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 toWal-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) TotalWal-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 atJanuary 31, 2008 . (2) Includes cash and cash equivalents of discontinued operations of$30 million atApril 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