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Wal-Mart Stores Inc.

Adjusted Financial Reports For the Three Months Ended April 30, 2010

Wal-Mart Stores, Inc. (the company) recently made an accounting change that affected the results of operations reflected in its fiscal period(s) noted above. In addition, the company changed its cost allocation methodology, realigned certain segment operations and made certain reclassifications that affected the results of its operating segments. Inventory Accounting Change Effective May 1, 2010, the company implemented a new enterprise resource planning ("ERP") system for its operations in the United States, Canada and Puerto Rico. Concurrent with this implementation and the increased system capabilities, the company changed the level at which it applies the retail method of accounting for inventory from 13 divisions to 49 departments. The company believes the change is preferable because applying the retail method of accounting for inventory at the departmental level better segregates merchandise with similar cost-to-retail ratios and turnover as well as provides a more accurate cost of goods sold and ending inventory value at the lower of cost or market for each reporting period. The retrospective application of this accounting change impacted both segment and consolidated operating income, as well as consolidated net income for all comparable periods presented. Segment Reporting Reclassifications From time to time, we revise the measurement of each segments operating income, including the allocation of corporate overhead expenses. These revisions are generally the result of changes in the alignment of segment operations or cost allocations designed to drive greater accountability. When we make these measurement changes, the operating income for each affected segment is revised for all periods presented to maintain comparability. Effective February 1, 2010, we made certain changes to our reporting that affect our segmented results. These changes are summarized as follows: a. Certain information systems expenses, previously included in unallocated corporate overhead, are now charged to the segment that is directly benefitting from these costs. This reclassification did not have an impact on our condensed consolidated financial results. b. As part of our operational realignment, our Puerto Rico operations moved from the Walmart International segment to the respective Walmart U.S. and Sams Club segments. The Walmart U.S. segment now includes the companys mass merchant concept in the United States and Puerto Rico, operating primarily under the Walmart brands, as well as walmart.com. The Sams Club segment now includes the warehouse membership clubs in the United States and Puerto Rico, as well as samsclub.com. The Walmart International segment now includes the companys operations outside the United States and Puerto Rico. These reclassifications did not have an impact on our condensed consolidated financial results. Other Reclassifications In connection with the companys new ERP system, we reclassified certain revenue and expense items within our consolidated statements of income for financial reporting purposes. The reclassifications did not impact our consolidated operating income or consolidated net income. The changes have been reflected in all periods presented. Financial Statement Revisions As a result of the accounting change and reclassifications, we have revised our Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets, segment operating income and net sales for all periods presented to provide comparability as follows:

Net sales
Net sales for the three months ended April 30, 2010 were as follows (dollar amounts in billions):
Three Months Ended April 30, 2010 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 62.324 25.030 11.743 99.097 Adjustments $ Reclassifications $ 2010 As Adjusted $ 62.324 25.030 11.743 99.097

Operating Income
Operating Income for the three months ended April 30, 2010 was as follows (dollar amounts in billions):

Three Months Ended April 30, 2010 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 4.638 1.095 0.429 $ Adjustments (0.023) (0.012) Reclassifications $ 2010 As Adjusted $ 4.615 1.083 0.429

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) Revenues: Net sales Membership and other income 2010 As Reported $ 99,097 751 99,848 $ Adjustments $ Reclassifications (37) (37) 2010 As Adjusted $ 99,097 714 99,811

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart $

74,703 19,373 5,772

35 (35)

(38) 1 -

74,700 19,374 5,737

455 67 (51) 471 5,301 1,834 3,467 3,467 (143) 3,324

(35) (12) (23) (23) (23)

455 67 (51) 471 5,266 1,822 3,444 3,444 (143) 3,301

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted Dividends declared per common share

$ $

3,467 (143) 3,324

$ $

(23) (23)

$ $

$ $

3,444 (143) 3,301

0.88 0.88

(0.01) (0.01)

0.88 0.88

0.88 0.88

(0.01) (0.01)

0.87 0.87

3,765 3,781 $ 1.21

3,765 3,781

3,765 3,781 $

3,765 3,781 1.21

Wal-Mart Stores, Inc. Condensed Consolidated Balance Sheets


(Unaudited) (Amounts in millions) SUBJECT TO RECLASSIFICATION April 30, 2010 As Reported ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Current assets of discontinued operations Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital lease: Property under capital lease Less accumulated amortization Property under capital lease, net Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Dividends payable Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within one year Current liabilities of discontinued operations Total current liabilities Long-term debt Long-term obligations under capital leases Deferred income taxes and other Redeemable noncontrolling interest Commitments and contingencies Equity: Common stock and capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders equity Noncontrolling interest Total equity Total liabilities and equity Adjustments 2010 As Adjusted

8,516 4,235 35,503 3,291 129 51,674

(482) 154 (328)

8,516 4,235 35,021 3,445 129 51,346

139,811 (39,602) 100,209

139,811 (39,602) 100,209

5,713 (2,994) 2,719 15,859 3,910 174,371

(328)

5,713 (2,994) 2,719 15,859 3,910 174,043

4,812 31,372 3,546 15,617 2,726 6,012 353 74 64,512 32,668 3,112 5,152 325

(22) (22) -

4,812 31,372 3,546 15,617 2,704 6,012 353 74 64,490 32,668 3,112 5,152 325

4,059 62,486 (216) 66,329 2,273 68,602 174,371

(306) (306) (306) (328)

4,059 62,180 (216) 66,023 2,273 68,296 174,043

Wal-Mart Stores Inc. Adjusted Financial Reports For the Three Months and Year Ended January 31, 2010

Wal-Mart Stores, Inc. (the company) recently made an accounting change that affected the results of operations reflected in its fiscal period(s) noted above. In addition, the company changed its cost allocation methodology, realigned certain segment operations and made certain reclassifications that affected the results of its operating segments. Inventory Accounting Change Effective May 1, 2010, the company implemented a new enterprise resource planning ("ERP") system for its operations in the United States, Canada and Puerto Rico. Concurrent with this implementation and the increased system capabilities, the company changed the level at which it applies the retail method of accounting for inventory from 13 divisions to 49 departments. The company believes the change is preferable because applying the retail method of accounting for inventory at the departmental level better segregates merchandise with similar cost-to-retail ratios and turnover as well as provides a more accurate cost of goods sold and ending inventory value at the lower of cost or market for each reporting period. The retrospective application of this accounting change impacted both segment and consolidated operating income, as well as consolidated net income for all comparable periods presented. Segment Reporting Reclassifications From time to time, we revise the measurement of each segments operating income, including the allocation of corporate overhead expenses. These revisions are generally the result of changes in the alignment of segment operations or cost allocations designed to drive greater accountability. When we make these measurement changes, the operating income for each affected segment is revised for all periods presented to maintain comparability. Effective February 1, 2010, we made certain changes to our reporting that affect our segmented results. These changes are summarized as follows: a. Certain information systems expenses, previously included in unallocated corporate overhead, are now charged to the segment that is directly benefitting from these costs. This reclassification did not have an impact on our condensed consolidated financial results. b. As part of our operational realignment, our Puerto Rico operations moved from the Walmart International segment to the respective Walmart U.S. and Sams Club segments. The Walmart U.S. segment now includes the companys mass merchant concept in the United States and Puerto Rico, operating primarily under the Walmart brands, as well as walmart.com. The Sams Club segment now includes the warehouse membership clubs in the United States and Puerto Rico, as well as samsclub.com. The Walmart International segment now includes the companys operations outside the United States and Puerto Rico. These reclassifications did not have an impact on our condensed consolidated financial results. Other Reclassifications In connection with the companys new ERP system, we reclassified certain revenue and expense items within our consolidated statements of income for financial reporting purposes. The reclassifications did not impact our consolidated operating income or consolidated net income. The changes have been reflected in all periods presented. Financial Statement Revisions As a result of the accounting change and reclassifications, we have revised our Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets, segment operating income and net sales for all periods presented to provide comparability as follows:

Net sales
Net sales for the three months ended January 31, 2010 were as follows (dollar amounts in billions):
Three Months Ended January 31, 2010 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 70.969 29.572 12.285 112.826 Adjustments Reclassifications $ 0.468 (0.749) 0.281 2010 As Adjusted $ 71.437 28.823 12.566 112.826

Net sales for the year ended January, 2010 were as follows (dollar amounts in billions):
Year Ended January 31, 2010 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 258.229 100.107 46.710 405.046 Adjustments Reclassifications $ 1.690 (2.700) 1.096 0.086 2010 As Adjusted $ 259.919 97.407 47.806 405.132

Operating Income
Operating Income for the three months ended January 31, 2010 was as follows (dollar amounts in billions):

Three Months Ended January 31, 2010 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 5.632 1.891 0.305 $ Adjustments 0.178 0.022 Reclassifications $ (0.067) (0.045) 0.005 2010 As Adjusted $ 5.743 1.868 0.310

Operating Income for the year ended January31, 2010 was as follows (dollar amounts in billions):
Year Ended January 31, 2010 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 19.522 5.033 1.512 $ Adjustments 0.053 (0.001) Reclassifications $ (0.262) (0.131) 0.003 2010 As Adjusted $ 19.313 4.901 1.515

Wal-Mart Stores, Inc. Condensed Consolidated Statements of Income


(Unaudited) SUBJECT TO RECLASSIFICATION Three Months Ended January 31, (Amounts in millions except per share data) Revenues: Net sales Membership and other income 2010 As Reported $ 112,826 825 113,651 $ Adjustments Reclassifications $ (29) (29) 2010 As Adjusted $ 112,826 796 113,622

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart

85,311 21,082 7,258

(200) 200

(33) 4 -

85,078 21,086 7,458

450 72 (53) 469 6,789 1,925 4,864 (57) 4,807 (175) 4,632

200 74 126 126 126

450 72 (53) 469 6,989 1,999 4,990 (57) 4,933 (175) 4,758

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted

$ $

4,864 (175) 4,689

$ $

126 126

$ $

$ $

4,990 (175) 4,815

1.23 (0.01) 1.22

0.03 0.03

1.27 (0.02) 1.25

1.23 (0.02) 1.21

0.03 0.03

1.26 (0.01) 1.25

3,805 3,820

3,805 3,820

3,805 3,820

3,805 3,820

Wal-Mart Stores, Inc. Condensed Consolidated Statements of Income


(Unaudited) SUBJECT TO RECLASSIFICATION Year Ended January 31, (Amounts in millions except per share data) Revenues: Net sales Membership and other income 2010 As Reported $ 405,046 3,168 408,214 $ Adjustments $ Reclassifications 86 (215) (129) 2010 As Adjusted $ 405,132 2,953 408,085

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart

304,657 79,607 23,950

(52) 52

(161) 32 -

304,444 79,639 24,002

1,787 278 (181) 1,884 22,066 7,139 14,927 (79) 14,848 (513) 14,335

52 17 35 35 $ 35 $

1,787 278 (181) 1,884 22,118 7,156 14,962 (79) 14,883 (513) 14,370

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted Dividends declared per common share

$ $

14,927 (513) 14,414

$ $

35 35

$ $

$ $

14,962 (513) 14,449

3.73 (0.02) 3.71

0.01 0.01

3.74 (0.02) 3.72

3.72 (0.02) 3.70

0.01 0.01

3.73 (0.02) 3.71

3,866 3,877 $ 1.09

3,866 3,877

3,866 3,877 $

3,866 3,877 1.09

Wal-Mart Stores, Inc. Condensed Consolidated Balance Sheets


(Unaudited) (Amounts in millions) SUBJECT TO RECLASSIFICATION January 31, 2010 As Reported ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Current assets of discontinued operations Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital leases: Property under capital leases, net Less accumulated amortization Property under capital leases, net Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Dividends payable Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within one year Current liabilities of discontinued operations Total current liabilities Long-term debt Long-term obligations under capital leases Deferred income taxes and other Redeemable noncontrolling interest Commitments and contingencies Equity: Common stock and capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders equity Noncontrolling interest Total equity Total liabilities and equity Adjustments 2010 As Adjusted

7,907 4,144 33,160 2,980 140 48,331

(447) 148 (299)

7,907 4,144 32,713 3,128 140 48,032

137,848 (38,304) 99,544

137,848 (38,304) 99,544

5,669 (2,906) 2,763 16,126 3,942 170,706

(299)

5,669 (2,906) 2,763 16,126 3,942 170,407

523 30,451 18,734 1,365 4,050 346 92 55,561 33,231 3,170 5,508 307

(18) (18) -

523 30,451 18,734 1,347 4,050 346 92 55,543 33,231 3,170 5,508 307

4,181 66,638 (70) 70,749 2,180 72,929 170,706

(281) (281) (281) (299)

4,181 66,357 (70) 70,468 2,180 72,648 170,407

Wal-Mart Stores Inc. Adjusted Financial Reports For the Three and Nine Month Periods Ended October 31, 2009

Wal-Mart Stores, Inc. (the company) recently made an accounting change that affected the results of operations reflected in its fiscal period(s) noted above. In addition, the company changed its cost allocation methodology, realigned certain segment operations and made certain reclassifications that affected the results of its operating segments. Inventory Accounting Change Effective May 1, 2010, the company implemented a new enterprise resource planning ("ERP") system for its operations in the United States, Canada and Puerto Rico. Concurrent with this implementation and the increased system capabilities, the company changed the level at which it applies the retail method of accounting for inventory from 13 divisions to 49 departments. The company believes the change is preferable because applying the retail method of accounting for inventory at the departmental level better segregates merchandise with similar cost-to-retail ratios and turnover as well as provides a more accurate cost of goods sold and ending inventory value at the lower of cost or market for each reporting period. The retrospective application of this accounting change impacted both segment and consolidated operating income, as well as consolidated net income for all comparable periods presented. Segment Reporting Reclassifications From time to time, we revise the measurement of each segments operating income, including the allocation of corporate overhead expenses. These revisions are generally the result of changes in the alignment of segment operations or cost allocations designed to drive greater accountability. When we make these measurement changes, the operating income for each affected segment is revised for all periods presented to maintain comparability. Effective February 1, 2010, we made certain changes to our reporting that affect our segmented results. These changes are summarized as follows: a. Certain information systems expenses, previously included in unallocated corporate overhead, are now charged to the segment that is directly benefitting from these costs. This reclassification did not have an impact on our condensed consolidated financial results. b. As part of our operational realignment, our Puerto Rico operations moved from the Walmart International segment to the respective Walmart U.S. and Sams Club segments. The Walmart U.S. segment now includes the companys mass merchant concept in the United States and Puerto Rico, operating primarily under the Walmart brands, as well as walmart.com. The Sams Club segment now includes the warehouse membership clubs in the United States and Puerto Rico, as well as samsclub.com. The Walmart International segment now includes the companys operations outside the United States and Puerto Rico. These reclassifications did not have an impact on our condensed consolidated financial results. Other Reclassifications In connection with the companys new ERP system, we reclassified certain revenue and expense items within our consolidated statements of income for financial reporting purposes. The reclassifications did not impact our consolidated operating income or consolidated net income. The changes have been reflected in all periods presented. Financial Statement Revisions As a result of the accounting change and reclassifications, we have revised our Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets, segment operating income and net sales for all periods presented to provide comparability as follows:

10

Net sales
Net sales for the three months ended October 31, 2009 were as follows (dollar amounts in billions):
Three Months Ended October 31, 2009 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 61.807 25.307 11.553 98.667 Adjustments Reclassifications $ 0.403 (0.676) 0.273 2009 As Adjusted $ 62.210 24.631 11.826 98.667

Net sales for the nine months ended October 31, 2009 were as follows (dollar amounts in billions):
Nine Months Ended October 31, 2009 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 187.260 70.535 34.425 292.220 Adjustments Reclassifications $ 1.222 (1.951) 0.815 0.086 2009 As Adjusted $ 188.482 68.584 35.240 292.306

Operating Income
Operating Income for the three months ended October 31, 2009 was as follows (dollar amounts in billions):

Three Months Ended October 31, 2009 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 4.525 1.119 0.395 $ Adjustments (0.137) (0.014) Reclassifications $ (0.070) (0.027) 2009 As Adjusted $ 4.318 1.078 0.395

Operating Income for the nine months ended October 31, 2009 was as follows (dollar amounts in billions):

Nine Months Ended October 31, 2009 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 13.890 3.142 1.207 $ Adjustments (0.125) (0.023) Reclassifications $ (0.195) (0.086) (0.002) 2009 As Adjusted $ 13.570 3.033 1.205

11

Wal-Mart Stores, Inc. Condensed Consolidated Statements of Income


(Unaudited) SUBJECT TO RECLASSIFICATION Three Months Ended October 31, (Amounts in millions except per share data) Revenues: Net sales Membership and other income 2009 As Reported $ 98,667 744 99,411 $ Adjustments Reclassifications $ (38) (38) 2009 As Adjusted $ 98,667 706 99,373

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart

73,805 20,013 5,593

151 (151)

(41) 3 -

73,915 20,016 5,442

442 68 (35) 475 5,118 1,758 3,360 (7) 3,353 (114) 3,239

(151) (56) (95) (95) (95)

442 68 (35) 475 4,967 1,702 3,265 (7) 3,258 (114) 3,144

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted

$ $

3,360 (114) 3,246

$ $

(95) (95)

$ $

$ $

3,265 (114) 3,151

0.84 0.84

(0.02) (0.02)

0.82 0.82

0.84 0.84

(0.02) (0.02)

0.82 (0.01) 0.81

3,851 3,861

3,851 3,861

3,851 3,861

3,851 3,861

12

Wal-Mart Stores, Inc. Condensed Consolidated Statements of Income


(Unaudited) SUBJECT TO RECLASSIFICATION Nine Months Ended October 31, (Amounts in millions except per share data) Revenues: Net sales Membership and other income 2009 As Reported $ 292,220 2,343 294,563 $ Adjustments $ Reclassifications 86 (186) (100) 2009 As Adjusted $ 292,306 2,157 294,463

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart

219,346 58,525 16,692

148 (148)

(128) 28 -

219,366 58,553 16,544

1,337 206 (128) 1,415 15,277 5,214 10,063 (22) 10,041 (338) 9,703

(148) (57) (91) (91) (91)

1,337 206 (128) 1,415 15,129 5,157 9,972 (22) 9,950 (338) 9,612

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted Dividends declared per common share

$ $

10,063 (338) 9,725

$ $

(91) (91)

$ $

$ $

9,972 (338) 9,634

2.50 2.50

(0.02) (0.02)

2.48 (0.01) 2.47

2.50 (0.01) 2.49

(0.02) (0.02)

(0.01) -

2.47 2.47

3,887 3,897 $ 1.09

3,887 3,897

3,887 3,897 $

3,887 3,897 1.09

13

Wal-Mart Stores, Inc. Condensed Consolidated Balance Sheets


(Unaudited) (Amounts in millions) SUBJECT TO RECLASSIFICATION October 31, 2009 As Reported ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Current assets of discontinued operations Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital leases: Property under capital leases Less accumulated amortization Property under capital leases, net Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Dividends payable Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within one year Current liabilities of discontinued operations Total current liabilities Long-term debt Long-term obligations under capital leases Deferred income taxes and other Redeemable noncontrolling interest Commitments and contingencies Equity: Common stock and capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders equity Noncontrolling interest Total equity Total liabilities and equity Adjustments 2009 As Adjusted

6,003 3,776 38,775 3,249 145 51,948

(646) 214 (432)

6,003 3,776 38,129 3,463 145 51,516

135,152 (36,716) 98,436

135,152 (36,716) 98,436

5,618 (2,833) 2,785 16,162 3,603 172,934

(432)

5,618 (2,833) 2,785 16,162 3,603 172,502

5,239 30,920 1,021 16,638 810 4,169 344 38 59,179 34,394 3,207 6,202 310

(24) (24) -

5,239 30,920 1,021 16,638 786 4,169 344 38 59,155 34,394 3,207 6,202 310

4,134 64,105 (551) 67,688 1,954 69,642 172,934

(408) (408) (408) (432)

4,134 63,697 (551) 67,280 1,954 69,234 172,502

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Wal-Mart Stores Inc. Adjusted Financial Reports For the Three and Six Month Periods Ended July 31, 2009

Wal-Mart Stores, Inc. (the company) recently made an accounting change that affected the results of operations reflected in its fiscal period(s) noted above. In addition, the company changed its cost allocation methodology, realigned certain segment operations and made certain reclassifications that affected the results of its operating segments. Inventory Accounting Change Effective May 1, 2010, the company implemented a new enterprise resource planning ("ERP") system for its operations in the United States, Canada and Puerto Rico. Concurrent with this implementation and the increased system capabilities, the company changed the level at which it applies the retail method of accounting for inventory from 13 divisions to 49 departments. The company believes the change is preferable because applying the retail method of accounting for inventory at the departmental level better segregates merchandise with similar cost-to-retail ratios and turnover as well as provides a more accurate cost of goods sold and ending inventory value at the lower of cost or market for each reporting period. The retrospective application of this accounting change impacted both segment and consolidated operating income, as well as consolidated net income for all comparable periods presented. Segment Reporting Reclassifications From time to time, we revise the measurement of each segments operating income, including the allocation of corporate overhead expenses. These revisions are generally the result of changes in the alignment of segment operations or cost allocations designed to drive greater accountability. When we make these measurement changes, the operating income for each affected segment is revised for all periods presented to maintain comparability. Effective February 1, 2010, we made certain changes to our reporting that affect our segmented results. These changes are summarized as follows: a. Certain information systems expenses, previously included in unallocated corporate overhead, are now charged to the segment that is directly benefitting from these costs. This reclassification did not have an impact on our condensed consolidated financial results. b. As part of our operational realignment, our Puerto Rico operations moved from the Walmart International segment to the respective Walmart U.S. and Sams Club segments. The Walmart U.S. segment now includes the companys mass merchant concept in the United States and Puerto Rico, operating primarily under the Walmart brands, as well as walmart.com. The Sams Club segment now includes the warehouse membership clubs in the United States and Puerto Rico, as well as samsclub.com. The Walmart International segment now includes the companys operations outside the United States and Puerto Rico. These reclassifications did not have an impact on our condensed consolidated financial results. Other Reclassifications In connection with the companys new ERP system, we reclassified certain revenue and expense items within our consolidated statements of income for financial reporting purposes. The reclassifications did not impact our consolidated operating income or consolidated net income. The changes have been reflected in all periods presented. Financial Statement Revisions As a result of the accounting change and reclassifications, we have revised our Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets, segment operating income and net sales for all periods presented to provide comparability as follows:

15

Net sales
Net sales for the three months ended July 31, 2009 were as follows (dollar amounts in billions):
Three Months Ended July 31, 2009 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 64.209 23.965 11.908 100.082 Adjustments Reclassifications $ 0.436 (0.633) 0.283 0.086 2009 As Adjusted $ 64.645 23.332 12.191 100.168

Net sales for the six months ended July 31, 2009 were as follows (dollar amounts in billions):
Six Months Ended July 31, 2009 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 125.453 45.228 22.872 193.553 Adjustments Reclassifications $ 0.819 (1.275) 0.542 0.086 2009 As Adjusted $ 126.272 43.953 23.414 193.639

Operating Income
Operating Income for the three months ended July 31, 2009 was as follows (dollar amounts in billions):

Three Months Ended July 31, 2009 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 4.901 1.143 0.419 $ Adjustments 0.042 0.005 Reclassifications $ (0.053) (0.036) (0.001) 2009 As Adjusted $ 4.890 1.112 0.418

Operating Income for the six months ended July 31, 2009 was as follows (dollar amounts in billions):
Six Months Ended July 31, 2009 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 9.365 2.023 0.812 $ Adjustments 0.012 (0.009) Reclassifications $ (0.125) (0.059) (0.002) 2009 As Adjusted $ 9.252 1.955 0.810

16

Wal-Mart Stores, Inc. Condensed Consolidated Statements of Income


(Unaudited) SUBJECT TO RECLASSIFICATION Three Months Ended July 31, (Amounts in millions except per share data) Revenues: Net sales Membership and other income 2009 As Reported $ 100,082 828 100,910 $ Adjustments Reclassifications $ 86 (120) (34) 2009 As Adjusted $ 100,168 708 100,876

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart

75,153 19,875 5,882

(47) 47

(50) 16 -

75,056 19,891 5,929

447 68 (42) 473 5,409 1,853 3,556 (7) 3,549 (107) 3,442

47 17 30 30 30

447 68 (42) 473 5,456 1,870 3,586 (7) 3,579 (107) 3,472

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted

$ $

3,556 (107) 3,449

$ $

30 30

$ $

$ $

3,586 (107) 3,479

0.89 (0.01) 0.88

0.01 0.01

0.89 0.89

0.88 0.88

0.01 0.01

0.89 0.89

3,891 3,900

3,891 3,900

3,891 3,900

3,891 3,900

17

Wal-Mart Stores, Inc. Condensed Consolidated Statements of Income


(Unaudited) SUBJECT TO RECLASSIFICATION Six Months Ended July 31, (Amounts in millions except per share data) Revenues: Net sales Membership and other income 2009 As Reported $ 193,553 1,599 195,152 $ Adjustments Reclassifications $ 86 (148) (62) 2009 As Adjusted $ 193,639 1,451 195,090

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart

145,541 38,512 11,099

(3) 3

(87) 25 -

145,451 38,537 11,102

895 138 (93) 940 10,159 3,456 6,703 (15) 6,688 (224) 6,464

3 (1) 4 4 $ 4 $

895 138 (93) 940 10,162 3,455 6,707 (15) 6,692 (224) 6,468

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted Dividends declared per common share

$ $

6,703 (224) 6,479

$ $

4 4

$ $

$ $

6,707 (224) 6,483

1.66 1.66

1.66 1.66

1.65 1.65

1.66 (0.01) 1.65

3,905 3,915 $ 1.09

3,905 3,915

3,905 3,915 $

3,905 3,915 1.09

18

Wal-Mart Stores, Inc. Condensed Consolidated Balance Sheets


(Unaudited) (Amounts in millions) SUBJECT TO RECLASSIFICATION July 31, 2009 As Reported ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Current assets of discontinued operations Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital leases: Property under capital leases Less accumulated amortization Property under capital leases, net Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Dividends payable Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within one year Current liabilities of discontinued operations Total current liabilities Long-term debt Long-term obligations under capital leases Deferred income taxes and other Redeemable noncontrolling interest Commitments and contingencies Equity: Common stock and capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders equity Noncontrolling interest Total equity Total liabilities and equity Adjustments 2009 As Adjusted

7,997 3,684 33,861 3,336 147 49,025

(496) 163 (333)

7,997 3,684 33,365 3,499 147 48,692

133,070 (35,707) 97,363

133,070 (35,707) 97,363

5,583 (2,759) 2,824 16,149 3,581 168,942

(333)

5,583 (2,759) 2,824 16,149 3,581 168,609

1,122 28,797 2,073 16,706 1,162 6,959 336 41 57,196 33,579 3,246 5,773 326

(20) (20) -

1,122 28,797 2,073 16,706 1,142 6,959 336 41 57,176 33,579 3,246 5,773 326

4,173 63,153 (318) 67,008 1,814 68,822 168,942

(313) (313) (313) (333)

4,173 62,840 (318) 66,695 1,814 68,509 168,609

19

Wal-Mart Stores Inc. Adjusted Financial Reports For the Three Months Ended April 30, 2009

Wal-Mart Stores, Inc. (the company) recently made an accounting change that affected the results of operations reflected in its fiscal period(s) noted above. In addition, the company changed its cost allocation methodology, realigned certain segment operations and made certain reclassifications that affected the results of its operating segments. Inventory Accounting Change Effective May 1, 2010, the company implemented a new enterprise resource planning ("ERP") system for its operations in the United States, Canada and Puerto Rico. Concurrent with this implementation and the increased system capabilities, the company changed the level at which it applies the retail method of accounting for inventory from 13 divisions to 49 departments. The company believes the change is preferable because applying the retail method of accounting for inventory at the departmental level better segregates merchandise with similar cost-to-retail ratios and turnover as well as provides a more accurate cost of goods sold and ending inventory value at the lower of cost or market for each reporting period. The retrospective application of this accounting change impacted both segment and consolidated operating income, as well as consolidated net income for all comparable periods presented. Segment Reporting Reclassifications From time to time, we revise the measurement of each segments operating income, including the allocation of corporate overhead expenses. These revisions are generally the result of changes in the alignment of segment operations or cost allocations designed to drive greater accountability. When we make these measurement changes, the operating income for each affected segment is revised for all periods presented to maintain comparability. Effective February 1, 2010, we made certain changes to our reporting that affect our segmented results. These changes are summarized as follows: a. Certain information systems expenses, previously included in unallocated corporate overhead, are now charged to the segment that is directly benefitting from these costs. This reclassification did not have an impact on our condensed consolidated financial results. b. As part of our operational realignment, our Puerto Rico operations moved from the Walmart International segment to the respective Walmart U.S. and Sams Club segments. The Walmart U.S. segment now includes the companys mass merchant concept in the United States and Puerto Rico, operating primarily under the Walmart brands, as well as walmart.com. The Sams Club segment now includes the warehouse membership clubs in the United States and Puerto Rico, as well as samsclub.com. The Walmart International segment now includes the companys operations outside the United States and Puerto Rico. These reclassifications did not have an impact on our condensed consolidated financial results. Other Reclassifications In connection with the companys new ERP system, we reclassified certain revenue and expense items within our consolidated statements of income for financial reporting purposes. The reclassifications did not impact our consolidated operating income or consolidated net income. The changes have been reflected in all periods presented. Financial Statement Revisions As a result of the accounting change and reclassifications, we have revised our Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets, segment operating income and net sales for all periods presented to provide comparability as follows:

20

Net sales
Net sales for the three months ended April 30, 2009 were as follows (dollar amounts in billions):
Three Months Ended April 30, 2009 As Reported Net Sales: Walmart U.S. Walmart International Sam's Club Total Company $ 61.244 21.263 10.964 93.471 Adjustments Reclassifications $ 0.383 (0.642) 0.259 2009 As Adjusted $ 61.627 20.621 11.223 93.471

Operating Income
Operating Income for the three months ended April 30, 2009 was as follows (dollar amounts in billions):

Three Months Ended April 30, 2009 As Reported Segment Operating Income: Walmart U.S. Walmart International Sam's Club $ 4.464 0.880 0.393 $ Adjustments (0.030) (0.014) Reclassifications $ (0.072) (0.023) (0.001) 2009 As Adjusted $ 4.362 0.843 0.392

21

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) Revenues: Net sales Membership and other income 2009 As Reported $ 93,471 771 94,242 $ Adjustments Reclassifications $ (28) (28) 2009 As Adjusted $ 93,471 743 94,214

Costs and expenses: Cost of sales Operating, selling, general and administrative expenses Operating income Interest: Debt Capital leases Interest income Interest, net Income from continuing operations before income taxes Provision for income taxes Income from continuing operations Loss from discontinued operations, net of tax Consolidated net income Less consolidated net income attributable to noncontrolling interest Consolidated net income attributable to Walmart

70,388 18,637 5,217

44 (44)

(37) 9 -

70,395 18,646 5,173

448 70 (51) 467 4,750 1,603 3,147 (8) 3,139 (117) 3,022

(44) (18) (26) (26) (26)

448 70 (51) 467 4,706 1,585 3,121 (8) 3,113 (117) 2,996

Income from continuing operations attributable to Walmart: Income from continuing operations Less consolidated net income attributable to noncontrolling interest Income from continuing operations attributable to Walmart Basic net income per common share: Basic income per share from continuing operations attributable to Walmart Basic loss per share from discontinued operations attributable to Walmart Basic net income per share attributable to Walmart Diluted net income per common share: Diluted income per share from continuing operations attributable to Walmart Diluted income per share from discontinued operations attributable to Walmart Diluted net income per share attributable to Walmart Weighted-average number of common shares: Basic Diluted

$ $

3,147 (117) 3,030

$ $

(26) (26)

$ $

$ $

3,121 (117) 3,004

0.77 0.77

(0.01) (0.01)

0.77 (0.01) 0.76

0.77 0.77

(0.01) (0.01)

0.76 0.76

3,920 3,930

3,920 3,930

3,920 3,930

3,920 3,930

Dividends declared per common share

1.09

1.09

22

Wal-Mart Stores, Inc. Condensed Consolidated Balance Sheets


(Unaudited) (Amounts in millions) SUBJECT TO RECLASSIFICATION April 30, 2009 As Reported ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Current assets of discontinued operations Total current assets Property and equipment: Property and equipment Less accumulated depreciation Property and equipment, net Property under capital leases: Property under capital leases Less accumulated amortization Property under capital leases, net Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Dividends payable Accrued liabilities Accrued income taxes Long-term debt due within one year Obligations under capital leases due within one year Current liabilities of discontinued operations Total current liabilities Long-term debt Long-term obligations under capital leases Deferred income taxes and other Redeemable noncontrolling interest Commitments and contingencies Equity: Common stock and capital in excess of par value Retained earnings Accumulated other comprehensive loss Total Walmart shareholders equity Noncontrolling interest Total equity Total liabilities and equity Adjustments 2009 As Adjusted

6,578 3,356 34,391 3,266 155 47,746

(542) 179 (363)

6,578 3,356 33,849 3,445 155 47,383

127,472 (34,145) 93,327

127,472 (34,145) 93,327

5,394 (2,617) 2,777 14,882 3,358 162,090

(363)

5,394 (2,617) 2,777 14,882 3,358 161,727

1,457 28,541 3,234 15,263 1,810 5,731 318 45 56,399 32,480 3,185 5,835 277

(22) (22) -

1,457 28,541 3,234 15,263 1,788 5,731 318 45 56,377 32,480 3,185 5,835 277

4,048 61,556 (3,373) 62,231 1,683 63,914 162,090

(341) (341) (341) (363)

4,048 61,215 (3,373) 61,890 1,683 63,573 161,727

23