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    16 views43 pages

    Walmart 10Q 20120906 PDF

    Uploaded by

    Avinash Ganesan

    Copyright:

    © All Rights Reserved
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    of 43
    “able of Contents UNITED STATES. SECURITIES AND EXCHANGE COMMISSION ‘Washington, D.C. 20549 FORM 10-Q (ark One) Quarterly Report Pursuant a Section 1 o IS() ofthe Securities Exchange Act of 1934, For the quarterly period ended July 3, 2012, (Transition Report Pariuan to Section 13 or 1S() of the Securities Exchange Ac of 1934 Walmart > = WAL-MART STORES, INC. ‘Exact name of registrant as specified in its charter) Delaware rosisies (stato ther Jursieton af ARS. Felner (479) 273-4000 (iteans phone number, nding are coe) Not applicable rmer ame former ares nd former Sa ear changed ince at repet) Indicate by check mk wheter the eit (1 ileal report oie oe ld by Sexton 13 or 1 of he Soars Exchange Ac of 19 ing the poseding 12 mol or suck shor period th he repsran wa eget file such oper) and (2) ha been subject a such lig eeguiemet for the pas 9 days. Yer @ No Ch posted pursuant to Rule 405 of Regulation S-T (5232405 of tis chapter) daring the preceding 12 moots (or for sich shore perio hat the rgirant was rue 0 ‘ibmitand postsoch ies). Yes No O. Inne by check mark whether th ein i ngs asletd file a asl ler, no seseat ier male eporing company, See fnton of “ge scckeatede." "eset le” and "smalls eporing company” ia Rae 12 ofthe Exchange Act. Cesk One: Lan Accelerated Filer 8 Acsoete ile a Nom eset ler a Smaller Reporting Company a inca by a checkmark whether he eps it sel company (a definein Rule 126-2 ofthe Exchange Ac) Yes No ‘Common toc, 8010 Par Vale 3,361,8,307 shares ws of Aga 31, 2012 “able of Cont ‘Wal-Mart Stores, Ine. Form 10-Q For the Three and Six Months Ended July 31,2012 and 2011 Table of Contents Condenged Conoited Statement of Shahar” Eauity ‘Condensed Consolidated Stine of Cash Flows Notes to Candesod Consided Final Staats [em 2, Managements Discussion and Analysis of Financial Conon and Ress of Opens ems ative and Qualisive Diseases Abou Maret Rise em 4, Conus and Provedure E “able of Contents PART I, FINANCIAL INFORMATION {tem 1. Financial Statements WalMart Stores, Ine Condensed Consolidated Statements of Income (inaudited) Amounts In millions, excep per share date) Marte a atria persingseling, seer dinsrave expense Operating nome Copel oes Interest et Los fom dicot peatins of acme tn Len conse et nome rable nncotrling nee Buse income per cro shar orm ota persion ibe Walt Dio let pec crn share am comin opensins ible to Walmart Weigno-aversee comme shart ottanting Basie Diet Divides dca pe common stare See accompanying notes. sss 85.65 aia so) 2032 va ws) eT = Ty 868 036 aa s aly 31 asso § 212053 1.508 sn Ban ass vasa sno 386 aaa 3,668 — on a7 om ___am. Zs $a aoe saan aa Fw aan $208 3.396 ane all 3.501 ls sae s “able of Contents Wal-Mart Stores, Ine. ‘Condensed Consolidated Statements of Comprehensive Income Waaudited) Amouneinmilions) Const ete Lescol et come anual oncoming interest Lex cooled et income ible to edomable wonseaoling tere | (oer comprenenve come nt of cone net (ther comprebenve came nt fine tee es ter emreonive income ssbb nnconling ee ‘mer compretemine nome atrbatableso Walmart Congres income, of ice aes Les compretensv inom arial tnosoning ners Les compebotiv income auableo edexmable nonsvelingtrest ‘Comprenesv income siraabeo Walmart See accompanying notes z ‘Taree Monte Ended uly, a eM aol S388 oy 4% 16 we 4 B00 ang as fey 6s o = Tan) we ast o Tia aos 270 sa07 228 169 = oo 209 stead Sy man mn son STAT em os 2 __ 700 any os fa sow nate won oy 70 “able of Cont Amoune in milion) ASSETS (Cosh and ash equivalents Reseivables at Prope nd ter Curent ait of tsctinedeperations Property and equipment Property and egpient et ee Les acpi amaiaton Propet nde capil leases, nt (Other ast ad deed charges LIABILITIES AND EQUITY Acca pale Longs obipsins nr apt ies Redeemable osontling meet Comme a cntiogeses iy Capit in xs fpr ae “ofl bes ad egy See aecompanving notes ‘Wal-Mart Stores, Ine. Condensed Consolidated Balance Sheets (aaudited) July 31, s 1935 5365 40.558 219 2 s961) 6.170) 5.614 os Soo 6067 ant 17783 108 4m29 Ba 10 a8 a9 on73 fem 70.278 4403 4.01 s (45,398) z s Ianoary 3 2012 6580 5937 wana Lats 0 G.15) 5:56. Tate 4007 36,608 ese Los 3692 65,691 T3is 4486 75764 15.406 July 31, nie 265 38,867 3308 se (45.286) z s @2m 5120 ae ass sor 2556 nas 898 ne? 2 Ms 350 «an 1.286 eon 4907 Ta.ke Sn “able of Cont ‘Amount inmilions) Balaoss 5 of Feary 12012 Consol nto etl teenie (Other compressive coment fiom ses (exude redeemable eocontoing re) (Cash vided dele (.9 pe share) Pactaseof Company stock ‘Balances a of Jaly 3, 2012 See accompanying notes ‘Wal-Mart Stores, Ine. Condensed Consolidated Statement of Sharcholders? Equity Sos.t6r an 6409 64s, Wnaudited) ‘Shares Amount Par Value Earnings acome Lam) BAIS SF MDS 302 SOROS (ain Sms SaaS - - - = ep wp 4 - - = 40) - 6409) - 9) © 4H 8306) = 34s) = 9 1. ws @ = 1s2 669) ia Ss Se Tam FT Gn Fae Saas a ‘WalMart Stores, Ine. ‘Condensed Consolidated Statements of Cash Flows (Wnaudited) ‘Sie Month Ended uly 3h Amount in milions) a em Cows net tc S sos 8787 Income cnt persons 5055 Tis ——— 4233 400 ‘Ober pean stv on 0) Acsounis ceable oon a0 Accounts psa (85) ass) esr income es 6 708 Cash tows rom vesting ates: Process im he ipso pope md egipment 156 tn ‘ter vesing sets 20 168 ‘Cha ro acing atte: roc et aes of eng tem sb 10 499 rsdn psd 2.498) sth er arn stir em) i) ‘fit ofetctg ton cat ne ch wun 266 or (Cash and cas equivalent al begining of ear 680 1398 See accompanying notes ‘Wal-Mart Stores, Ine. [Notes to Condensed Consolidated Financial Statements [Note 1. Accounting Policies Basis of Presentation ‘The Condensed Consolidated Financial Statements of Wal-Mart Stores, Inc. and its subsidiaries (‘Walman” othe “Company”) andthe accompanying notes included in this Quarterly Repor on Form 10-Q are unaudited. Inthe opinion of management all adjustments necessary for a fair presentation ofthe CCondonsod Consolidated Fisanciel Statements have been inchded. Such adjustments are ofa norma, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with generally accepted accountng principles inthe United States ("GAAP") and do ot contain certain information included inthe Compaay’s Annual Report on Form 10-K for the fisal year ended January 31, 2012. Therefore the interim Condensed Consolidated Financial Statements should be read with that Annual Report on Form 10-K. ‘The Company's Condensed Consolidated Finanial Statements ae based ona fiscal year ending on January 31 forthe United States (*U'S.") and Canadian ‘operations. All other operations are consolidated using a one-month lag generally based on a calendar year. ‘The Compaay’s busines is seasonal to certain extent due to diferent calendar events and national and religious holidays, a well diferent climatic conditions. Historically, the Company's highest sales volume and operating income occur inthe fiscal quarter ending January 31, which includes the holiday eaten, and its lowes sales volume and operating income occur durin the fiscal quarter ending Apri 30, ‘Certain prior period amounts have been reclasiied to conform othe curent period's presentation. These rclassifiations did not impact the Company's ‘operating income or consolidated net income. Receivables Receivables ave tated a ther carying value, net of reserve for doubtful accounts. Receivables consist primarily of amounts de from: insurance companies resulting fom pharmacy sales; banks for customer credit cars, debit cards and electronic bank transfers that tke in excess of seven days to proces; suppliers fr marketing o incentive programs, consumer financing programs in certain international operations; and + real estate transactions ‘The Walmart Intemational segment offers limited number of consumer credit products, primarily through its financial institutions in select counties. The receivable balance from consumer ereit products was $946 million, net of ateserve for doubtful accounts oF $113 milion a July 3, 2012, compared 10 a receivable balance of $0 billion, ne of reserve for doubsful accounts of $63 milion at January 31, 2012, These balanes are included in receivables, et, ‘on the Company's Condensed Consolidated Balance Shee Inventories “The Company values inventories atthe lower of cost or market as detrmined primarily by the tetal method of accounting, using the asi, first-out (*LIFO") ‘method fr substantially al of the Walmart U.S. segments inventories. The retail metbod of accounting results in inventory’ being valued a the lower of est ‘or market since permanent markdowns ae currently taken a a redetion ofthe etal value of inventory. The Sams Club segments inventories ae valued ‘sod on the weightd-average cot using the LIFO method. The Walt Interational greats inventories are primarily valued by the retail method of accounting and are stated using the firs, fs-out FIFO") method. At July 31,2012 and January 31,2012, the Company's inventories valued at LIPO pproximate those inventories a if they were valued a FIFO, Recent Accounting Pronouncements Jn 201, the Financial Accounting Standards Board (“FASB”) issued two Accounting Standards Upéstes ("ASU") which amend guidance for the resentation of comprehensive income. The amended guidance requires an enty to present components of net income and other comprehensive income in one ‘continuous statement, ferred o asthe statement of comprehensive income, o in ta separate, but consecutive statements, The previous option to report other ‘comprehensive income and its components inte statement of shareholder’ equity was eliminated. Although te new guidance changes the presestaton of ‘compreheasive income, there ate no changes othe components that are recognized in net income or ater eomprchensive income under existing guidance. Bepinsing with the quater ended Apeil 30, 2012, the Company elected to report other comprehensive income and is component ina separate statement of ‘comprehensive income. The adoption ofthese ASUs did not impact the Company's net income, financial position ox cashflows Im 2011, the FASB issued ASU 2011-04 to clarify the intent ofthe application of existing fue value measurement and disclosure 7 “able of Contents requirements, as well as change certain measurement requirements and disclosures, The Company sloped ASU 2011-04 effective February 1, 2012, In ‘connection with the adoption, the Company made an accounting policy election to measure the credit risk ofits derivative financial instruments that ae subject to master netting agreements on anet basis by counterparty portfolio, consistent with how the Company previously had been measuring ereit risk for ‘these instruments, The adoption of ASU 2011-04 didnot impact the Compay’s net income, financial postion or eth lows Note 2. Net Income Per Common Share Basic income per common share from continuing operations attributable to Walmart is bared onthe weighted-average common shares outstanding during the relevant period, Diluted income per common sha fom continuing operations attributable to Walmart i based onthe weighted-averge common shares ‘outstanding during the relevant period adjusted forthe diltve effect of oustanding stock options and other share-based awards, At July 31, 2012 all stock ‘options oustanding were dilatve and included inthe calculation of diluted income per eammon share from consnuing operations atbutabe to Walmart, AL July 31,2011, the Company had approximately 4 milion stock options outstanding that were atdilutive and not ineluded inthe calculation of diluted income per common share from continuing operations atibuable to Walmart The following table provides a reconciliation ofthe numeratrs and denominators used to determine basic and diluted income per common share from

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