|
(11,672
|
)
|
|
$
|
76,525
|
|
|
$
|
2,619
|
|
|
$
|
79,144
|
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Consolidated net income
|
|
$
|
7,105
|
|
|
$
|
6,918
|
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
4,905
|
|
|
4,658
|
|
||
Deferred income taxes
|
|
33
|
|
|
(396
|
)
|
||
Other operating activities
|
|
(361
|
)
|
|
532
|
|
||
Changes in certain assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
||||
Receivables, net
|
|
443
|
|
|
683
|
|
||
Inventories
|
|
1,055
|
|
|
(227
|
)
|
||
Accounts payable
|
|
1,864
|
|
|
(562
|
)
|
||
Accrued liabilities
|
|
(387
|
)
|
|
(860
|
)
|
||
Accrued income taxes
|
|
274
|
|
|
(644
|
)
|
||
Net cash provided by operating activities
|
|
14,931
|
|
|
10,102
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Payments for property and equipment
|
|
(4,619
|
)
|
|
(5,044
|
)
|
||
Proceeds from the disposal of property and equipment
|
|
260
|
|
|
287
|
|
||
Proceeds from the disposal of certain operations
|
|
—
|
|
|
246
|
|
||
Other investing activities
|
|
(57
|
)
|
|
(91
|
)
|
||
Net cash used in investing activities
|
|
(4,416
|
)
|
|
(4,602
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Net change in short-term borrowings
|
|
(857
|
)
|
|
274
|
|
||
Proceeds from issuance of long-term debt
|
|
130
|
|
|
42
|
|
||
Payments of long-term debt
|
|
(2,026
|
)
|
|
(3,159
|
)
|
||
Dividends paid
|
|
(3,133
|
)
|
|
(3,157
|
)
|
||
Purchase of Company stock
|
|
(4,852
|
)
|
|
(1,283
|
)
|
||
Dividends paid to noncontrolling interest
|
|
(270
|
)
|
|
(434
|
)
|
||
Purchase of noncontrolling interest
|
|
(103
|
)
|
|
(847
|
)
|
||
Other financing activities
|
|
(103
|
)
|
|
(210
|
)
|
||
Net cash used in financing activities
|
|
(11,214
|
)
|
|
(8,774
|
)
|
||
|
|
|
|
|
||||
Effect of exchange rates on cash and cash equivalents
|
|
(330
|
)
|
|
(110
|
)
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
|
(1,029
|
)
|
|
(3,384
|
)
|
||
Cash and cash equivalents at beginning of year
|
|
8,705
|
|
|
9,135
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
7,676
|
|
|
$
|
5,751
|
|
•
|
insurance companies resulting from pharmacy sales;
|
•
|
banks for customer credit and debit cards and electronic bank transfers that take in excess of seven days to process;
|
•
|
consumer financing programs in certain international operations;
|
•
|
suppliers for marketing or incentive programs; and
|
•
|
real estate transactions.
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except per share data)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net income
|
|
$
|
3,889
|
|
|
$
|
3,635
|
|
|
$
|
7,105
|
|
|
$
|
6,918
|
|
Consolidated net income attributable to noncontrolling interest
|
|
(116
|
)
|
|
(160
|
)
|
|
(253
|
)
|
|
(102
|
)
|
||||
Consolidated net income attributable to Walmart
|
|
$
|
3,773
|
|
|
$
|
3,475
|
|
|
$
|
6,852
|
|
|
$
|
6,816
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding, basic
|
|
3,109
|
|
|
3,221
|
|
|
3,126
|
|
|
3,226
|
|
||||
Dilutive impact of stock options and other share-based awards
|
|
10
|
|
|
10
|
|
|
10
|
|
|
11
|
|
||||
Weighted-average common shares outstanding, diluted
|
|
3,119
|
|
|
3,231
|
|
|
3,136
|
|
|
3,237
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share attributable to Walmart
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.21
|
|
|
$
|
1.08
|
|
|
$
|
2.19
|
|
|
$
|
2.11
|
|
Diluted
|
|
1.21
|
|
|
1.08
|
|
|
2.18
|
|
|
2.11
|
|
(Amounts in millions and net of income taxes)
|
|
Currency Translation
and Other
|
|
Net Investment Hedges
|
|
Cash Flow Hedges
|
|
Minimum
Pension Liability
|
|
Total
|
||||||||||
Balances as of February 1, 2016
|
|
$
|
(11,690
|
)
|
|
$
|
1,022
|
|
|
$
|
(336
|
)
|
|
$
|
(593
|
)
|
|
$
|
(11,597
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(235
|
)
|
|
210
|
|
|
37
|
|
|
(102
|
)
|
|
(90
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
—
|
|
|
19
|
|
|
(4
|
)
|
|
15
|
|
|||||
Balances as of July 31, 2016
|
|
$
|
(11,925
|
)
|
|
$
|
1,232
|
|
|
$
|
(280
|
)
|
|
$
|
(699
|
)
|
|
$
|
(11,672
|
)
|
(Amounts in millions)
|
|
Long-term debt due within one year
|
|
Long-term debt
|
|
Total
|
||||||
Balances as of February 1, 2016
|
|
$
|
2,745
|
|
|
$
|
38,214
|
|
|
$
|
40,959
|
|
Proceeds from long-term debt
|
|
—
|
|
|
130
|
|
|
130
|
|
|||
Repayments of long-term debt
|
|
(2,026
|
)
|
|
—
|
|
|
(2,026
|
)
|
|||
Reclassifications of long-term debt
|
|
1,500
|
|
|
(1,500
|
)
|
|
—
|
|
|||
Other
|
|
46
|
|
|
(171
|
)
|
|
(125
|
)
|
|||
Balances as of July 31, 2016
|
|
$
|
2,265
|
|
|
$
|
36,673
|
|
|
$
|
38,938
|
|
(Amounts in millions)
|
|
|
|
|
|
|
|
|
||
Maturity Date
|
|
Principal Amount
|
|
Fixed vs. Floating
|
|
Interest Rate
|
|
Repayment
|
||
April 11, 2016
|
|
1,000 USD
|
|
Fixed
|
|
0.600%
|
|
$
|
1,000
|
|
April 15, 2016
|
|
1,000 USD
|
|
Fixed
|
|
2.800%
|
|
1,000
|
|
|
|
|
|
|
|
|
|
|
$
|
2,000
|
|
•
|
Level 1: observable inputs such as quoted prices in active markets;
|
•
|
Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and
|
•
|
Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.
|
|
July 31, 2016
|
|
January 31, 2016
|
||||||||||||
(Amounts in millions)
|
Notional Amount
|
|
Fair Value
|
|
Notional Amount
|
|
Fair Value
|
||||||||
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges
|
$
|
5,000
|
|
|
$
|
268
|
|
|
$
|
5,000
|
|
|
$
|
173
|
|
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as net investment hedges
|
1,250
|
|
|
389
|
|
|
1,250
|
|
|
319
|
|
||||
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges
|
4,117
|
|
|
(557
|
)
|
|
4,132
|
|
|
(609
|
)
|
||||
Total
|
$
|
10,367
|
|
|
$
|
100
|
|
|
$
|
10,382
|
|
|
$
|
(117
|
)
|
|
|
July 31, 2016
|
|
January 31, 2016
|
||||||||||||
(Amounts in millions)
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Long-term debt, including amounts due within one year
|
|
$
|
38,938
|
|
|
$
|
49,255
|
|
|
$
|
40,959
|
|
|
$
|
46,965
|
|
|
July 31, 2016
|
|
January 31, 2016
|
||||||||||||||||||||
(Amounts in millions)
|
Fair Value
Instruments
|
|
Net Investment
Instruments
|
|
Cash Flow
Instruments
|
|
Fair Value
Instruments
|
|
Net Investment
Instruments
|
|
Cash Flow
Instruments
|
||||||||||||
Derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other assets and deferred charges
|
$
|
268
|
|
|
$
|
389
|
|
|
$
|
60
|
|
|
$
|
173
|
|
|
$
|
319
|
|
|
$
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred income taxes and other
|
—
|
|
|
—
|
|
|
617
|
|
|
—
|
|
|
—
|
|
|
738
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonderivative hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
—
|
|
|
3,405
|
|
|
—
|
|
|
—
|
|
|
3,644
|
|
|
—
|
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions, except per share data)
|
|
2016
|
|
2015
|
||||
Total number of shares repurchased
|
|
71.0
|
|
|
17.1
|
|
||
Average price paid per share
|
|
$
|
69.94
|
|
|
$
|
75.27
|
|
Total amount paid for share repurchases
|
|
$
|
4,852
|
|
|
$
|
1,283
|
|
Record Date
|
|
Payable Date
|
March 11, 2016
|
|
April 4, 2016
|
May 13, 2016
|
|
June 6, 2016
|
August 12, 2016
|
|
September 6, 2016
|
December 9, 2016
|
|
January 3, 2017
|
|
|
Three Months Ended July 31,
|
|
Six months ended July 31,
|
||||||||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Ongoing inquiries and investigations
|
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
44
|
|
|
$
|
48
|
|
Global compliance program and organizational enhancements
|
|
5
|
|
|
7
|
|
|
9
|
|
|
15
|
|
||||
Total
|
|
$
|
28
|
|
|
$
|
30
|
|
|
$
|
53
|
|
|
$
|
63
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
Walmart U.S.
|
|
$
|
76,241
|
|
|
$
|
73,959
|
|
|
$
|
149,536
|
|
|
$
|
144,204
|
|
Walmart International
|
|
28,621
|
|
|
30,637
|
|
|
56,704
|
|
|
60,915
|
|
||||
Sam's Club
|
|
14,543
|
|
|
14,734
|
|
|
28,151
|
|
|
28,213
|
|
||||
Net sales
|
|
$
|
119,405
|
|
|
$
|
119,330
|
|
|
$
|
234,391
|
|
|
$
|
233,332
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Walmart U.S.
|
|
$
|
4,519
|
|
|
$
|
4,819
|
|
|
$
|
8,751
|
|
|
$
|
9,458
|
|
Walmart International
|
|
1,727
|
|
|
1,277
|
|
|
2,891
|
|
|
2,347
|
|
||||
Sam's Club
|
|
472
|
|
|
428
|
|
|
885
|
|
|
855
|
|
||||
Corporate and support
|
|
(553
|
)
|
|
(455
|
)
|
|
(1,087
|
)
|
|
(911
|
)
|
||||
Operating income
|
|
6,165
|
|
|
6,069
|
|
|
11,440
|
|
|
11,749
|
|
||||
Interest, net
|
|
566
|
|
|
543
|
|
|
1,127
|
|
|
1,367
|
|
||||
Income before income taxes
|
|
$
|
5,599
|
|
|
$
|
5,526
|
|
|
$
|
10,313
|
|
|
$
|
10,382
|
|
•
|
Walmart U.S. is our largest segment with three primary store formats, as well as digital retail. Of our three reportable segments, Walmart U.S. has historically had the highest gross profit as a percentage of net sales ("gross profit rate"). In addition, it has historically contributed the greatest amount to the Company's net sales and operating income.
|
•
|
Walmart International consists of our operations outside of the U.S. and includes retail, wholesale and other businesses. These businesses consist of numerous formats, including supercenters, supermarkets, hypermarkets, warehouse clubs, including Sam's Clubs, cash & carry, home improvement, specialty electronics, apparel stores, drug stores and convenience stores, as well as digital retail. The overall gross profit rate for Walmart International is lower than that of Walmart U.S. because of its merchandise mix. Walmart International is our second largest segment and has grown through acquisitions, as well as by adding retail, wholesale and other units, and expanding digital retail.
|
•
|
Sam's Club consists of membership-only warehouse clubs as well as digital retail. As a membership-only warehouse club, membership income is a significant component of the segment's operating income. Sam's Club operates with a lower gross profit rate and lower operating expenses as a percentage of net sales than our other segments.
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||
(Amounts in millions)
|
|
Net Sales
|
|
Percent
of Total
|
|
Percent
Change
|
|
Net Sales
|
|
Percent
of Total
|
|
Net Sales
|
|
Percent
of Total
|
|
Percent
Change
|
|
Net Sales
|
|
Percent
of Total
|
||||||||||||||
Walmart U.S.
|
|
$
|
76,241
|
|
|
63.8
|
%
|
|
3.1
|
%
|
|
$
|
73,959
|
|
|
62.0
|
%
|
|
$
|
149,536
|
|
|
63.8
|
%
|
|
3.7
|
%
|
|
$
|
144,204
|
|
|
61.8
|
%
|
Walmart International
|
|
28,621
|
|
|
24.0
|
%
|
|
(6.6
|
)%
|
|
30,637
|
|
|
25.7
|
%
|
|
56,704
|
|
|
24.2
|
%
|
|
(6.9
|
)%
|
|
60,915
|
|
|
26.1
|
%
|
||||
Sam's Club
|
|
14,543
|
|
|
12.2
|
%
|
|
(1.3
|
)%
|
|
14,734
|
|
|
12.3
|
%
|
|
28,151
|
|
|
12.0
|
%
|
|
(0.2
|
)%
|
|
28,213
|
|
|
12.1
|
%
|
||||
Net sales
|
|
$
|
119,405
|
|
|
100.0
|
%
|
|
0.1
|
%
|
|
$
|
119,330
|
|
|
100.0
|
%
|
|
$
|
234,391
|
|
|
100.0
|
%
|
|
0.5
|
%
|
|
$
|
233,332
|
|
|
100.0
|
%
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
With Fuel
|
|
Fuel Impact
|
|
With Fuel
|
|
Fuel Impact
|
||||||||||||||||
Walmart U.S.
|
|
1.4
|
%
|
|
1.9
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
2.1
|
%
|
|
1.3
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Sam's Club
|
|
(1.7
|
)%
|
|
(2.2
|
)%
|
|
(1.7
|
)%
|
|
(3.6
|
)%
|
|
(0.8
|
)%
|
|
(3.2
|
)%
|
|
(1.9
|
)%
|
|
(3.9
|
)%
|
Total U.S.
|
|
0.9
|
%
|
|
1.2
|
%
|
|
(0.3
|
)%
|
|
(0.7
|
)%
|
|
1.6
|
%
|
|
0.5
|
%
|
|
(0.4
|
)%
|
|
(0.7
|
)%
|
|
|
For the Trailing Twelve Months Ending July 31,
|
||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
||||
CALCULATION OF RETURN ON INVESTMENT
|
||||||||
Numerator
|
|
|
|
|
||||
Operating income
|
|
$
|
23,796
|
|
|
$
|
25,963
|
|
+ Interest income
|
|
83
|
|
|
100
|
|
||
+ Depreciation and amortization
|
|
9,701
|
|
|
9,304
|
|
||
+ Rent
|
|
2,453
|
|
|
2,755
|
|
||
= Adjusted operating income
|
|
$
|
36,033
|
|
|
$
|
38,122
|
|
|
|
|
|
|
||||
Denominator
|
|
|
|
|
||||
Average total assets
(1)
|
|
$
|
198,253
|
|
|
$
|
201,191
|
|
+ Average accumulated depreciation and amortization
(1)
|
|
72,156
|
|
|
67,192
|
|
||
- Average accounts payable
(1)
|
|
38,564
|
|
|
37,027
|
|
||
- Average accrued liabilities
(1)
|
|
18,971
|
|
|
18,264
|
|
||
+ Rent x 8
|
|
19,624
|
|
|
22,040
|
|
||
= Average invested capital
|
|
$
|
232,498
|
|
|
$
|
235,132
|
|
Return on investment (ROI)
|
|
15.5
|
%
|
|
16.2
|
%
|
||
|
|
|
|
|
||||
CALCULATION OF RETURN ON ASSETS
|
||||||||
Numerator
|
|
|
|
|
||||
Consolidated net income
|
|
$
|
15,267
|
|
|
$
|
15,932
|
|
Denominator
|
|
|
|
|
||||
Average total assets
(1)
|
|
$
|
198,253
|
|
|
$
|
201,191
|
|
Return on assets (ROA)
|
|
7.7
|
%
|
|
7.9
|
%
|
|
|
As of July 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Certain Balance Sheet Data
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
197,886
|
|
|
$
|
198,620
|
|
|
$
|
203,762
|
|
Accumulated depreciation and amortization
|
|
74,730
|
|
|
69,582
|
|
|
64,801
|
|
|||
Accounts payable
|
|
39,902
|
|
|
37,225
|
|
|
36,828
|
|
|||
Accrued liabilities
|
|
19,651
|
|
|
18,290
|
|
|
18,237
|
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
|
$
|
14,931
|
|
|
$
|
10,102
|
|
Payments for property and equipment
|
|
(4,619
|
)
|
|
(5,044
|
)
|
||
Free cash flow
|
|
$
|
10,312
|
|
|
$
|
5,058
|
|
|
|
|
|
|
||||
Net cash used in investing activities
(1)
|
|
$
|
(4,416
|
)
|
|
$
|
(4,602
|
)
|
Net cash used in financing activities
|
|
(11,214
|
)
|
|
(8,774
|
)
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Total revenues
|
|
$
|
120,854
|
|
|
$
|
120,229
|
|
|
$
|
236,758
|
|
|
$
|
235,055
|
|
Percentage change from comparable period
|
|
0.5
|
%
|
|
0.1
|
%
|
|
0.7
|
%
|
|
0.0
|
%
|
||||
Net sales
|
|
$
|
119,405
|
|
|
$
|
119,330
|
|
|
$
|
234,391
|
|
|
$
|
233,332
|
|
Percentage change from comparable period
|
|
0.1
|
%
|
|
0.0
|
%
|
|
0.5
|
%
|
|
(0.1
|
)%
|
||||
Total U.S. calendar comparable store and club sales increase
|
|
0.9
|
%
|
|
1.2
|
%
|
|
1.6
|
%
|
|
0.5
|
%
|
||||
Gross profit margin as a percentage of net sales
|
|
25.1
|
%
|
|
24.5
|
%
|
|
24.9
|
%
|
|
24.3
|
%
|
||||
Operating income
|
|
$
|
6,165
|
|
|
$
|
6,069
|
|
|
$
|
11,440
|
|
|
$
|
11,749
|
|
Operating income as a percentage of net sales
|
|
5.2
|
%
|
|
5.1
|
%
|
|
4.9
|
%
|
|
5.0
|
%
|
||||
Consolidated net income
|
|
$
|
3,889
|
|
|
$
|
3,635
|
|
|
$
|
7,105
|
|
|
$
|
6,918
|
|
Unit counts at period end
|
|
11,539
|
|
|
11,532
|
|
|
11,539
|
|
|
11,532
|
|
||||
Retail square feet at period end
|
|
1,153
|
|
|
1,140
|
|
|
1,153
|
|
|
1,140
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
$
|
76,241
|
|
|
$
|
73,959
|
|
|
$
|
149,536
|
|
|
$
|
144,204
|
|
Percentage change from comparable period
|
|
3.1
|
%
|
|
4.8
|
%
|
|
3.7
|
%
|
|
4.2
|
%
|
||||
Calendar comparable store sales increase
|
|
1.4
|
%
|
|
1.9
|
%
|
|
2.1
|
%
|
|
1.3
|
%
|
||||
Operating income
|
|
$
|
4,519
|
|
|
$
|
4,819
|
|
|
$
|
8,751
|
|
|
$
|
9,458
|
|
Operating income as a percentage of net sales
|
|
5.9
|
%
|
|
6.5
|
%
|
|
5.9
|
%
|
|
6.6
|
%
|
||||
Unit counts at period end
|
|
4,629
|
|
|
4,588
|
|
|
4,629
|
|
|
4,588
|
|
||||
Retail square feet at period end
|
|
695
|
|
|
685
|
|
|
695
|
|
|
685
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
$
|
28,621
|
|
|
$
|
30,637
|
|
|
$
|
56,704
|
|
|
$
|
60,915
|
|
Percentage change from comparable period
|
|
(6.6
|
)%
|
|
(9.6
|
)%
|
|
(6.9
|
)%
|
|
(8.1
|
)%
|
||||
Operating income
|
|
$
|
1,727
|
|
|
$
|
1,277
|
|
|
$
|
2,891
|
|
|
$
|
2,347
|
|
Operating income as a percentage of net sales
|
|
6.0
|
%
|
|
4.2
|
%
|
|
5.1
|
%
|
|
3.9
|
%
|
||||
Unit counts at period end
|
|
6,256
|
|
|
6,293
|
|
|
6,256
|
|
|
6,293
|
|
||||
Retail square feet at period end
|
|
371
|
|
|
368
|
|
|
371
|
|
|
368
|
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
||||||||||||
(Amounts in millions, except unit counts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Including Fuel
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
14,543
|
|
|
$
|
14,734
|
|
|
$
|
28,151
|
|
|
$
|
28,213
|
|
Percentage change from comparable period
|
|
(1.3
|
)%
|
|
(0.9
|
)%
|
|
(0.2
|
)%
|
|
(1.9
|
)%
|
||||
Calendar comparable club sales increase (decrease)
|
|
(1.7
|
)%
|
|
(2.2
|
)%
|
|
(0.8
|
)%
|
|
(3.2
|
)%
|
||||
Operating income
|
|
$
|
472
|
|
|
$
|
428
|
|
|
$
|
885
|
|
|
$
|
855
|
|
Operating income as a percentage of net sales
|
|
3.2
|
%
|
|
2.9
|
%
|
|
3.1
|
%
|
|
3.0
|
%
|
||||
Unit counts at period end
|
|
654
|
|
|
651
|
|
|
654
|
|
|
651
|
|
||||
Retail square feet at period end
|
|
88
|
|
|
87
|
|
|
88
|
|
|
87
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Excluding Fuel
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
$
|
13,449
|
|
|
$
|
13,395
|
|
|
$
|
26,176
|
|
|
$
|
25,758
|
|
Percentage change from comparable period
|
|
0.4
|
%
|
|
2.8
|
%
|
|
1.6
|
%
|
|
2.0
|
%
|
||||
Operating income
|
|
$
|
454
|
|
|
$
|
421
|
|
|
$
|
862
|
|
|
$
|
857
|
|
Operating income as a percentage of net sales
|
|
3.4
|
%
|
|
3.1
|
%
|
|
3.3
|
%
|
|
3.3
|
%
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
|
$
|
14,931
|
|
|
$
|
10,102
|
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions)
|
|
2016
|
|
2015
|
||||
Net cash used in investing activities
|
|
$
|
(4,416
|
)
|
|
$
|
(4,602
|
)
|
|
|
Six Months Ended July 31,
|
||||
(Amounts in millions)
|
|
2016
|
|
2015
|
||
Net cash used in financing activities
|
|
(11,214
|
)
|
|
(8,774
|
)
|
(Amounts in millions)
|
|
Long-term debt due within one year
|
|
Long-term debt
|
|
Total
|
||||||
Balances as of February 1, 2016
|
|
$
|
2,745
|
|
|
$
|
38,214
|
|
|
$
|
40,959
|
|
Proceeds from issuance of long-term debt
|
|
—
|
|
|
130
|
|
|
130
|
|
|||
Payments of long-term debt
|
|
(2,026
|
)
|
|
—
|
|
|
(2,026
|
)
|
|||
Reclassifications of long-term debt
|
|
1,500
|
|
|
(1,500
|
)
|
|
—
|
|
|||
Other
|
|
46
|
|
|
(171
|
)
|
|
(125
|
)
|
|||
Balances as of July 31, 2016
|
|
$
|
2,265
|
|
|
$
|
36,673
|
|
|
$
|
38,938
|
|
Record Date
|
|
Payable Date
|
March 11, 2016
|
|
April 4, 2016
|
May 13, 2016
|
|
June 6, 2016
|
August 12, 2016
|
|
September 6, 2016
|
December 9, 2016
|
|
January 3, 2017
|
|
|
Six Months Ended July 31,
|
||||||
(Amounts in millions, except per share data)
|
|
2016
|
|
2015
|
||||
Total number of shares repurchased
|
|
71.0
|
|
|
17.1
|
|
||
Average price paid per share
|
|
$
|
69.94
|
|
|
$
|
75.27
|
|
Total amount paid for share repurchases
|
|
$
|
4,852
|
|
|
$
|
1,283
|
|
Rating agency
|
|
Commercial paper
|
|
Long-term debt
|
Standard & Poor's
|
|
A-1+
|
|
AA
|
Moody's Investors Service
|
|
P-1
|
|
Aa2
|
Fitch Ratings
|
|
F1+
|
|
AA
|
Fiscal Period
|
|
Total
Number of
Shares
Purchased
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans or
Programs
|
|
Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under the
Plans or Programs
(billions)
|
||||||
May 1-31, 2016
|
|
13,139,552
|
|
|
$
|
67.76
|
|
|
13,139,552
|
|
|
$
|
13.9
|
|
June 1-30, 2016
|
|
10,746,424
|
|
|
71.31
|
|
|
10,746,424
|
|
|
13.1
|
|
||
July 1-31, 2016
|
|
5,337,753
|
|
|
73.53
|
|
|
5,337,753
|
|
|
12.7
|
|
||
Total
|
|
29,223,729
|
|
|
|
|
29,223,729
|
|
|
|
•
|
statements in Note 6 to Walmart's Condensed Consolidated Financial Statements as of and for the three and six months ended July 31, 2016 regarding the expected insignificance of any ineffective portion of certain net investment and cash flow derivative financial instruments to which Walmart is a party and of the amounts relating to such derivative financial instruments expected to be reclassified from accumulated other comprehensive loss to net income in the next 12 months; a statement in Note 8 to those Condensed Consolidated Financial Statements regarding the payment of dividends in the remainder of fiscal 2017; statements in Note 9 to those Condensed Consolidated Financial Statements regarding the possible outcome of, and future effect on Walmart's financial condition and results of operations of, certain litigation and other proceedings to which Walmart is a party, the possible outcome of, and future effect on Walmart's business of, certain other matters to which Walmart is subject, including Walmart's existing FCPA matters, and the liabilities, expenses and costs that Walmart may incur in connection with such matters; and the statement in Note 12 to those Condensed Consolidated Financial Statements regarding the expected closing date of the acquisition of Jet.com, Inc.;
|
•
|
in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations": statements under the caption "Overview" relating to the possible impact of volatility in currency exchange rates on the results, including net sales and operating income, of Walmart and the Walmart International segment; statements under the caption "Company Performance Metrics" regarding the impact of Walmart's strategic investments on long-term growth, Walmart continuing to grow through new stores and clubs and through increasing comparable store and club sales, which include e-commerce sales, Walmart's operating expenses potentially growing at a rate greater than or equal to the rate of Walmart's sales growth and Walmart's operating income potentially growing at a rate equal to or less than the rate of Walmart's net sales growth and with respect to Walmart's objective of balancing growth with returns and Walmart continuing to provide returns to our shareholders through share repurchases and dividends; a statement under the caption "Company Performance Metrics - Growth" regarding Walmart's strategic investments potentially not benefiting net sales and comparable store and club sales in the near term; statements under the caption "Results of Operations - Consolidated Results of Operations" regarding the possibility of fluctuations in Walmart's effective income tax rate from quarter to quarter and the factors that may cause those fluctuations; a statement under the caption "Results of Operations - Sam's Club Segment" relating to the possible continuing impact of volatility in fuel prices on the future operating results of the Sam's Club segment; a statement under the caption "Liquidity and Capital Resources - Liquidity" that Walmart's sources of liquidity will be adequate to fund its operations, finance its global investment and expansion activities, pay dividends and fund share repurchases; statements under the caption "Liquidity and Capital Resources - Liquidity - Net Cash Provided by Operating Activities - Cash Equivalents and Working Capital" regarding management's expectation that domestic liquidity needs will be met through funding sources other than earnings held outside of the United States, Walmart's intent with respect to its reinvestment of such earnings in its foreign operations, its need to repatriate such earnings and management's expectations with respect to the effect on Walmart's overall liquidity, financial condition and results of operations of local laws, other limitations or potential taxes on repatriation of such cash; a statement under the caption "Liquidity and Capital Resources Liquidity - Net Cash Used in Financing Activities - Dividends" regarding the payment of dividends in the remainder of fiscal 2017; and statements under the caption "Liquidity and Capital Resources - Capital Resources" regarding management's expectations regarding the Company's cash flows from operations, current cash position and access to capital markets continuing to be sufficient to meet its anticipated operating cash needs, factors that could affect the Company's credit ratings, and the effect that lower credit ratings would have on its access to capital and credit markets and borrowing costs; and
|
•
|
in Part I, Item 4 "Controls and Procedures": the statements regarding the effect of changes to systems and processes on our internal control over financial reporting; and
|
•
|
statements in Part II, Item 1 "Legal Proceedings" regarding the effect that possible losses or the range of possible losses that might be incurred in connection with the legal proceedings and other matters discussed therein may have on our financial condition and results of operations.
|
•
|
economic, geo-political, capital markets and business conditions, trends and events around the world and in the markets in which Walmart operates;
|
•
|
currency exchange rate fluctuations;
|
•
|
changes in market rates of interest;
|
•
|
changes in market levels of wages;
|
•
|
changes in the size of various markets, including e-commerce markets;
|
•
|
unemployment levels;
|
•
|
inflation or deflation, generally and in certain product categories;
|
•
|
transportation, energy and utility costs;
|
•
|
commodity prices, including the prices of oil and natural gas;
|
•
|
consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels, and demand for certain merchandise;
|
•
|
trends in consumer shopping habits around the world and in the markets in which Walmart operates;
|
•
|
consumer enrollment in health and drug insurance programs and such programs' reimbursement rates; and
|
•
|
initiatives of competitors, competitors' entry into and expansion in Walmart's markets, and competitive pressures;
|
•
|
the amount of Walmart's net sales and operating expenses denominated in U.S. dollar and various foreign currencies;
|
•
|
the financial performance of Walmart and each of its segments, including the amounts of Walmart's cash flow during various periods;
|
•
|
the Company's need to repatriate earnings held outside of the U.S.;
|
•
|
customer traffic and average ticket in Walmart's stores and clubs and on its e-commerce websites;
|
•
|
the mix of merchandise Walmart sells;
|
•
|
the availability of goods from suppliers and the cost of goods acquired from suppliers;
|
•
|
the effectiveness of the implementation and operation of Walmart's strategies, plans, programs and initiatives;
|
•
|
Walmart's ability to successfully integrate acquired businesses, including the planned acquisition of Jet.com, Inc.;
|
•
|
the amount of shrinkage Walmart experiences;
|
•
|
consumer acceptance of and response to Walmart's stores and clubs, e-commerce websites, mobile apps, programs and merchandise offerings, including the Walmart U.S. segment's Grocery Pickup program;
|
•
|
Walmart's gross profit margins, including pharmacy margins and margins of other product categories;
|
•
|
the selling prices of gasoline and diesel fuel;
|
•
|
disruption of seasonal buying patterns in Walmart's markets;
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Walmart's expenditures for FCPA and other compliance-related matters;
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disruptions in Walmart's supply chain;
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•
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cybersecurity events affecting Walmart and related costs;
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Walmart's labor costs, including healthcare and other benefit costs;
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Walmart's casualty and accident-related costs and insurance costs;
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•
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the size of and turnover in Walmart's workforce and the number of associates at various pay levels within that workforce;
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unexpected changes in Walmart's objectives and plans;
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•
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the availability and cost of appropriate locations and necessary utilities for new and relocated stores, clubs and other facilities;
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•
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local real estate, zoning, land use and other laws, ordinances, legal restrictions and initiatives that impose limitations on Walmart's ability to build, relocate or expand stores in certain locations;
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•
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the availability of necessary personnel to staff Walmart's stores, clubs and other facilities;
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delays in the opening of new, expanded or relocated units;
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•
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developments in, and the outcome of, legal and regulatory proceedings and investigations to which Walmart is a party or is subject, and the liabilities, obligations and expenses, if any, that Walmart may incur in connection therewith;
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•
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changes in the credit ratings assigned to the Company's commercial paper and debt securities by credit rating agencies;
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Walmart's effective tax rate; and
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unanticipated changes in accounting judgments and estimates;
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changes in existing, tax, labor and other laws and changes in tax rates, including the enactment of laws and the adoption and interpretation of administrative rules and regulations;
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•
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governmental policies, programs, initiatives and actions in the markets in which Walmart operates and elsewhere;
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tariff rates and trade restrictions;
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changes in currency control laws;
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the level of public assistance payments;
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natural disasters, public health emergencies, civil disturbances, and terrorist attacks; and
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•
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changes in generally accepted accounting principles in the United States.
|
Date: August 31, 2016
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By:
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/s/ C. Douglas McMillon
|
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C. Douglas McMillon
President and Chief Executive Officer
(Principal Executive Officer)
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Date: August 31, 2016
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By:
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/s/ M. Brett Biggs
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M. Brett Biggs
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
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Date: August 31, 2016
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By:
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/s/ Stephen P. Whaley
|
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Steven P. Whaley
Senior Vice President and Controller
(Principal Accounting Officer)
|
Exhibit 3.1
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Restated Certificate of Incorporation of the Company, the Certificate of Amendment to the Restated Certificate of Incorporation executed August 19, 1991, and the Certificate of Amendment to the Restated Certificate of Incorporation executed July 27, 1999 are incorporated herein by reference to Exhibits 4.1, 4.2 and 4.3, respectively, to the Registration Statement on Form S-3 of the Company (File Number 333-178385) filed with the SEC on December 8, 2011.
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Exhibit 3.2
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Amended and Restated Bylaws of Wal-Mart Stores, Inc., effective as of June 5, 2014, are incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 30, 2014 as filed with the SEC on June 6, 2014.
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Exhibit 12.1*
|
|
Ratio of Earnings to Fixed Charges
|
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Exhibit 31.1*
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|
Chief Executive Officer Section 302 Certification
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|
|
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Exhibit 31.2*
|
|
Chief Financial Officer Section 302 Certification
|
|
|
|
Exhibit 32.1**
|
|
Chief Executive Officer Section 906 Certification
|
|
|
|
Exhibit 32.2**
|
|
Chief Financial Officer Section 906 Certification
|
|
|
|
Exhibit 99
|
|
The information incorporated by reference in Part I, Item 3 of this Quarterly Report on Form 10-Q is incorporated herein by reference to the material set forth under the sub-caption "Market Risk" in Management's Discussion and Analysis of Financial Condition and Results of Operations, which is contained in Exhibit 13 to the Company's Annual Report on Form 10-K for the year ended January 31, 2016, as filed with the SEC.
|
|
|
|
Exhibit 101.INS*
|
|
XBRL Instance Document
|
|
|
|
Exhibit 101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
Exhibit 101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
Exhibit 101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
Exhibit 101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
Exhibit 101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith as an Exhibit.
|
**
|
Furnished herewith as an Exhibit.
|
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