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Walmart 2011 Annual Report

Walmart 2011 Annual Report

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Published by: tathaagat on Jun 02, 2012
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A Walmart 2011 Annual Report
Buildingthe NextGenerationWalmart
Our global mission
We save people moneyso they can live better.
Saving people money to help them live better was the goal that Sam Walton envisioned whenhe opened the doors to the rst Walmart®. This ocus drives everything we do at Walmart.And, or the millions o customers who shop in our stores around the world each week,it means they can trust that our brand means we have every day low prices.
Net sales
(dollars in billions)
Return on investment
Our inancial priorities
In FY12, we expect to grownet sales between 4% and6% through new squareootage and comparablesales. Walmart Internationalremains a major contributorto growth.Our commitment is to keep returnon investment, or ROI, stable.One o our priorities is returningvalue to shareholders throughdividends and share repurchases.
Operating expense
(as a percentage of sales)
 The productivity loop nowis ingrained in our businessmodel. Every day low cost(EDLC) drives our abilityto deliver every day lowprice (EDLP). We remaincommitted to leveragingoperating expenses.Free cash fow
(dollars in billions)
Walmart continues to investcapital to grow the business,and our operating resultshelped to produce anotheryear o strong returns.
Return on investment (ROI) and ree cash ow are non-GAAP measures. Return on assets (ROA) is the closest GAAP measure to ROI and net cash provided by operating activities o continuing operations is the closest GAAP measure to ree cash ow. The reconciliations and other inormation regarding ROI and reecash ow and their closest GAAP measures can be ound in the Management’s Discussion and Analysis o Financial Condition and Results o Operationsincluded in this Annual Report. A reconciliation o ROI to ROA or fscal 2009 is reected on our website at www.walmartstores.com/investors. All trademarks in this report are the property o their respective owners. © 2011 Wal-Mart Stores, Inc.
Walmart 2011 Annual Report 1 
 To our shareholders, associates and customers
Building the NextGeneration Walmart
At Walmart, we are proud that we work or a very special company that’s based on Sam Walton’s vision o savingpeople money so they can live better. Every time a Walmart associate walks the sales oor, enters our oces, orgets behind the wheel o a truck, he or she has the opportunity to improve the lives o millions o people aroundthe world. What we do and how we perorm is watched closely not only by our customers and shareholders, butalso by the whole world.
Financial results.
Walmart delivered solid fnancial perormance or fscal year 2011. We increased net sales by3.4 percent to $419 billion and operating income by 6.4 percent to more than $25 billion. Our diluted earningsper share rom continuing operations rose 12 percent to $4.18 per share. We continued to deliver a stable returnon investment o over 19 percent. We closed out the year with almost $11 billion in ree cash ow. And I’m proudthat we returned a record $19.2 billion to shareholders through dividends and share repurchases.
< Michael T. Duke
President and Chief Executive OfficerWal-Mart Stores, Inc.

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