Delaware
|
71-0415188
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
702
S.W. 8th Street
Bentonville,
Arkansas
|
72716
|
(Address
of principal executive offices)
|
(Zip
Code)
|
WAL-MART
STORES, INC.
|
||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
(Unaudited)
|
||||||||
(Amounts
in millions except per share data)
|
||||||||
Three
Months Ended
|
||||||||
April
30,
|
||||||||
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 | ||||||
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)
|
||||||||||||
April
30,
|
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)
|
||||||||
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 | ||||||
Other
investing activities
|
(208 | ) | 88 | |||||
Net
cash used in investing activities
|
(2,683 | ) | (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 | ) | ||||
Purchase
of redeemable noncontrolling interest
|
(436 | ) | - | |||||
Other
financing activities
|
(238 | ) | 54 | |||||
Net
cash (used in) provided by financing activities
|
(1,503 | ) | 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.
|
Three
Months Ended
|
||||||||
April
30,
|
||||||||
(Amounts
in millions)
|
2009
|
2008
|
||||||
Income
from continuing operations attributable to Wal-Mart
|
$3,030 | $3,029 | ||||||
Loss
from discontinued operations, net of tax
|
(8 | ) | (7 | ) | ||||
Consolidated
net income attributable to Wal-Mart
|
$3,022 | $3,022 |
April
30, 2009
|
||||||||
(Amounts
in millions)
|
Fair
Value Instruments
|
Cash
Flow Instruments
|
||||||
Balance
Sheet Classification:
|
||||||||
Prepaid
expenses and other
|
$60 | $ - | ||||||
Other
assets and deferred charges
|
663 | 27 | ||||||
Total
assets
|
$723 | $27 | ||||||
Long-term
debt due within one year
|
$60 | $ - | ||||||
Long-term
debt
|
239 | - | ||||||
Deferred
income taxes and other
|
- | 14 | ||||||
Total
liabilities
|
$299 | $14 |
April
30, 2009
|
April
30, 2008
|
|||||||||||||||
Notional
|
Fair
|
Notional
|
Fair
|
|||||||||||||
(Amounts
in millions)
|
Amount
|
Value
|
Amount
|
Value
|
||||||||||||
|
||||||||||||||||
Receive
fixed-rate, pay floating rate interest rate swaps designated as
fair value hedges
|
$5,195 | $299 | $5,195 | $248 | ||||||||||||
Receive
fixed-rate, pay fixed-rate cross-currency interest
|
||||||||||||||||
rate
swaps designated as net investment hedges (Cross-currency
|
||||||||||||||||
notional
amount: GBP 795 at 4/30/2009 and 4/30/2008)
|
1,250 | 424 | 1,250 | (88 | ) | |||||||||||
Receive
floating-rate, pay fixed-rate interest rate swaps designated as
cash flow hedges
|
461 | (14 | ) | - | - | |||||||||||
Receive
fixed-rate, pay fixed-rate cross-currency interest
|
||||||||||||||||
rate
swaps designated as cash flow hedges
|
1,445 | 27 | - | - | ||||||||||||
Total
|
$8,351 | $736 | $6,445 | $160 |
Three
Months Ended
|
||||||||
April
30,
|
||||||||
(Amounts
in millions)
|
2009
|
2008
|
||||||
Net
Sales:
|
||||||||
Walmart
U.S.
|
$61,244 | $58,991 | ||||||
International
|
21,263 | 23,927 | ||||||
Sam's
Club
|
10,964 | 11,124 | ||||||
Total
Company
|
$93,471 | $94,042 |
Three
Months Ended
|
||||||||
April
30,
|
||||||||
(Amounts
in millions)
|
2009
|
2008
|
||||||
Operating
Income:
|
||||||||
Walmart
U.S.
|
$4,464 | $4,320 | ||||||
International
|
880 | 1,050 | ||||||
Sam's
Club
|
393 | 393 | ||||||
Other
|
(520 | ) | (446 | ) | ||||
Operating
income
|
$5,217 | $5,317 | ||||||
Interest
expense, net
|
(467 | ) | (496 | ) | ||||
Income
from continuing operations before income taxes
|
$4,750 | $4,821 |
April
30,
|
April
30,
|
January
31,
|
||||||||||
(Amounts
in millions)
|
2009
|
2008
|
2009
|
|||||||||
International
|
$14,577 | $16,123 | $14,955 | |||||||||
Sam’s
Club
|
305 | 305 | 305 | |||||||||
Total
goodwill
|
$14,882 | $16,428 | $15,260 |
(Amounts
in millions)
|
Currency
Translation
|
Derivative
Instruments
|
Minimum
Pension Liability
|
Total
|
||||||||||||
Balance
at January 31, 2009
|
$(2,396 | ) | $(17 | ) | $(275 | ) | $(2,688 | ) | ||||||||
Foreign
currency translation adjustment
|
(671 | ) | (671 | ) | ||||||||||||
Change
in fair value of hedge instruments
|
(14 | ) | (14 | ) | ||||||||||||
Balance
at April 30, 2009
|
$(3,067 | ) | $(31 | ) | $(275 | ) | $(3,373 | ) |
·
|
Total
sales;
|
·
|
Comparable
store sales;
|
·
|
Operating
income;
|
·
|
Diluted
net income per common share from continuing operations attributable to
Wal-Mart;
|
·
|
Return
on investment; and
|
·
|
Free
cash flow.
|
Three
Months Ended April 30,
|
||||||||||||||||||||||||
Percent
|
Percent
|
Percent
|
Percent
|
|||||||||||||||||||||
(Amounts
in millions)
|
2009
|
of
Total
|
Change
|
2008
|
of
Total
|
Change
|
||||||||||||||||||
Net
Sales:
|
||||||||||||||||||||||||
Walmart
U.S.
|
$61,244 | 65.6 | % | 3.8 | % | $58,991 | 62.8 | % | 6.7 | % | ||||||||||||||
International
|
21,263 | 22.7 | % | -11.1 | % | 23,927 | 25.4 | % | 22.0 | % | ||||||||||||||
Sam's
Club
|
10,964 | 11.7 | % | -1.4 | % | 11,124 | 11.8 | % | 7.9 | % | ||||||||||||||
Total
Net Sales
|
$93,471 | 100.0 | % | -0.6 | % | $94,042 | 100.0 | % | 10.4 | % |
Three
Months Ended April 30,
|
||||||||
2009
|
2008
|
|||||||
Walmart
U.S.
|
1.6 | % | 2.8 | % | ||||
Sam's
Club (1)
|
-2.2 | % | 6.7 | % | ||||
Total
U.S. (2)
|
0.9 | % | 3.4 | % | ||||
(1)
Sam's Club comparable club sales include fuel. Fuel sales had a negative
impact of 4.5 percentage points for the three months ending April 30, 2009
and a positive impact of 2.8 percentage points for the three months ended
April 30, 2008.
|
||||||||
(2)
Fuel sales had a negative impact of 0.7 percentage points for the three
months ended April 30, 2009 and a positive impact of 0.5 percentage points
for the three months ended April 30, 2008.
|
Three
Months Ended April 30,
|
||||||||||||||||||||||||
Percent
|
Percent
|
Percent
|
Percent
|
|||||||||||||||||||||
(Amounts
in millions)
|
2009
|
of
Total
|
Change
|
2008
|
of
Total
|
Change
|
||||||||||||||||||
Operating
Income:
|
||||||||||||||||||||||||
Walmart
U.S.
|
$4,464 | 85.6 | % | 3.3 | % | $4,320 | 81.3 | % | 9.3 | % | ||||||||||||||
International
|
880 | 16.9 | % | -16.2 | % | 1,050 | 19.7 | % | 19.2 | % | ||||||||||||||
Sam's
Club
|
393 | 7.5 | % | 0.0 | % | 393 | 7.4 | % | 4.8 | % | ||||||||||||||
Other
|
(520 | ) | -10.0 | % | 16.6 | % | (446 | ) | -8.4 | % | -16.8 | % | ||||||||||||
$5,217 | 100.0 | % | -1.9 | % | $5,317 | 100.0 | % | 10.1 | % |
Three
Months Ended
|
||||||||
April
30,
|
||||||||
2009
|
2008
|
|||||||
Diluted
net income per share from continuing operations attributable to
Wal-Mart
|
$0.77 | $0.76 |
For
the Twelve Months Ended
April
30,
|
|||||||||
(Amounts
in millions)
|
2009
|
2008
|
|||||||
CALCULATION
OF RETURN ON INVESTMENT
|
|||||||||
Numerator
|
|||||||||
Operating
income (1)
|
$22,698 | $22,441 | |||||||
+
Interest income (1)
|
271 | 290 | |||||||
+
Depreciation and amortization (1)
|
6,811 | 6,463 | |||||||
+
Rent (1)
|
1,749 | 1,667 | |||||||
=
Adjusted operating income
|
$31,529 | $30,861 | |||||||
Denominator
|
|||||||||
Average
total assets of continuing operations (2)
|
$164,232 | $160,535 | |||||||
+
Average accumulated depreciation and amortization (2)
|
34,684 | 30,258 | |||||||
-
Average accounts payable (2)
|
28,784 | 28,284 | |||||||
-
Average accrued liabilities (2)
|
15,073 | 14,118 | |||||||
+
Rent * 8
|
13,992 | 13,336 | |||||||
=
Invested capital
|
$169,051 | $161,727 | |||||||
Return
on investment (ROI)
|
18.7 | % | 19.1 | % | |||||
CALCULATION
OF RETURN ON ASSETS
|
|||||||||
Numerator
|
|||||||||
Income
from continuing operations attributable to Wal-Mart(1)
|
$13,749 | $13,514 | |||||||
Denominator
|
|||||||||
Average
total assets of continuing operations (2)
|
$164,232 | $160,535 | |||||||
Return
on assets (ROA)
|
8.4 | % | 8.4 | % | |||||
Certain Balance Sheet Data |
As
of April 30,
|
||||||||
|
2009
|
2008
|
2007
|
||||||
Total
assets of continuing operations (1)
|
$161,935 | $166,528 |
$154,542
|
||||||
Accumulated
depreciation and amortization
|
36,762 | 32,606 |
27,910
|
||||||
Accounts
payable
|
28,541 | 29,027 |
27,541
|
||||||
Accrued
liabilities
|
15,263 | 14,882 |
13,353
|
(1)
|
Based
on continuing operations only and therefore excludes the impact of Gazeley
Limited, a United Kingdom property development subsidiary, which was sold
in the second quarter of fiscal 2009, and the closure of 23 stores and
divesture of other properties of The Seiyu, Ltd. in Japan pursuant to
restructuring program adopted during the third quarter of fiscal
2009. All of these activities have been disclosed as
discontinued operations. Total assets as of April 30, 2009,
2008 and 2007 in the table above exclude assets of discontinued operations
that are reflected in the Condensed Consolidated Balance Sheets of $155,
$955 and $880, respectively.
|
(2)
|
The
average is based on the addition of the account balance at the end of the
current period to the account balance at the end of the prior period and
dividing by 2.
|
Three
Months Ended April 30,
|
||||||||
2009
|
2008
|
|||||||
(Amounts
in millions)
|
||||||||
Net
cash provided by operating activities
|
$3,571 | $3,779 | ||||||
Payments
for property and equipment
|
(2,607 | ) | (2,447 | ) | ||||
Free
cash flow
|
$964 | $1,332 | ||||||
Net
cash used in investing activities
|
$(2,683 | ) | $(2,233 | ) | ||||
Net
cash (used in) provided by financing activities
|
$(1,503 | ) | $791 |
Segment
net
|
Segment
operating
|
Segment
operating
|
||||||||||||||||||
sales
increase
|
income
increase
|
income
as a
|
||||||||||||||||||
from
prior
|
Segment
|
from
prior fiscal
|
percentage
|
|||||||||||||||||
Three
months ended
|
Segment
|
fiscal
year
|
operating
|
year
first
|
of
segment
|
|||||||||||||||
April
30,
|
net
sales
|
first
quarter
|
income
|
quarter
|
net
sales
|
|||||||||||||||
2009
|
$61,244 | 3.8 | % | $4,464 | 3.3 | % | 7.3 | % | ||||||||||||
2008
|
58,991 | 6.7 | % | 4,320 | 9.3 | % | 7.3 | % |
Segment
net sales
|
Segment
operating
|
Segment
operating
|
||||||||||||||||||
decrease/increase
|
income
|
income as a
|
||||||||||||||||||
from
prior
|
Segment
|
decrease/increase
|
percentage
|
|||||||||||||||||
Three
months ended
|
Segment
|
fiscal
year
|
operating
|
from
prior fiscal
|
of
segment
|
|||||||||||||||
April
30,
|
net
sales
|
first
quarter
|
income
|
year first
quarter
|
net
sales
|
|||||||||||||||
2009
|
$21,263 | -11.1 | % | $880 | -16.2 | % | 4.1 | % | ||||||||||||
2008
|
23,927 | 22.0 | % | 1,050 | 19.2 | % | 4.4 | % |
Segment
net sales
|
Segment
operating
|
Segment
operating
|
||||||||||||||||||
decrease/increase
|
income
increase
|
income as a
|
||||||||||||||||||
from
prior
|
Segment
|
from
prior fiscal
|
percentage
|
|||||||||||||||||
Three
months ended
|
Segment
|
fiscal
year
|
operating
|
year
first
|
of
segment
|
|||||||||||||||
April
30,
|
net
sales
|
first
quarter
|
income
|
quarter
|
net
sales
|
|||||||||||||||
2009
|
$10,964 | -1.4 | % | $393 | 0.0 | % | 3.6 | % | ||||||||||||
2008
|
11,124 | 7.9 | % | 393 | 4.8 | % | 3.5 | % |
April
30, 2009
|
April
30, 2008
|
|||||||
Units
|
Units
|
|||||||
Walmart
U.S.
|
3,667 | 3,602 | ||||||
International | 3,659 | 3,125 | ||||||
Sam's
Club
|
602 | 593 | ||||||
Total
|
7,928 | 7,320 |
Three
Months Ended
|
||||||||
April
30,
|
||||||||
(Amounts
in millions)
|
2009
|
2008
|
||||||
Net
cash provided by operating activities
|
$3,571 | $3,779 | ||||||
Purchase
of Company stock
|
(886 | ) | (1,375 | ) | ||||
Dividends
paid
|
(1,067 | ) | (940 | ) | ||||
Proceeds
from issuance of long-term debt
|
1,453 | 2,521 | ||||||
Payment
of long-term debt
|
(63 | ) | (361 | ) | ||||
(Decrease)
increase in commercial paper
|
(266 | ) | 892 | |||||
Current
assets
|
$47,746 | $50,757 | ||||||
Current
liabilities
|
56,399 | 61,129 |
For the Twelve Months Ended | ||||||||
April 30, | ||||||||
(Amounts in millions) |
2009
|
2008
|
||||||
Calculation
of adjusted cash flow to average debt
|
||||||||
Numerator
|
||||||||
Cash
flows provided by operating activities
|
$22,939 | $22,515 | ||||||
+
Two-thirds current period operating rent expense (1)
|
1,166 | 1,111 | ||||||
−
Current year capitalized interest expense
|
86 | 143 | ||||||
Adjusted
cash flow from operations
|
$24,019 | $23,483 | ||||||
Denominator
|
||||||||
Average
debt (2)
|
$45,622 | $45,136 | ||||||
Eight
times average operating rent expense (3)
|
13,664 | 12,456 | ||||||
Average
debt
|
$59,286 | $57,592 | ||||||
Adjusted
cash flow to average debt (4)
|
41 | % | 41 | % | ||||
Calculation
of cash flows from operating activities to average debt
|
||||||||
Numerator
|
||||||||
Net
cash provided by operating activities
|
$22,939 | $22,515 | ||||||
Denominator
|
||||||||
Average
debt (2)
|
$45,622 | $45,136 | ||||||
Cash flows from operating activities to average debt (4) | 50 | % | 50 | % | ||||
Selected
Financial Information
|
||||||||
Current
period operating rent expense
|
$1,749 | $1,667 | ||||||
Prior
period operating rent expense
|
1,667 | 1,447 | ||||||
Current
period capitalized interest
|
86 | 143 | ||||||
Certain
Balance Sheet Information
|
||||||||
As
of April 30,
|
||||||||
2009
|
2008
|
2007
|
||||||
Commercial
paper
|
$1,457 | $5,924 |
$4,627
|
|||||
Long-term
debt due within one year
|
5,731 | 5,864 |
4,212
|
|||||
Obligations
under capital leases due within one year
|
318 | 321 |
246
|
|||||
Long-term
debt
|
32,480 | 32,379 |
29,567
|
|||||
Long-term
obligations under capital leases
|
3,185 | 3,584 |
3,548
|
|||||
Total
debt
|
$43,171 | $48,072 |
$42,200
|
(1)
|
2/3
X $1,749 for the twelve months ended April 30, 2009 and 2/3 X $1,667 for
the twelve months ended April 30,
2008.
|
(2)
|
($43,171
+ $48,072)/2 for the twelve months ended April 30, 2009 and ($48,072 +
$42,200)/2 for the twelve months ended April 30,
2008.
|
(3)
|
8 X
(($1,749+ $1,667)/2) for the twelve months ended April 30, 2009 and 8 X
(($1,667 + $1,447)/2) for the twelve months ended April 30,
2008.
|
(4)
|
The
calculation of the ratio as
defined.
|
Total
|
Approximate
|
|||||||||||||||
Number
of
|
Dollar Value of
|
|||||||||||||||
Shares
|
Shares
that
|
|||||||||||||||
Purchased
|
May Yet
Be
|
|||||||||||||||
as
Part of
|
Purchased
|
|||||||||||||||
Total
|
Publicly
|
Under the
|
||||||||||||||
Number
of
|
Average
|
Announced
|
Plans or
|
|||||||||||||
Shares
|
Price Paid
|
Plans
or
|
Programs
|
|||||||||||||
Fiscal
Period
|
Purchased
|
per Share
|
Programs
|
(billions)
|
||||||||||||
February
1-28, 2009
|
2,441,852 | $49.54 | 2,441,852 | $4.9 | ||||||||||||
March 1-31,
2009
|
8,351,305 | $49.70 | 8,351,305 | 4.5 | ||||||||||||
April 1-30,
2009
|
8,416,027 | $50.40 | 8,416,027 | 4.1 | ||||||||||||
Total
|
19,209,184 | 19,209,184 | $4.1 |
Exhibit
3(i)
|
Restated
Certificate of Incorporation of the Company is incorporated herein by
reference to Exhibit 3(a) to the Annual Report on Form 10-K of the Company
for the year ended January 31, 1989 (which document may be found and
reviewed in the SEC’s Public Reference Room at 100 F Street, NE, Room
1580, Washington, D.C. 20549, in the files therein relating to the
Company, whose SEC file number is No. 1-6991), the Certificate of
Amendment to the Restated Certificate of Incorporation is incorporated
herein by reference to Registration Statement on Form S-8 (File Number
33-43315) and the Certificate of Amendment to the Restated Certificate of
Incorporation is incorporated hereby by reference to the Current Report on
Form 8-K of the Company, dated August 11, 1999 (which document may be
found and reviewed in the SEC’s Public Reference Room at 100 F Street, NE,
Room 1580, Washington, D.C. 20549, in the files therein relating to the
Company, whose SEC file number is No. 1-6991).
|
Exhibit
3(ii)
|
Amended
and Restated Bylaws of the Company are incorporated herein by reference to
Exhibit 3.1 to the Current Report on Form 8-K of the Company dated March
8, 2005.
|
Exhibit
12.1*
|
Ratio
of Earnings to Fixed Charges
|
Exhibit
31.1*
|
Chief
Executive Officer Section 302 Certification
|
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 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, 2009, as filed with the Securities and Exchange
Commission.
|
*
|
Filed
herewith as an Exhibit.
|
WAL-MART
STORES, INC.
|
|||
Date: June
5, 2009
|
By:
|
/s/
Michael T. Duke
|
|
Michael
T. Duke
President
and Chief Executive Officer
|
|||
Date: June
5, 2009
|
By:
|
/s/
Thomas M. Schoewe
|
|
Thomas
M. Schoewe
Executive
Vice President and Chief Financial Officer
|
|||
Date: June
5, 2009
|
By:
|
/s/
Steven P. Whaley
|
|
Steven
P. Whaley
Senior
Vice President and Controller
(Principal
Accounting Officer)
|
Exhibit
Number
|
Description
of Document
|
3(i)
|
Restated
Certificate of Incorporation of the Company, is incorporated herein by
reference to Exhibit 3(a) to the Annual Report on Form 10-K of the Company
for the year ended January 31, 1989 (which document may be found and
reviewed in the SEC’s Public Reference Room at 100 F Street, NE, Room
1580, Washington, D.C. 20549, in the files therein relating to the
Company, whose SEC file number is No. 1-6991), the Certificate of
Amendment to the Restated Certificate of Incorporation is incorporated
herein by reference to Registration Statement on Form S-8 (File Number
33-43315) and the Certificate of Amendment to the Restated Certificate of
Incorporation is incorporated hereby by reference to the Current Report on
Form 8-K of the Company, dated August 11, 1999 (which document may be
found and reviewed in the SEC’s Public Reference Room at 100 F Street, NE,
Room 1580, Washington, D.C. 20549, in the files therein relating to the
Company, whose SEC file number is No. 1-6991).
|
3(ii)
|
Amended
and Restated Bylaws of the Company are incorporated herein by reference to
Exhibit 3.1 to the Current Report on Form 8-K of the Company dated March
8, 2005.
|
12.1*
|
Ratio
of Earnings to Fixed Charges
|
31.1*
|
Chief
Executive Officer Section 302 Certification
|
31.2*
|
Chief
Financial Officer Section 302 Certification
|
32.1**
|
Chief
Executive Officer Section 906 Certification
|
32.2**
|
Chief
Financial Officer Section 906 Certification
|
99
|
The
information incorporated by reference in Part I, Item 3 of this Quarterly
Report on Form 10-Q is incorporated 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, 2009, as filed with the Securities and Exchange
Commission.
|
*
|
Filed herewith as an
Exhibit.
|
**
|
Furnished
herewith as an Exhibit.
|