Pre-Recorded Phone Call
BENTONVILLE, Ark.,
Net sales for the first quarter were
"We're pleased to report that fiscal year 2010 is off to a very good start," said
"When economic conditions improve, we believe customers who shop
"Customers trust
Net Sales
Net sales were as follows (dollars in billions):
Three Months Ended
April 30,
Percent
2009 2008 Change
Net Sales:
Walmart U.S. $61.244 $58.991 3.8%
International 21.263 23.927 -11.1%
Sam's Club 10.964 11.124 -1.4%
Total Company $93.471 $94.042 -0.6%
Segment Operating Income
Segment operating income, which is defined as operating income for each operating segment, was as follows (dollars in billions):
Three Months Ended
April 30,
Percent
2009 2008 Change
Segment Operating
Income:
Walmart U.S. $4.464 $4.320 3.3%
International 0.880 1.050 -16.2%
Sam's Club 0.393 0.393 0.0%
Comparable Store Sales
The company reports U.S. comparable store sales in this earnings release based on its 13-week retail calendar, as follows:
Without Fuel With Fuel Fuel Impact
Thirteen Weeks Thirteen Weeks Thirteen Weeks
Ended Ended Ended
05/01/09 05/02/08 05/01/09 05/02/08 05/01/09 05/02/08
Walmart U.S. 3.6% 1.9% 3.6% 1.9% 0.0% 0.0%
Sam's Club 4.2% 2.8% -0.5% 5.6% -4.7% 2.8%
Total U.S. 3.7% 2.0% 2.9% 2.5% -0.8% 0.5%
When reporting earnings in prior quarters, the company also reported comparable store sales on a monthly calendar basis. Effective this quarter, the company now will report comparable store sales for the most recently completed 13-week period, on its 4-5-4 retail calendar.
Data in the condensed consolidated financial statements included in this news release are based on the calendar quarters ending
Guidance
"We expect earnings per share from continuing operations for the second quarter of fiscal year 2010 to be between
"The company is in a great financial position, and we're proud of our strong balance sheet and the free cash flow generated by our operations," Schoewe added. "We're doing an excellent job taking care of our customers and we'll continue to help them save money so they can live better long after the economy recovers."
The company announced last week that it will no longer report monthly comparable store sales. The 13-week comparable store sales results will be reported as part of quarterly earnings news, as noted above. Effective with this quarter, the company will provide 13-week comparable store sales guidance separately for Walmart U.S. and
Walmart U.S. and
Effective
In addition to these changes, beginning
After this earnings release has been furnished to the SEC, a pre-recorded call offering additional comments on the quarter will be available to all investors. Callers may listen to this call by dialing 203-369-1090. The information included in this release, including reconciliations, and the pre-recorded phone call is available in the investor information area on the company's Web site at www.walmartstores.com/investors.
This release contains statements as to
Wal-Mart Stores, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
SUBJECT TO RECLASSIFICATION
Three Months Ended
April 30,
(Amounts in millions except per share
data) 2009 2008
Revenues:
Net sales $93,471 $94,042
Membership and other income 771 898
94,242 94,940
Costs and expenses:
Cost of sales 70,388 71,372
Operating, selling, general and
administrative expenses 18,637 18,251
Operating income 5,217 5,317
Interest:
Debt 448 488
Capital leases 70 72
Interest income (51) (64)
Interest, net 467 496
Income from continuing operations before
income taxes 4,750 4,821
Provision for income taxes 1,603 1,670
Income from continuing operations 3,147 3,151
Loss from discontinued operations, net of
tax (8) (7)
Consolidated net income 3,139 3,144
Less consolidated net income attributable
to noncontrolling interest (117) (122)
Consolidated net income attributable to
Wal-Mart $3,022 $3,022
Income from continuing operations
attributable to
Wal-Mart
:
Income from continuing operations $3,147 $3,151
Less consolidated net income attributable
to noncontrolling interest (117) (122)
Income from continuing operations
attributable to Wal-Mart $3,030 $3,029
Basic net income per common share:
Basic income per share from continuing
operations attributable to Wal-Mart $0.77 $0.77
Basic loss per share from discontinued
operations attributable to Wal-Mart - (0.01)
Basic net income per share attributable to
Wal-Mart $0.77 $0.76
Diluted net income per common share:
Diluted income per share from continuing
operations attributable to Wal-Mart $0.77 $0.76
Diluted income per share from discontinued
operations attributable to Wal-Mart - -
Diluted net income per share attributable
to Wal-Mart $0.77 $0.76
Weighted-average number of common shares:
Basic 3,920 3,957
Diluted 3,930 3,967
Dividends declared per common share $1.09 $0.95
Wal-Mart Stores, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Amounts in millions)
SUBJECT TO RECLASSIFICATION
April 30, January 31,
2009 2008 2009
ASSETS
Current assets:
Cash and cash equivalents $6,578 $8,042 $7,275
Receivables 3,356 3,249 3,905
Inventories 34,391 35,521 34,511
Prepaid expenses and other 3,266 2,990 3,063
Current assets of discontinued
operations 155 955 195
Total current assets 47,746 50,757 48,949
Property and equipment, at cost:
Property and equipment, at cost 127,472 124,256 125,820
Less accumulated depreciation (34,145) (29,926) (32,964)
Property and equipment, net 93,327 94,330 92,856
Property under capital lease:
Property under capital lease 5,394 5,808 5,341
Less accumulated amortization (2,617) (2,680) (2,544)
Property under capital lease,
net 2,777 3,128 2,797
Goodwill 14,882 16,428 15,260
Other assets and deferred charges 3,358 2,840 3,567
Total assets $162,090 $167,483 $163,429
LIABILITIES AND EQUITY
Current liabilities:
Commercial paper $1,457 $5,924 $1,506
Accounts payable 28,541 29,027 28,849
Dividends payable 3,234 3,322 -
Accrued liabilities 15,263 14,882 18,112
Accrued income taxes 1,810 1,699 677
Long-term debt due within one
year 5,731 5,864 5,848
Obligations under capital leases
due within one year 318 321 315
Current liabilities of
discontinued operations 45 90 83
Total current liabilities 56,399 61,129 55,390
Long-term debt 32,480 32,379 31,349
Long-term obligations under
capital leases 3,185 3,584 3,200
Deferred income taxes and other 5,835 5,284 6,014
Redeemable noncontrolling
interest 277 - 397
Commitments and contingencies
Equity:
Common stock and capital in
excess of par value 4,048 3,628 4,313
Retained earnings 61,556 55,257 63,660
Accumulated other comprehensive
(loss) income (3,373) 4,345 (2,688)
Total
Wal-Mart
shareholders'
equity 62,231 63,230 65,285
Noncontrolling interest 1,683 1,877 1,794
Total equity 63,914 65,107 67,079
Total liabilities and equity $162,090 $167,483 $163,429
Wal-Mart Stores, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Amounts in millions)
SUBJECT TO RECLASSIFICATION
Three Months Ended
April 30,
2009 2008
Cash flows from operating activities:
Consolidated net income $3,139 $3,144
Loss from discontinued operations, net of tax 8 7
Income from continuing operations 3,147 3,151
Adjustments to reconcile income from continuing
operations to net cash provided by operating
activities:
Depreciation and amortization 1,700 1,628
Other (192) 139
Changes in certain assets and liabilities, net of
effects of acquisitions:
Decrease in accounts receivable 419 450
Decrease (increase) in inventories 153 (213)
Decrease in accounts payable (315) (1,191)
Decrease in accrued liabilities (1,341) (185)
Net cash provided by operating activities 3,571 3,779
Cash flows from investing activities:
Payments for property and equipment (2,607) (2,447)
Proceeds from disposal of property and equipment 132 126
Investment in international operations (436) -
Other investing activities (208) 88
Net cash used in investing activities (3,119) (2,233)
Cash flows from financing activities:
(Decrease) increase in commercial paper, net (266) 892
Proceeds from issuance of long-term debt 1,453 2,521
Payment of long-term debt (63) (361)
Dividends paid (1,067) (940)
Purchase of company stock (886) (1,375)
Other financing activities (238) 54
Net cash used in (provided by) in financing
activities (1,067) 791
Effect of exchange rates on cash (82) 166
Net (decrease) increase in cash and cash
equivalents (697) 2,503
Cash and cash equivalents at beginning of year(1) 7,275 5,569
Cash and cash equivalents at end of period(2) $6,578 $8,072
(1) Includes cash and cash equivalents of discontinued operations of
$77 million
at
January 31, 2008
.
(2) Includes cash and cash equivalents of discontinued operations of
$30 million
at
April 30, 2008
.
SOURCE
CONTACT:
Media Relations
1-800-331-0085
or Investor Relations
1-479-277-1498
or
1-479-277-9558, all of
Web Site: http://www.walmartstores.com
http://www.walmart.com
http://www.samsclub.com