Accounting Question

ticCATO
CATO
CATO
CATO
CATO
TGT
TGT
TGT
TGT
TGT
DDS
DDS
DDS
DDS
DDS
DG
DG
DG
DG
DG
M
M
M
M
M
GPS
GPS
GPS
GPS
GPS
GCO
GCO
GCO
GCO
GCO
KR
KR
KR
KR
KR
JWN
JWN
JWN
JWN
JWN
ROST
conm
CATO CORP -CL A
CATO CORP -CL A
CATO CORP -CL A
CATO CORP -CL A
CATO CORP -CL A
TARGET CORP
TARGET CORP
TARGET CORP
TARGET CORP
TARGET CORP
DILLARDS INC -CL A
DILLARDS INC -CL A
DILLARDS INC -CL A
DILLARDS INC -CL A
DILLARDS INC -CL A
DOLLAR GENERAL CORP
DOLLAR GENERAL CORP
DOLLAR GENERAL CORP
DOLLAR GENERAL CORP
DOLLAR GENERAL CORP
MACY’S INC
MACY’S INC
MACY’S INC
MACY’S INC
MACY’S INC
GAP INC
GAP INC
GAP INC
GAP INC
GAP INC
GENESCO INC
GENESCO INC
GENESCO INC
GENESCO INC
GENESCO INC
KROGER CO
KROGER CO
KROGER CO
KROGER CO
KROGER CO
NORDSTROM INC
NORDSTROM INC
NORDSTROM INC
NORDSTROM INC
NORDSTROM INC
ROSS STORES INC
act
362.797
290.55
355.668
277.673
243.062
12902
20756
21573
17846
17498
1848.082
1661.94
1914.651
2071.846
2208.21
5177.868
6914.219
6303.843
7581.009
8010.724
6810
6184
6758
5853
6089
4516
6008
5165
4617
4395
508.183
667.595
709.798
572.669
507.351
10890
12503
12174
12670
12948
3230
3642
3172
3209
3136
3432.828
ap
68.438
73.769
109.546
91.956
87.821
9920
12859
15478
13487
12098
713.463
564.501
628.987
589.627
562.408
2860.682
3614.089
3738.604
3552.991
3587.374
2659
2856
3280
2874
2523
1174
1743
1951
1320
1349
135.784
150.437
152.484
144.998
114.621
6349
6679
7117
7119
10381
1576
1960
1529
1238
1236
1296.482
at
684.976
591.452
633.766
553.14
486.817
42779
51248
53811
53335
55356
3430.257
3092.515
3245.557
3329.15
3448.906
22825.084
25862.624
26327.371
29083.367
30795.591
21172
17706
17590
16866
16246
13679
13769
12761
11386
11044
1680.478
1587.368
1562.099
1456.426
1329.89
45256
48662
49086
49623
50505
9737
9538
8869
8745
8444
9348.367
ceq
che
316.514 216.107
246.498 147.844
254.196 169.676
226.593 132.444
192.321 106.925
11833
2577
14440
8511
12827
5911
11232
2229
13432
3805
1623.259 277.077
1441.008 360.339
1451.218 716.759
1598.638 809.233
1697.068 956.323
6702.5
240.32
6661.238 1376.577
6261.986 344.829
5541.772 381.576
6749.119 537.283
6377
722
2553
1716
3621
1712
4082
862
4137
1034
3316
1654
2614
2402
2722
877
2233
1247
2595
1873
618.334
81.418
565.75 215.091
601.641 320.525
606.151
47.99
570.389
35.155
8602
1578
9576
3054
9452
2903
10042
2142
11615
3098
979
853
305
681
581
322
739
687
848
628
3359.249 1361.44
ROST ROSS STORES INC
ROST ROSS STORES INC
ROST ROSS STORES INC
ROST ROSS STORES INC
WMT WALMART INC
WMT WALMART INC
WMT WALMART INC
WMT WALMART INC
WMT WALMART INC
WSM WILLIAMS-SONOMA INC
WSM WILLIAMS-SONOMA INC
WSM WILLIAMS-SONOMA INC
WSM WILLIAMS-SONOMA INC
WSM WILLIAMS-SONOMA INC
FL
FOOT LOCKER INC
FL
FOOT LOCKER INC
FL
FOOT LOCKER INC
FL
FOOT LOCKER INC
FL
FOOT LOCKER INC
TJX
TJX COS INC (THE)
TJX
TJX COS INC (THE)
TJX
TJX COS INC (THE)
TJX
TJX COS INC (THE)
TJX
TJX COS INC (THE)
SIG
SIGNET JEWELERS LTD
SIG
SIGNET JEWELERS LTD
SIG
SIGNET JEWELERS LTD
SIG
SIGNET JEWELERS LTD
SIG
SIGNET JEWELERS LTD
SPWH SPORTSMANS WAREHOUSE HLDGS
SPWH SPORTSMANS WAREHOUSE HLDGS
SPWH SPORTSMANS WAREHOUSE HLDGS
SPWH SPORTSMANS WAREHOUSE HLDGS
SPWH SPORTSMANS WAREHOUSE HLDGS
BURL BURLINGTON STORES INC
BURL BURLINGTON STORES INC
BURL BURLINGTON STORES INC
BURL BURLINGTON STORES INC
BURL BURLINGTON STORES INC
LE
LANDS’ END INC
LE
LANDS’ END INC
LE
LANDS’ END INC
LE
LANDS’ END INC
LE
LANDS’ END INC
OLLI OLLIE’S BARGAIN OUTLET HLDGS
OLLI OLLIE’S BARGAIN OUTLET HLDGS
OLLI OLLIE’S BARGAIN OUTLET HLDGS
6692.491
7473.176
6904.719
7398.138
61806
90067
81070
75655
76877
1755.635
2467.08
2323.894
2036.08
2719.797
2386
2835
2363
2521
2225
8890.622
15739.337
13258.597
12456
12664
3154.8
3582
3730.4
3507.1
3536.6
291.638
324.653
467.47
425.896
380.048
1417.371
2510.616
2547.644
2283.792
2327.024
545.378
495.83
506.949
556.726
410.26
433.538
808.767
726.828
2256.928
2372.302
2009.924
1955.85
46973
49141
55261
53742
56812
521.235
542.992
612.512
508.321
607.877
333
402
596
492
366
2672.557
4823.397
4465.427
3794
3862
227.9
812.6
899.8
879
735.1
53.984
90.886
75.168
82.671
70.483
759.107
862.638
1080.802
955.793
956.35
158.436
134.007
145.802
171.557
131.922
63.223
117.217
106.599
12717.867
13640.256
13416.463
14300.109
236495
252496
244860
243197
252399
4054.042
4661.424
4625.62
4663.016
5273.548
6589
7043
8135
7907
6868
24145.003
30813.555
28461.458
28349
29747
6299.1
6178.9
6575.1
6620.4
6813.2
616.641
660.818
840.581
858.96
886.205
5593.859
6781.092
7089.513
7269.597
7706.84
1113.629
1045.508
1036.634
1082.148
811.479
1596.247
2005.855
1972.172
3290.64
4060.05
4288.583
4871.326
74669
80925
83253
76693
83861
1235.86
1651.185
1664.207
1701.051
2127.861
2473
2771
3239
3293
2890
5948.212
5832.684
6002.992
6364
7302
1222.6
1190.3
1564
1578.6
2166.5
110.268
204.66
314.169
293.113
264.556
528.149
464.754
760.417
794.905
996.932
348.382
369.703
406.696
380.752
241.593
1058.885
1334.881
1287.71
4905.004
4933.768
4564.553
4886.935
9465
17741
14760
8625
9867
432.162
1200.337
850.338
367.344
1262.007
913
1688
812
549
301
3216.752
10469.57
6226.765
5477
5600
378
1176.4
1422.5
1169.7
1381.8
1.685
65.525
57.018
2.389
3.141
409.656
1386.858
1097.673
879.205
925.359
79.297
35.794
36.135
41.391
27.29
89.95
447.126
246.977
OLLI
OLLI
DBI
DBI
DBI
DBI
DBI
BKE
BKE
BKE
BKE
BKE
KSS
KSS
KSS
KSS
KSS
DLTH
DLTH
DLTH
DLTH
DLTH
SCVL
SCVL
SCVL
SCVL
SCVL
URBN
URBN
URBN
URBN
URBN
AEO
AEO
AEO
AEO
AEO
DLTR
DLTR
DLTR
DLTR
DLTR
ANF
ANF
ANF
ANF
ANF
OLLIE’S BARGAIN OUTLET HLDGS
OLLIE’S BARGAIN OUTLET HLDGS
DESIGNER BRANDS INC
DESIGNER BRANDS INC
DESIGNER BRANDS INC
DESIGNER BRANDS INC
DESIGNER BRANDS INC
BUCKLE INC
BUCKLE INC
BUCKLE INC
BUCKLE INC
BUCKLE INC
KOHL’S CORP
KOHL’S CORP
KOHL’S CORP
KOHL’S CORP
KOHL’S CORP
DULUTH HOLDINGS INC
DULUTH HOLDINGS INC
DULUTH HOLDINGS INC
DULUTH HOLDINGS INC
DULUTH HOLDINGS INC
SHOE CARNIVAL INC
SHOE CARNIVAL INC
SHOE CARNIVAL INC
SHOE CARNIVAL INC
SHOE CARNIVAL INC
URBAN OUTFITTERS INC
URBAN OUTFITTERS INC
URBAN OUTFITTERS INC
URBAN OUTFITTERS INC
URBAN OUTFITTERS INC
AMERN EAGLE OUTFITTERS INC
AMERN EAGLE OUTFITTERS INC
AMERN EAGLE OUTFITTERS INC
AMERN EAGLE OUTFITTERS INC
AMERN EAGLE OUTFITTERS INC
DOLLAR TREE INC
DOLLAR TREE INC
DOLLAR TREE INC
DOLLAR TREE INC
DOLLAR TREE INC
ABERCROMBIE & FITCH -CL A
ABERCROMBIE & FITCH -CL A
ABERCROMBIE & FITCH -CL A
ABERCROMBIE & FITCH -CL A
ABERCROMBIE & FITCH -CL A
754.296
871.428
900.81
780.585
914.216
789.931
777.432
378.83
437.224
391.206
423.336
444.256
4649
5835
5023
3736
3410
162.192
210.31
222.521
225.897
180.974
329.647
355.305
442.032
469.723
481.338
1053.396
1223.332
1285.747
1237.719
1282.503
1047.93
1522.643
1396.924
1100.241
1433.35
4269.4
5050.8
5609.2
6367.1
6132.7
1264.749
1661.629
1507.759
1228.018
1537.265
90.204
128.097
299.072
245.071
340.877
255.364
289.368
26.491
43.399
59.95
44.835
45.958
1206
1476
1683
1330
1134
33.053
33.647
45.402
56.547
51.122
60.665
57.717
69.092
78.85
58.274
167.871
237.386
304.246
257.62
253.342
285.746
255.912
231.782
234.34
268.308
1336.5
1480.5
1884.2
1899.8
2063.8
219.919
289.396
374.829
258.895
296.976
2044.096
2294.594
2465.07
1976.595
2014.634
2009.618
2076.232
867.89
845.814
780.884
837.579
889.81
14555
15337
15054
14345
14009
474.05
515.577
515.55
527.454
490.453
628.374
642.747
812.264
989.781
1042.025
3315.633
3546.345
3791.347
3682.912
4111.209
3328.679
3434.806
3786.643
3420.956
3557.909
19574.6
20696
21721.8
23022.1
22023.5
3549.665
3314.902
2939.491
2713.1
2974.233
1362.069 270.761
1508.232 353.242
720.914 111.538
243.017
59.581
412.396
74.459
432.901
58.766
359.22
49.173
389.148 233.501
396.629 322.148
312.924 266.896
376.314 273.074
413.22 290.423
5450
723
5196
2271
4661
1587
3763
153
3893
183
178.272
0.538
193.461
47.221
225.87
77.051
230.407
45.548
225.23
32.157
297.363
61.899
310.176 106.532
452.533 132.404
525.568
62.973
583.389 111.247
1455.355 433.292
1477.358
570.33
1745.74 445.995
1792.683 382.638
2112.54 465.065
1247.853
416.93
1086.665 850.477
1423.672
434.77
1599.163 170.209
1736.759 454.094
6254.8
539.2
7285.3
1416.7
7718.5
984.9
8751.5
642.8
7313.1
684.9
1058.81 673.568
936.628 1109.343
826.09 823.139
694.841 517.602
1035.16 900.884
HIBB
HIBB
HIBB
HIBB
HIBB
DKS
DKS
DKS
DKS
DKS
ZUMZ
ZUMZ
ZUMZ
ZUMZ
ZUMZ
FIVE
FIVE
FIVE
FIVE
FIVE
ULTA
ULTA
ULTA
ULTA
ULTA
TLYS
TLYS
TLYS
TLYS
TLYS
HIBBETT INC
HIBBETT INC
HIBBETT INC
HIBBETT INC
HIBBETT INC
DICKS SPORTING GOODS INC
DICKS SPORTING GOODS INC
DICKS SPORTING GOODS INC
DICKS SPORTING GOODS INC
DICKS SPORTING GOODS INC
ZUMIEZ INC
ZUMIEZ INC
ZUMIEZ INC
ZUMIEZ INC
ZUMIEZ INC
FIVE BELOW INC
FIVE BELOW INC
FIVE BELOW INC
FIVE BELOW INC
FIVE BELOW INC
ULTA BEAUTY INC
ULTA BEAUTY INC
ULTA BEAUTY INC
ULTA BEAUTY INC
ULTA BEAUTY INC
TILLY’S INC
TILLY’S INC
TILLY’S INC
TILLY’S INC
TILLY’S INC
372.512
439.8
277.014
473.055
406.715
2410.016
3759.65
5106.656
4963.186
4890.049
412.588
535.277
447.649
340.178
326.587
665.713
755.413
904.739
1066.379
1203.542
2055.317
2514.777
2281.183
2709.304
2836.518
208.864
212.156
227.978
202.398
176.059
123.962
98.415
76.047
180.848
89.331
1001.589
1258.093
1281.322
1206.066
1288.728
47.787
69.751
55.638
40.379
38.885
130.242
138.622
196.461
221.12
256.275
414.009
477.052
552.73
559.527
544.001
20.562
24.983
28.144
15.956
14.506
769.759
808.166
703.217
939.16
909.222
6628.56
7752.859
9041.676
8992.196
9311.752
914.258
998.364
862.012
747.903
664.226
1958.661
2314.77
2880.46
3324.911
3872.037
4863.872
5089.969
4764.379
5370.411
5707.011
546.64
505.473
504.823
475.752
429.545
328.983
391.036
291.515
376.231
419.025
1731.598
2339.534
2101.586
2524.623
2617.281
466.086
552.596
468.318
407.328
353.21
759.778
881.886
1120.284
1361.929
1584.956
1902.094
1999.549
1535.373
1959.811
2279.328
159.901
160.622
174.713
176.798
144.869
66.632
209.509
17.183
16.015
21.23
69.334
1658.067
2643.205
1924.386
1801.22
251.196
375.542
294.483
173.489
171.579
261.719
409.711
342.114
399.169
460.088
502.325
1046.051
431.56
737.877
766.594
139.917
141.139
139.228
113.279
95.048
cogs
508.906
433.187
453.065
509.664
464.313
54617
65696
74665
81914
77350
4235.978
3069.063
3747.665
3983.598
4031.108
18764.512
22291.677
22771.543
25306.965
26132.685
14190
11327
14082
14449
13246
9673
8588
9529
9664
8588
1084.377
926.996
1190.707
1205.88
1176.363
95294
101597
107539
116480
116675
9271
6899
8729
9405
8717
11185.295
dlc
63.149
63.421
66.808
67.36
61.108
361
1355
425
426
1445
15.873
14.514
56.512
9.702
11.252
965.36
1074.079
1183.559
1288.939
2155.728
872
652
330
335
358
920
831
734
667
600
142.695
173.505
145.088
134.458
129.189
2562
1578
1205
1972
868
244
760
242
258
490
564.481
dltt
147.184
143.315
117.521
107.407
92.013
13613
13754
16042
18647
18201
599.087
599.241
552.216
545.518
553.189
10731.121
12516.363
13062.777
16372.16
15935.038
6539
7592
6393
5959
5984
6757
6833
5517
5353
4841
662.342
560.535
487.557
445.971
393.755
18616
19009
19235
18440
18379
4551
4456
4409
4382
3989
2923.419
ebit
37.171
-79.249
36.896
-4.045
-18.867
4641
6765
8946
3848
5707
167.492
-87.549
1118.133
1126.691
924.755
2333.304
3721.765
3220.675
3328.302
2446.3
931
-1031
2272
1646
376
1041
-461
869
-64
606
94.055
-15.542
129.688
92.529
14.726
2646
3080
3679
4439
4887
816
-767
492
502
567
2146.182
invt
115.365
84.123
124.907
112.056
98.603
8992
10653
13902
13499
11886
1465.007
1087.763
1080.178
1120.208
1093.999
4676.848
5247.477
5614.325
6760.733
6994.266
5188
3774
4383
4267
4361
2156
2451
3018
2389
1995
365.269
290.966
278.2
458.017
378.967
7084
7063
6783
7560
7105
1920
1863
2289
1941
1888
1832.339
lct
199.302
181.934
244.135
202.957
188.008
14487
20125
21747
19500
19304
930.82
772.877
966.186
858.961
827.756
4543.56
5710.783
5979.357
5887.768
6725.701
5750
5357
5416
4861
4430
3209
3884
4077
3256
3096
361.935
402.933
431.728
360.783
319.537
14243
15366
16323
17238
16058
3520
4120
3314
2990
3072
2701.934
ni
35.897
-47.483
36.844
0.029
-23.941
3281
4368
6946
2780
4138
111.081
-71.654
862.473
891.637
738.847
1712.555
2655.05
2399.232
2415.989
1661.274
564
-3944
1430
1177
105
351
-665
256
-202
502
61.384
-56.429
114.85
71.915
-16.827
1659
2585
1655
2244
2164
496
-690
178
245
134
1660.928
ppent
rect
289.47 26.088
272.367 52.743
244.348 55.812
244.658 26.497
218.708 29.751
28519
962
29106
1135
30737
1353
34169
1695
36458
1404
1506.1 48.339
1336.914 155.582
1233.092 42.624
1152.2
57.75
1116.985 62.242
12074.542 76.537
13373.327
90.76
14439.057
0
15906.323
0
17185.95
0
9301
409
8818
276
8473
297
8596
300
7613
293
8524
316
7058
363
6712
399
5861
340
5681
289
973.364 29.195
829.569
31.41
760.097 39.509
704.724 40.818
677.162 53.618
28685
1706
29182
1781
30484
1828
31388
2234
31922
2136
5953
179
5313
805
5058
273
4821
265
4536
334
5707.218 102.236
9335.329
663.03 5069.769 568.663 1508.982 3967.033
85.382 5795.315 115.067
13348.243 630.517 4991.622 2332.868 2262.273 4214.929 1722.589 5925.799 119.247
13551.575 655.976 5050.471 1990.331 2023.495 3636.246 1512.041 6279.661 145.694
14382.169 933.338 4814.366 2307.663 2192.22 4185.796 1874.52 6658.742 130.766
383618
8241
64192
19152
44435
77790
14881
127049
6284
409163
5296
57950
24885
44949
92645
13510
109848
6516
418342
5207
52116
25758
56511
87379
13673
112624
8280
452776
6603
52320
21794
56576
92198
11680
119234
7933
478289
6537
54784
24717
54892
92415
15511
130338
8796
3571.157 527.741 1094.579 465.874 1100.544 1609.555 356.062 2095.421 111.737
3946.887 509.104 1025.057 949.144 1006.299
1848 680.714 1959.903 143.728
4417.886 217.409 1066.839 1453.116 1246.372 1771.686 1126.337 2053.537 131.683
4782.531 231.965 1211.693 1516.109 1456.123 1636.451 1127.904 2351.833 115.685
4212.32 234.517 1156.104 1270.44 1246.369 1880.315 949.762 2242.839 122.914
5462
518
2800
714
1208
1194
491
3723
101
5365
682
2507
349
923
1644
323
3504
125
5878
578
2814
1032
1266
1735
893
3533
136
5955
550
2676
693
1643
1610
342
3363
160
5895
497
2446
192
1509
1291
-330
3118
160
28987.58 1411.216 10053.258 4416.209 4872.592 7150.247 3272.193 14385.38 386.261
23353.815 2427.289 13076.137
470.23 4337.389 10803.668
90.47 14026.094 497.401
33877.951 1576.561 10930.431 4513.932 5961.573 10468.14 3282.815 14124.761 632.16
35267
2110
10634
4860
5819
10305
3498
14869
682
36981
1620
10922
5797
5965
10451
4474
15967
588
3726.2
433.8
1953.6
314.7
2331.7
1652.6
105.5
2425.2
45.1
3317
377.3
1294
146.5
2032.5
1998.7
-15.2
1967.7
140.4
4533.1
300
1152.2
901.1
2060.4
2070.7
769.9
1782.5
43.1
4612.1
288.2
1042.1
856.5
2150.3
2248.1
376.7
1635.8
24.1
4182.4
408
835.7
647.5
1936.6
1976
810.4
1499.5
18.8
570.448 156.501
241.035
33.464 275.505
264.776
20.215
323.287
1.716
953.484
36.014
228.296 132.747 243.434
227.428
91.38
334.38
0.581
989.549 106.978
236.227 102.901
386.56
284.406
108.47
371.351
1.937
907.499 132.968
260.479
59.392 399.128
295.824
40.518
431.179
2.053
865.565 174.736
307 -18.671
354.71
314.649 -28.997
503.829
2.119
4225.76 305.762 3323.723 614.445 777.248 1461.901 465.116 3800.284 91.508
3280.414 308.528 4328.552 -49.686 740.788 1683.996 -216.499 3908.229 281.861
5436.155
373.15 4080.522 760.609 1021.009 1947.647 408.839
4190.71 299.589
5171.715 414.745 4287.364 390.824 1181.982 1911.951 230.123 4613.937 71.091
5584.06 425.098 4379.736 556.924 1087.841 2028.786 339.649 5013.093 74.361
828.309
11.014
418.498
46.794
375.67
283.566
19.29
196.33 50.953
821.595
18.933
308.443
49.613 382.106
314.922
10.836
180.763 37.574
945.164
19.367
267.205
80.527 384.241
311.432
33.369
161.283 49.668
961.663
19.164
354.601
27.651 425.513
297.477
-12.53
157.963 44.928
846.981
19.024
259.122
36.851 301.724
259.918 -130.684
141.471 35.295
849.649
53.824
300.27 170.826 335.181
177.685
141.13
484.768
2.84
1079.695
65.06
322.11 277.253 353.704
283.796 242.696
519.258
0.621
1066.219
75.867
355.012 204.176 467.306
263.268 157.455
567.732
1.372
1165.133
1263.18
2406.368
1831.776
2050.023
2154.888
2035.85
498.991
479.747
622.909
650.329
621.207
12140
10173
11437
11457
10498
287.475
307.257
321.26
309.872
321.71
707.882
681.983
787.851
773.171
728.692
2617.802
2455.55
2955.755
3263.784
3319.133
2782.739
2610.203
3017.816
3234.306
3213.527
15981.5
17043.2
17869
18658.9
20344.8
1298.53
1219.379
1400.773
1593.213
1587.265
89.066
89.815
186.695
307.286
202.228
190.086
173.281
87.314
81.762
88.273
89.187
85.265
282
276
263
565
277
12.831
16.802
16.276
19.181
20.397
43.146
48.794
51.563
58.154
52.981
221.593
254.703
236.315
232.672
226.645
299.161
328.624
311.005
337.258
284.508
1529.3
1348.2
1407.8
1449.6
1513
282.829
248.846
222.823
213.979
179.625
352.109 130.021
398.934 227.799
1036.584 142.643
950.054 -434.184
818.965
205.17
912.447 198.685
1066.505
80.208
290.238 131.497
224.506 169.022
200.067 335.499
214.598 328.132
230.141 271.059
5842
1099
6463
0
6522
1680
7001
246
7099
717
210.664
28.108
220.565
24.215
173.969
44.099
180.704
6.231
165.83
-8.833
194.108
54.209
182.622
19.865
194.788 211.931
285.074 146.444
301.355
94.311
1137.495 245.836
1074.009
36.668
951.08 408.566
884.696 226.623
851.853 369.795
1301.735 247.744
1474.032
8.481
1495.483 603.009
1030.111 269.256
901.122 375.362
8501.7
1599.9
8291.7
2185.2
8562.5
1871.9
8676.9
2250.3
8873.9
1788.3
1484.597
68.668
1301.498
13.414
1000.838 311.257
1010.213
89.974
868.743 478.798
470.534
505.79
632.587
473.183
586.429
605.652
571.331
121.258
101.063
102.095
125.134
126.29
3537
2590
3067
3189
2880
147.849
149.052
122.672
154.922
125.757
259.495
233.266
285.205
390.39
346.442
409.534
389.618
569.699
587.51
550.242
446.278
405.445
553.458
585.083
640.662
3522
3427
4367.3
5449.3
5112.8
434.326
404.053
525.864
505.621
469.466
259.285
102.79
315.551 181.439
680.031
94.497
752.683 -488.719
758.917 154.481
636.126 162.676
622.271
29.062
172.641 104.429
206.359 130.139
248.541
254.82
226.043 254.626
221.456 219.919
2769
691
3022
-163
3286
938
3115
-19
2612
317
78.775
18.921
95.714
13.577
115.996
29.702
118.304
2.304
102.449
-9.356
122.506
42.914
130.901
15.991
153.708 154.881
157.285 110.068
127.875
73.348
638.77 168.096
906.132
1.236
981.473 310.616
890.374 159.699
994.205 287.674
751.756 191.257
858.482 -209.274
842.871 419.629
768.948 125.136
891.172 170.038
3546.5
827
3730.3
1341.9
4176.6
1327.9
4225.2
1615.4
4696.7
-998.4
815.354
39.358
959.399 -114.021
1015.24
263.01
902.2
2.816
966.82 328.123
612.273
745.589
1313.81
996.95
904.007
935.803
941.274
463.936
379.773
359.418
383.823
409.65
9743
9087
9552
10230
10219
304.179
295.195
281.122
287.291
294.463
282.788
267.964
309.485
460.047
502.464
2060.563
2082.184
2145.34
2147.171
2206.937
2154.036
1779.773
1921.293
1868.513
1718.629
10106.8
10440.4
10902.6
11430.2
12632.4
1896.244
1444.576
1206.567
1275.135
1216.289
2.374
2.223
89.151
196.049
199.826
77.763
83.59
3.136
2.823
12.087
12.648
8.697
15
789
190
210
167
3.121
2.82
5.455
6.041
6.572
2.724
7.096
14.159
3.052
2.593
88.288
89.952
63.76
70.339
67.008
119.064
146.102
286.683
242.386
247.934
113.3
0
0
0
0
80.251
83.857
69.102
104.506
78.346
799.827
912.126
1044.777
1106.415
1145.184
5928.65
6188.512
7262.082
7748.94
8083.38
666.393
636.021
725.934
632.032
592.909
1172.764
1309.807
1817.91
1980.817
2285.544
4421.405
3905.022
4993.875
5922.698
6582.363
411.644
370.084
482.195
455.398
444.592
61.535
59.569
69.496
109.94
117.282
422.97
472.67
480.318
546.755
492.856
61.8
66.993
63.577
65.46
60.885
110.47
143.074
163.537
199.776
240.964
239.629
253.415
274.118
283.293
283.821
55.321
54.503
54.037
51.703
51.793
192.403
188.732
213.776
230.693
247.072
2677.446
2677.801
4029.876
3658.38
3770.974
284.717
246.123
204.309
188.835
159.877
837.623
967.255
1135.456
1296.975
1497.586
1698.718
1643.386
1572.638
1619.883
1627.271
240.755
211.292
192.965
190.301
179.798
54.505
141.443
228.166
168.419
137.021
442.178
916.477
2049.503
1463.019
1367.178
85.807
101.741
160.61
27.5
-23.654
217.284
154.803
379.88
345.043
385.571
901.094
271.236
1293.471
1638.61
1678.029
28.455
-2.085
87.595
11.187
-30.982
288.011
202.038
221.219
420.839
344.294
2202.275
1953.568
2297.609
2830.917
2848.797
135.095
134.354
128.728
134.824
128.827
324.028
281.267
455.104
527.72
584.627
1293.701
1168.215
1499.218
1603.451
1742.136
56.901
55.698
65.645
62.117
63.159
233.661
225.32
194.864
327.752
236.214
2076.474
2550.198
2712.68
2641.446
2752.394
159.71
195.452
184.439
145.809
144.087
351.345
435.67
586.901
602.56
715.926
1137.261
1343.713
1558.01
1681.775
1658.191
145.266
133.559
136.167
108.304
104.557
27.344
74.266
174.313
128.057
103.158
297.462
530.251
1519.871
1043.138
1046.519
66.881
76.227
119.289
21.034
-62.61
175.056
123.361
278.81
261.528
301.106
705.945
175.835
985.837
1242.408
1291.005
22.622
-1.145
64.249
9.677
-34.492
332.361
326.668
391.904
435.146
466.541
3729.574
3450.178
3364.5
3451.354
3895.643
414.835
365.504
321.638
315.986
287.283
1282.074
1541.213
1928.892
2244.662
2643.728
2743.089
2500.409
2396.732
2570.536
2756.865
329.825
280.52
264.038
263.48
251.888
8.477
11.905
13.607
12.85
16.743
58.935
59.545
70.241
79.473
118.985
16.841
16.558
14.427
20.613
13.78
0
0
0
0
0
139.337
193.109
233.682
199.422
207.939
7.485
8.724
6.705
9.24
5.947
revt
825.335
575.111
769.271
759.26
708.059
78112
93561
106005
109120
107412
6343.211
4433.185
6624.267
6996.215
6874.42
27753.973
33746.839
34220.449
37844.863
38691.609
25331
18097
25292
25305
23866
16383
13800
16670
15616
14889
2197.066
1786.53
2422.084
2384.888
2324.624
122286
132498
137888
148258
150039
15524
10715
14789
15530
14693
16039.073
xint fiscal_year
0.029
2019
0.187
2020
0.072
2021
0.087
2022
0.035
2023
467
2019
465
2020
421
2021
478
2022
502
2023
47.886
2019
50.013
2020
46.039
2021
45.254
2022
42.84
2023
103.274
2019
150.485
2020
158.726
2021
216.073
2022
339.281
2023
214
2019
293
2020
270
2021
197
2022
198
2023
83
2019
201
2020
174
2021
95
2022
95
2023
3.339
2019
5.342
2020
3.048
2021
3.22
2022
8.177
2023
603
2019
544
2020
571
2021
535
2022
441
2023
143
2019
199
2020
170
2021
150
2022
150
2023
14.107
2019
fiscal_year_end
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
12531.565 100.315
18916.244 89.637
18695.829 86.226
20376.941 86.195
521426
2599
556933
2315
569962
1994
608481
2128
645737
2683
5898.008
8.853
6783.189 16.231
8245.936
1.865
8674.417
0
7750.652
0
8005
10
7548
13
8958
17
8759
24
8168
24
41716.977
61.4
32136.962 199.038
48549.982 123.196
49936
91
54217
82
6137.1
35.6
5226.9
32
7826
16.9
7842.1
13.5
7171.1
0
886.401
7.995
1451.767
3.506
1506.072
1.38
1399.515
4.195
1287.987 12.869
7286.398 50.826
5763.98 97.767
9322.256 67.502
8702.604 66.474
9727.467 78.399
1450.201 25.987
1427.448 27.754
1636.624 34.445
1555.429 39.768
1472.508 48.291
1408.199
0
1808.821
0
1752.995
0.209
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1827.009
2102.662
3492.687
2234.719
3196.583
3315.428
3074.976
900.254
901.278
1294.607
1345.187
1261.102
19974
15955
19433
18098
17476
615.624
638.783
698.584
653.307
646.681
1036.551
976.765
1330.394
1262.235
1175.882
3983.789
3449.749
4548.763
4795.244
5153.237
4308.212
3759.113
5010.785
4989.833
5261.77
23610.8
25509.3
26321.2
28331.7
30603.8
3623.073
3125.384
3712.768
3697.751
4280.677
0
0
8.914
24.032
32.198
15.099
32.993
0
0
0
0
0
207
284
260
304
344
4.471
6.263
4.717
3.653
4.156
0.191
0.412
0.478
0.294
0.282
0
3.405
1.104
1.315
7.662
0
26.874
34.632
14.297
0.08
164.2
150.5
133.5
129.1
112.7
19.908
31.726
32.611
30.288
28.377
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1184.234
1419.657
1691.184
1708.316
1728.887
8750.743
9584.019
12293.368
12368.198
12984.399
1034.129
990.652
1183.867
958.38
875.486
1846.73
1962.137
2848.354
3076.308
3559.369
7398.068
6151.953
8630.889
10208.58
11207.303
619.3
531.329
775.694
672.28
623.083
1.014
0.563
0.317
1.579
5.736
17.012
48.812
57.839
95.22
58.023
0
0
0
0
0
0
0
0
0
0
0
5.735
1.663
0
0
0
0
0
0
0
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
1/31/2020
1/31/2021
1/31/2022
1/31/2023
1/31/2024
Assignment 3
Use the Excel file “Assignment3Data” from Canvas to complete this assignment. The file contains the following
variables of interest from 10-Ks filed by retailers for their fiscal years from 2019 – 2023 (the most recent 5 years
available):
conm = company name
dlc = short-term debt
tic = ticker symbol
dltt = long-term debt
fiscal_year = fiscal year
ebit = earnings before interest and taxes
fiscal_year_end = fiscal year end date
invt = inventory
act = current assets
lct = current liabilities
ap = accounts payable
ni = net income
at = total assets
ppent = property, plant, and equipment (net)
ceq = common shareholders’ equity
rect = receivables
che = cash and marketable securities
revt = sales
cogs = cost of goods sold
xint = interest expense
Financial statement amounts are in millions of dollars.
Ratio Analysis
For each of the following ratios, create a line graph of your company’s ratio by fiscal year (x=fiscal year, y=ratio)
and include in the graph the line for the industry median ratio by fiscal year. Copy and paste your graph. [For the
industry median, use the median for each year from the Excel file (i.e., we will assume that the industry consists of
all the companies in the Excel file).] If you get a #DIV/0! error for the median of a ratio (because some firms have
rect=0 or xint=0), change the ratio value for the firm-years with the error to a blank cell.
1. Sales Growth Rate
2. ROE
3. Gross Profit Margin
4. EBIT Margin
5. Average Days to Collect Receivables
6. Average Days to Sell Inventory
7. Average Days to Pay Payables
8. PP&E Turnover
9. Debt to Equity
10. Current Ratio
11. Quick Ratio
12. EBIT Interest Coverage Ratio
1
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wmt-20240131
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
FORM 10-K
___________________________________________
☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 31, 2024, or
☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
Commission file number 001-06991.
___________________________________________
WALMART INC.
(Exact name of registrant as specified in its charter)
___________________________________________
Delaware
71-0415188
(State or other jurisdiction of
incorporation or organization)
(IRS Employer Identification No.)
702 S.W. 8th Street
Bentonville, AR
72716
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (479) 273-4000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.10 per share
2.550% Notes due 2026
1.050% Notes due 2026
1.500% Notes due 2028
4.875% Notes due 2029
5.750% Notes due 2030
1.800% Notes due 2031
5.625% Notes due 2034
5.250% Notes due 2035
4.875% Notes due 2039
WMT
WMT26
WMT26A
WMT28C
WMT29B
WMT30B
WMT31A
WMT34
WMT35A
WMT39
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
___________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ý
No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes ¨
No ý
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for at least the past 90 days.
Yes ý
No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes ý
No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Non-Accelerated Filer
☒
☐
Accelerated Filer
Smaller Reporting Company
Emerging Growth Company
☐
☐
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐
No ☒
As of July 31, 2023, the aggregate market value of the voting common stock of the registrant held by non-affiliates of the registrant,
based on the closing sale price of those shares on the New York Stock Exchange reported on July 31, 2023, was $228,694,206,501. For
the purposes of this disclosure only, the registrant has assumed that its directors, executive officers (as defined in Rule 3b-7 under the
Exchange Act) and the beneficial owners of 5% or more of the registrant’s outstanding common stock are the affiliates of the registrant.
The registrant had 8,058,048,674 shares of common stock outstanding as of March 13, 2024.
DOCUMENTS INCORPORATED BY REFERENCE
Document
Parts Into Which Incorporated
Portions of the registrant’s Proxy Statement for the Annual Meeting of
Shareholders to be held June 5, 2024 (the “Proxy Statement”)
Part III
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Walmart Inc.
Form 10-K
For the Fiscal Year Ended January 31, 2024
Table of Contents
Page
Part I
Item 1
Item 1A
Item 1B
Item 1C
Item 2
Item 3
Item 4
Business
Risk Factors
Unresolved Staff Comments
Cybersecurity
Properties
Legal Proceedings
Mine Safety Disclosures
6
15
28
28
30
31
33
Part II
Item 5
Item 6
Item 7
Item 7A
Item 8
Item 9
Item 9A
Item 9B
Item 9C
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Reserved
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures About Market Risk
Financial Statements and Supplementary Data
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Controls and Procedures
Other Information
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
34
35
36
48
50
81
81
81
81
Part III
Item 10
Item 11
Item 12
Item 13
Item 14
Directors, Executive Officers and Corporate Governance
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Certain Relationships and Related Transactions, and Director Independence
Principal Accounting Fees and Services
82
82
82
82
82
Exhibits, Financial Statement Schedules
Form 10-K Summary
Signatures
83
85
86
Part IV
Item 15
Item 16
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WALMART INC.
ANNUAL REPORT ON FORM 10-K
FOR THE FISCAL YEAR ENDED JANUARY 31, 2024
All references in this Annual Report on Form 10-K, the information incorporated into this Annual Report on Form 10-K by reference to
information in the Proxy Statement of Walmart Inc. for its Annual Shareholders’ Meeting to be held on June 5, 2024 and in the exhibits
to this Annual Report on Form 10-K to “Walmart Inc.,” “Walmart,” “the Company,” “our Company,” “we,” “us” and “our” are to the
Delaware corporation named “Walmart Inc.” and, except where expressly noted otherwise or the context otherwise requires, that
corporation’s consolidated subsidiaries.
On February 23, 2024, the Company effected a 3-for-1 forward split of its common stock and a proportionate increase in the number of
authorized shares. All share and per share information, including share based compensation, throughout this Annual Report on Form
10-K has been retroactively adjusted to reflect the stock split.
PART I
Cautionary Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K and other reports, statements and information that Walmart Inc. (which individually or together with
its subsidiaries, as the context otherwise requires, is referred to as “we,” “Walmart” or the “Company”) has filed with or furnished to the
Securities and Exchange Commission (“SEC”) or may file with or furnish to the SEC in the future, and prior or future public
announcements and presentations that we or our management have made or may make, include or may include, or incorporate or may
incorporate by reference, statements that may be deemed to be “forward-looking statements” within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are intended to enjoy the protection of the safe harbor for
forward-looking statements provided by the Exchange Act as well as protections afforded by other federal securities laws.
Nature of Forward-Looking Statements
Such forward-looking statements are not statements of historical facts, but instead express our estimates or expectations for our
consolidated, or one of our segment’s, economic performance or results of operations for future periods or as of future dates or events
or developments that may occur in the future or discuss our plans, objectives or goals. These forward-looking statements may relate to:
•
•
•
•
•
•
•
•
•
•
•
•
macroeconomic, geopolitical, and business conditions, trends and events around the world and in the markets in which we
operate, including inflation or deflation, generally, and in certain product categories, the impact of supply chain challenges,
and recessionary pressures;
the growth of our business or change in our competitive position in the future, or in or over particular periods, both generally,
and with respect to particular markets, segments or lines of business, including, but not limited to, advertising, fulfillment,
healthcare and financial services;
the amount, number, growth, increase, reduction or decrease in or over certain periods, of or in certain financial items or
measures or operating measures, including our earnings per share, net sales, growth rates, comparable store and club sales, our
eCommerce sales, liabilities, expenses of certain categories, expense leverage, operating income, returns, capital and operating
investments or expenditures of particular types and new store and club openings, inventory levels and associated costs,
product mix and demand for certain merchandise, consumer confidence, disposable income, credit availability, spending
levels, shopping patterns and debt levels;
our increasing investments in eCommerce, technology, automation, supply chain, new stores and clubs as well as remodels
and other omni-channel customer initiatives, such as same day pickup and delivery;
investments and capital expenditures we will make and how certain of those investments and capital expenditures are expected
to be financed;
our workforce strategy, including the availability of necessary personnel to staff our stores, clubs and other facilities and the
potential impact of changes to the costs of labor;
volatility in currency exchange rates affecting our consolidated, or one or more of our segments’ results of operations;
the Company continuing to provide returns to shareholders through share repurchases and dividends, the use of share
repurchase authorization over a certain period or the source of funding of a certain portion of our share repurchases;
our sources of liquidity, including our cash, continuing to be adequate or sufficient to fund our operations, finance our global
investment and expansion activities, pay dividends and fund share repurchases;
cash flows from operations, our current cash position and access to capital markets or credit will continue to be sufficient to
meet our anticipated operating cash needs;
the reclassification of amounts related to our derivatives;
our effective tax rate for certain periods and the realization of certain net deferred tax assets and the effects of resolutions of
tax-related matters;
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•
•
•
•
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the adoption or creation of new, and modification of existing, governmental policies, programs, initiatives and actions in the
markets in which we operate and elsewhere and actions with respect to such policies, programs and initiatives (including, but
not limited to, changes in the enforcement priorities of regulatory authorities);
the effect of adverse decisions in, or settlement of, litigation or other proceedings or investigations to which we are subject;
the effect on our results of operations or financial position of our adoption of certain new, or amendments to existing,
accounting standards; or
our commitments, intentions, plans or goals related to environmental, social, and governance (“ESG”) priorities, including, but
not limited to, the sustainability of our environment and supply chains, the promotion of economic opportunity or other
societal initiatives.
Our forward-looking statements may also include statements of our strategies, plans and objectives for our operations, including areas
of future focus in our operations, and the assumptions underlying any of the forward-looking statements we make. The forward-looking
statements we make can typically be identified by the use therein of words and phrases such as “aim,” “anticipate,” “believe,”
“continue,” “could be,” “could increase,” “could occur,” “could result,” “estimate,” “expansion,” “expect,” “expectation,” “expected to
be,” “focus,” “forecast,” “goal,” “grow,” “guidance,” “intend,” “invest,” “is expected,” “may continue,” “may fluctuate,” “may grow,”
“may impact,” “may result,” “objective,” “plan,” “priority,” “project,” “should,” “strategy,” “to be,” “we’ll,” “we will,” “will add,” “will
allow,” “will be,” “will benefit,” “will change,” “will come in at,” “will continue,” “will decrease,” “will grow,” “will have,” “will
impact,” “will include,” “will increase,” “will open,” “will remain,” “will result,” “will stay,” “will strengthen,” “would be,” “would
decrease” and “would increase,” variations of such words or phrases, other phrases commencing with the word “will” or similar words
and phrases denoting anticipated or expected occurrences or results.
The forward-looking statements that we make or that are made by others on our behalf are based on our knowledge of our business and
our operating environment and assumptions that we believe to be or will believe to be reasonable when such forward-looking
statements were or are made. As a consequence of the factors described above, the other risks, uncertainties and factors we disclose
below and in the other reports as mentioned above, other risks not known to us at this time, changes in facts, assumptions not being
realized or other circumstances, our actual results may differ materially from those discussed in or implied or contemplated by our
forward-looking statements. Consequently, this cautionary statement qualifies all forward-looking statements we make or that are made
on our behalf, including those made herein and incorporated by reference herein. We cannot assure you that the results or developments
expected or anticipated by us will be realized or, even if substantially realized, that those results or developments will result in the
expected consequences for us or affect us, our business, our operations or our operating results in the manner or to the extent we
expect. We caution readers not to place undue reliance on such forward-looking statements, which speak only as of their dates. We
undertake no obligation to revise or update any of the forward-looking statements to reflect subsequent events or circumstances except
to the extent required by applicable law.
5
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ITEM 1.
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BUSINESS
General
Walmart Inc. (“Walmart,” the “Company” or “we”) is a people-led, technology-powered omni-channel retailer dedicated to helping
people around the world save money and live better – anytime and anywhere – by providing the opportunity to shop in both retail
stores and through eCommerce, and to access our other service offerings. Through innovation, we strive to continuously improve a
customer-centric experience that seamlessly integrates our eCommerce and retail stores in an omni-channel offering that saves time for
our customers. Each week, we serve approximately 255 million customers who visit more than 10,500 stores and numerous
eCommerce websites in 19 countries.
Our strategy is to make every day easier for busy families, operate with discipline, sharpen our culture and become more digital, and
make trust a competitive advantage. Making life easier for busy families includes our commitment to price leadership, which has been
and will remain a cornerstone of our business, as well as increasing convenience to save our customers time. By leading on price, we
earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at everyday low prices
(“EDLP”). EDLP is our pricing philosophy under which we price items at a low price every day so our customers trust that our prices
will not change under frequent promotional activity. Everyday low cost (“EDLC”) is our commitment to control expenses so our cost
savings can be passed along to our customers.
Our operations comprise three reportable segments: Walmart U.S., Walmart International and Sam’s Club. Our fiscal year ends on
January 31 for our United States (“U.S.”) and Canadian operations. We consolidate all other operations generally using a one-month lag
and on a calendar year basis. Our discussion is as of, and for the fiscal years ended, January 31, 2024 (“fiscal 2024”), January 31, 2023
(“fiscal 2023”) and January 31, 2022 (“fiscal 2022”). During fiscal 2024, we generated total revenues of $648.1 billion, which was
comprised primarily of net sales of $642.6 billion.
We maintain our principal offices in Bentonville, Arkansas. Our common stock trades on the New York Stock Exchange under the
symbol “WMT.”
The Development of Our Company
The businesses conducted by our founders began in 1945 when Sam M. Walton opened a franchise Ben Franklin variety store in
Newport, Arkansas. In 1946, his brother, James L. Walton, opened a similar store in Versailles, Missouri. Until 1962, our founders’
business was devoted entirely to the operation of variety stores, at which time we began to open discount stores. We completed our
initial public offering in 1970. In 1983, we opened our first Sam’s Club, and in 1988, we opened our first supercenter. In 1998, we
opened our first Walmart Neighborhood Market. In 1991, we began our first international initiative when we entered into a joint
venture in Mexico and, as of January 31, 2024, our Walmart International segment conducted business in 18 countries.
In 2000, we began our first eCommerce initiative by creating both walmart.com and samsclub.com. Since then, our eCommerce
presence has continued to grow. In 2007, leveraging our physical stores, walmart.com launched its Site-to-Store service, enabling
customers to make a purchase online and pick up merchandise in stores. To date, we now have over 8,000 pickup and over 7,800
delivery locations globally. In recent years, we expanded our eCommerce and digital presence through acquisitions with our majority
stakes in Flipkart and PhonePe in India. We continue to heavily invest in omni-channel and eCommerce innovation, which enables us
to leverage technology, talent and expertise, and expand our assortment and service offerings.
We are enhancing our omni-channel capabilities through a combination of stores, eCommerce websites and service offerings, as well as
our supply chain, combined with approximately 2.1 million associates as of January 31, 2024, to better serve our customers. Together,
these elements produce a global retail ecosystem that we believe allows customers to view Walmart as their primary retail destination.
In the U.S., our Walmart+ membership incorporates several service offerings which provide enhanced omni-channel shopping
experiences and benefits for members. As we execute on our strategy globally, our business is expanding through offerings such as
advertising, marketplace and fulfillment services, healthcare and financial services. These offerings represent mutually reinforcing
pieces of our omni-channel model centered on our customers around the world who are increasingly seeking convenience.
6
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Information About Our Segments
We are engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa,
Canada, Central America, Chile, China, India and Mexico. We also previously operated in the United Kingdom and Japan prior to the
sale of those operations in the first quarter of fiscal 2022. Refer to Note 12 to our Consolidated Financial Statements for information on
these divestitures. Our operations are conducted in three reportable segments: Walmart U.S., Walmart International and Sam’s Club,
which are further described below. Each segment contributes to the Company’s operating results differently. However, each has
generally maintained a consistent contribution rate to the Company’s net sales in recent years other than minor changes to the
contribution rate for the Walmart International segment due to the exit of certain markets and fluctuations in currency exchange rates.
Additional information on our operating segments and geographic information is contained in Note 13 to our Consolidated Financial
Statements.
Walmart U.S. Segment
Walmart U.S. is our largest segment and operates in the U.S., including in all 50 states, Washington D.C. and Puerto Rico. Walmart
U.S. is a mass merchandiser of consumer products, operating under the “Walmart” and “Walmart Neighborhood Market” brands,
including walmart.com. Walmart U.S. had net sales of $441.8 billion for fiscal 2024, representing 69% of our fiscal 2024 consolidated
net sales, and had net sales of $420.6 billion and $393.2 billion for fiscal 2023 and 2022, respectively. Of our three segments, Walmart
U.S. has historically had the highest gross profit as a percentage of net sales (“gross profit rate”). In addition, Walmart U.S. has
historically contributed the greatest amount to the Company’s net sales and operating income.
Omni-channel. Walmart U.S. provides an omni-channel experience to customers, integrating retail stores and eCommerce, through
services such as pickup and delivery, in-home delivery, ship-from-store and digital pharmacy fulfillment options. As of January 31,
2024, the vast majority of our stores have pickup locations and more than 4,300 locations offer same-day delivery. Our Walmart+
membership offering provides enhanced omni-channel shopping benefits including unlimited free shipping on eligible items with no
order minimum, unlimited delivery from store, fuel discounts, mobile Scan & Go and access to additional member benefits. We define
eCommerce sales as sales initiated by customers digitally and fulfilled by a number of methods including our dedicated eCommerce
fulfillment centers and leveraging our stores, as well as certain other business offerings that are part of our ecosystem, such as our
Walmart Connect advertising business. The following table provides the approximate size of our retail stores as of January 31, 2024:
Supercenters (general merchandise and grocery)
Discount stores (general merchandise and limited grocery)
Neighborhood markets(1) (grocery)
(1)
Minimum Square
Feet
Maximum Square
Feet
Average Square
Feet
69,000
30,000
28,000
260,000
206,000
65,000
178,000
105,000
42,000
Excludes other small formats.
Merchandise. Walmart U.S. does business primarily in three strategic merchandise units, listed below:
•
Grocery consists of a full line of grocery items, including dry grocery, snacks, dairy, meat, produce, deli & bakery, frozen
foods, alcoholic and nonalcoholic beverages, as well as consumables such as health and beauty aids, pet supplies, household
chemicals, paper goods and baby products;
•
General merchandise includes:
◦ Entertainment (e.g., electronics, toys, seasonal merchandise, wireless, video games, movies, music and books);
◦ Hardlines (e.g., automotive, hardware and paint, sporting goods, outdoor living and stationery);
◦ Fashion (e.g., apparel for adults and children, as well as shoes, jewelry and accessories); and
◦ Home (e.g., housewares and small appliances, bed & bath, furniture and home organization, home furnishings, home
decor, fabrics and crafts).
•
Health and wellness includes pharmacy, over-the-counter drugs and other medical products, optical services and other clinical
services.
Other categories in the Walmart U.S. business include fuel and various service offerings such as in-house advertising via Walmart
Connect, supply chain and fulfillment capabilities to online marketplace sellers via Walmart Fulfillment Services, initiatives such as
business-to-business last mile delivery services via Walmart GoLocal, and a suite of data products for merchants and suppliers via
Walmart Luminate. Additional service offerings include financial services and related products (including through our digital channels,
stores and our fintech venture, ONE), such as money orders, prepaid access, money transfers, check cashing, bill payment and certain
types of installment lending.
Brand name merchandise represents a significant portion of the merchandise sold in Walmart U.S. We also market lines of merchandise
under our private brands, including brands such as: “Allswell,” “Athletic Works,” “Equate,” “Free Assembly,”
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“Freshness Guaranteed,” “George,” “Great Value,” “Holiday Time,” “Hyper Tough,” “Mainstays,” “Marketside,” “No Boundaries,”
“onn.,” “Ozark Trail,” “Parent’s Choice,” “Sam’s Choice,” “Scoop,” “Spring Valley,” “Time and Tru,” “Way to Celebrate” and “Wonder
Nation.” The Company also markets lines of merchandise under licensed brands, some of which include: “Avia,” “Better Homes &
Gardens,” “Love & Sports,” “Sofia Jeans by Sofia Vergara,” and “The Pioneer Woman.”
Periodically, revisions are made to the categorization of the components comprising our strategic merchandise units. When revisions
are made, the previous periods’ presentation is adjusted to maintain comparability.
Operations. Walmart U.S. is available to customers through supercenters, discount stores and neighborhood markets, as well as online
or through the mobile application 24 hours a day. Consistent with its strategy, Walmart U.S. continues to develop technology tools and
services to better serve customers and help stores operate more efficiently, such as pickup and delivery, Walmart+, ship-from-store and
other initiatives which provide convenient and seamless omni-channel shopping experiences.
Seasonal Aspects of Operations. Walmart U.S.’s business is seasonal to a certain extent due to calendar events and national and
religious holidays, as well as different weather patterns. Historically, its highest sales volume has occurred in the fiscal quarter ending
January 31.
Competition. Walmart U.S. competes with brick and mortar, eCommerce and omni-channel retailers operating discount, department,
retail and wholesale grocers, drug, dollar, variety and specialty stores, supermarkets, hypermarkets and supercenter-type stores, social
commerce platforms, as well as companies that offer services in digital advertising, fulfillment and delivery services, health and
wellness and financial services. Each of these landscapes is highly competitive and rapidly evolving, and new business models and the
entry of new, well-funded competitors continue to intensify this competition. Some of our competitors have longer histories in these
lines of business, more customers and greater brand recognition. They may be able to obtain more favorable terms from suppliers and
business partners and to devote greater resources to the development of these businesses. In addition, for eCommerce and other
internet-based businesses, newer or smaller businesses may be better able to innovate and compete with us.
Our ability to develop and operate units at the right locations and to deliver a customer-centric omni-channel experience largely
determines our competitive position within the retail industry. We compete in a variety of ways, including the prices at which we sell
our merchandise, merchandise and selection availability, services offered to customers, the quality of the products and services we
offer, location, store hours, in-store amenities, the shopping convenience and overall shopping experience we offer, the attractiveness
and ease of use of our digital platforms, cost and speed of and options for delivery to customers of merchandise purchased through our
digital platforms or through our omni-channel integration of our physical and digital operations. We employ many strategies and
programs designed to meet competitive pressures within our industry. These strategies include the following:
•
EDLP: our pricing philosophy under which we price items at everyday low prices so our customers trust that our prices will
not change under frequent promotional activity;
•
EDLC: everyday low cost is our commitment to control expenses so our cost savings can be passed along to our customers;
•
Omni-channel offerings such as pickup and delivery and our Walmart+ membership offering, all of which enhance
convenience and seek to serve customers in the ways they want to be served; and
•
Expanding our ecosystem and the products and services we offer in areas such as digital advertising, fulfillment services,
health and wellness, and financial services to provide our customers a broader set of offerings to meet expanding needs.
Distribution. We continue to invest in supply chain automation and utilize a total of 162 distribution facilities which are located
strategically throughout the U.S. For fiscal 2024, the majority of Walmart U.S.’s purchases of store merchandise were shipped through
these facilities, while most of the remaining store merchandise we purchased was shipped directly from suppliers. General merchandise
and dry grocery merchandise is transported primarily through the segment’s private truck fleet; however, we contract with common
carriers to transport the majority of our perishable grocery merchandise. We ship merchandise purchased by customers on our
eCommerce platforms by a number of methods from multiple locations including from our 30 dedicated eCommerce fulfillment
centers, as well as leveraging our ability to ship or deliver directly from more than 4,300 stores, some of which include market
fulfillment centers, which are positioned inside or attached to our stores to fill online orders more efficiently.
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Walmart International Segment
Walmart International is our second largest segment and operates in 18 countries outside of the U.S. Walmart International operates
through our wholly-owned subsidiaries in Canada, Chile, China, and Africa (which includes Botswana, Lesotho, Malawi, Mozambique,
Namibia, South Africa, Eswatini, and Zambia), and our majority-owned subsidiaries in India, as well as Mexico and Central America
(which includes Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua). Walmart International previously operated in the
United Kingdom and Japan prior to the sale of those operations in the first quarter of fiscal 2022. Refer to Note 12 to our Consolidated
Financial Statements for discussion of recent divestitures.
Walmart International includes numerous formats divided into two major categories: retail and wholesale. These categories consist of
many formats, including: supercenters, supermarkets, hypermarkets, warehouse clubs (including Sam’s Clubs) and cash & carry, as
well as eCommerce through websites and mobile applications, including walmart.com.mx, walmart.ca, flipkart.com, PhonePe and other
sites. Walmart International had net sales of $114.6 billion for fiscal 2024, representing 18% of our fiscal 2024 consolidated net sales,
and had net sales of $101.0 billion for both fiscal 2023 and 2022. The gross profit rate is slightly lower than that of Walmart U.S.
primarily because of its format and channel mix.
Walmart International’s strategy is to create strong local businesses powered by Walmart, which means being locally relevant and
customer-focused in each of the markets it operates. We are being deliberate about where and how we choose to operate and continue to
re-shape the portfolio to best enable long-term, sustainable and profitable growth. As such, we have taken certain strategic actions to
strengthen our Walmart International portfolio for the long-term, which include the following highlights over the last three years:
•
Divested of Asda Group Limited (“Asda”), our retail operations in the U.K., in February 2021.
•
Divested of a majority stake in Seiyu, our retail operations in Japan, in March 2021.
•
Bought out the noncontrolling interest shareholders of our Massmart subsidiary in November 2022 and exited operations in
certain countries in Africa.
•
Increased our ownership in PhonePe, our digital payments platform in India, as part of the separation from Flipkart in
December 2022.
Omni-channel. Walmart International provides an omni-channel experience to customers, integrating retail stores and eCommerce,
such as through pickup and delivery services in most of our markets and our marketplaces such as Flipkart in India. Our financial
services offerings continue to grow with our digital payment platform at PhonePe in India. We continue to expand our marketplace
offerings, which also unlock fulfillment and advertising services.
Generally, retail units’ selling areas range in size from 1,400 square feet to 186,000 square feet. Our wholesale stores’ selling areas
generally range in size from 25,000 square feet to 158,000 square feet. As of January 31, 2024, Walmart International had over 2,800
pickup and over 2,900 delivery locations.
Merchandise. The merchandising strategy for Walmart International is similar to that of our operations in the U.S. in terms of the
breadth and scope of merchandise offered for sale. While brand name merchandise accounts for a majority of our sales, we have both
leveraged U.S. private brands and developed market specific private brands to serve our customers with high quality, low priced items.
Along with the private brands we market globally, such as “Equate,” “George,” “Great Value,” “Holiday Time,” “Mainstays,”
“Marketside” and “Parent’s Choice,” our international markets have developed market specific brands including “Aurrera” and “Lider.”
In addition, we have developed and continue to grow our relationships with regional and local suppliers in each market to ensure
reliable sources of quality merchandise that is equal to national brands at low prices.
Consistent with its strategy, Walmart International continues to build mutually reinforcing businesses in areas such as advertising,
marketplace and fulfillment services, healthcare and financial services. Our businesses in Mexico and Canada, for example, offer
prepaid cards and money transfers, and our PhonePe business in India continues to grow, providing a platform that offers mobile and
bill payment, person-to-person (P2P) payment, investment and insurance solutions, financial services and advertising. In Mexico, we
also offer a value-based internet and telephone service allowing customers to enjoy digital connectivity. Combined, these offerings did
not represent a significant portion of annual segment revenues.
Operations. The hours of operation for operating units in Walmart International vary by country and by individual markets within
countries, depending upon local and national ordinances governing hours of operation. Customers can also access online and mobile
applications 24 hours a day. Consistent with its strategy, Walmart International continues to develop technology tools and services to
better serve customers and help its various formats operate more efficiently, as well as to provide convenient and seamless omnichannel shopping experiences.
Seasonal Aspects of Operations. Walmart International’s business is seasonal to a certain extent. Historically, its highest sales volume
has occurred in the fourth quarter of our fiscal year. The seasonality of the business varies by country due to different national and
religious holidays, festivals and customs, as well as different weather patterns.
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Competition. Walmart International competes with brick and mortar, eCommerce and omni-channel retailers who operate department,
drug, discount, variety and specialty stores, supermarkets, hypermarkets and supercenter-type stores, wholesale clubs, homeimprovement stores, specialty electronics stores, cash & carry operations and convenience stores, and direct to consumer offerings, as
well as companies that offer services in digital advertising, fulfillment services, health and wellness and financial services. Our ability
to develop and operate units at the right locations and to deliver a customer-centric omni-channel experience largely determines our
competitive position within the retail industry. We believe price leadership is a critical part of our business model and we continue to
progress our markets towards an EDLP approach. Additionally, our ability to operate food departments effectively has a significant
impact on our competitive position in many of the markets where we operate. Each of these landscapes is highly competitive and
rapidly evolving, and new business models and the entry of new or well-funded competitors continue to intensify this competition.
Some of our competitors have longer histories in these lines of business, more customers and greater brand recognition and therefore
they may be able to obtain more favorable terms from suppliers and business partners and to devote greater resources to the
development of these businesses. In addition, for eCommerce and other internet-based businesses, newer or smaller businesses may be
better able to innovate and compete with us.
Distribution. We utilize a total of 176 distribution facilities located in Canada, Central America, Chile, China, India, Mexico and
Africa. Through these facilities, we process and distribute both imported and domestic products to the operating units of the Walmart
International segment. During fiscal 2024, the majority of Walmart International’s purchases passed through these distribution facilities.
Suppliers ship the remainder of Walmart International’s purchases directly to our stores in the various markets in which we operate.
Across the segment, we have efficient networks connecting physical stores and distribution and fulfillment centers, which facilitate the
movement of goods to where our customers live. We ship merchandise purchased by customers on our eCommerce platforms by a
number of methods from multiple locations, such as in India where we utilize a combination of more than 3,500 eCommerce
fulfillment centers, sort centers and last-mile delivery facilities, as well as our physical retail stores.
Sam’s Club Segment
Sam’s Club operates in 44 states in the U.S. and in Puerto Rico. Sam’s Club is a membership-only warehouse club that also operates
samsclub.com. Sam’s Club had net sales of $86.2 billion for fiscal 2024, representing 13% of our consolidated fiscal 2024 net sales,
and had net sales of $84.3 billion and $73.6 billion for fiscal 2023 and 2022, respectively. As a membership-only warehouse club,
membership income is a significant component of the segment’s operating income. Sam’s Club operates with a lower gross profit rate
and lower operating expenses as a percentage of net sales than our other segments.
Membership. The following two options are available to members:
Plus Membership
Club Membership
$110
Up to 16
$50
Up to 8
Annual Membership Fee
Number of Add-on Memberships ($45 each)
All memberships include a spouse/household card at no additional cost. Plus Members are also eligible for free curbside pickup and
free shipping on the majority of merchandise, with no minimum order size, and receive discounts on prescriptions and glasses.
Beginning in fiscal 2023, Sam’s Club launched a single loyalty rewards currency called Sam’s Cash which merges and replaces existing
Cash Rewards for Plus members and Cash Back for Sam’s Club Mastercard holders. Members may redeem Sam’s Cash on purchases in
the club and online, to pay for membership fees or for cash in clubs. Sam’s Cash does not expire and is available for monthly
redemption.
Omni-channel. Sam’s Club provides an omni-channel experience to members, integrating warehouse clubs and eCommerce through
such services as Curbside Pickup, mobile Scan & Go, ship-from-club, and delivery-from-club. Members have access to a broad
assortment of merchandise and services, including those not found in our clubs, online at samsclub.com and through our mobile
commerce applications. The warehouse facility sizes generally range between 32,000 and 168,000 square feet, with an average size of
approximately 134,000 square feet.
Merchandise. Sam’s Club offers merchandise in the following five merchandise categories:
•
Grocery and consumables includes dairy, meat, bakery, deli, produce, dry, chilled or frozen packaged foods, alcoholic and
nonalcoholic beverages, floral, snack foods, candy, other grocery items, health and beauty aids, paper goods, laundry and
home care, baby care, pet supplies and other consumable items;
•
Fuel, tobacco and other categories;
•
Home and apparel includes home improvement, outdoor living, gardening, furniture, apparel, jewelry, tools and power
equipment, housewares, toys, seasonal items, mattresses and tire and battery centers;
•
Health and wellness includes pharmacy, optical and hearing services and over-the-counter drugs; and
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Technology, office and entertainment includes consumer electronics and accessories, software, video games, office supplies,
appliances and third-party gift cards.
Within the categories above, the Member’s Mark private label brand continues to expand its assortment and deliver member value.
Operations. Sam’s Club is available to members through warehouse club locations, as well as online or through the mobile application
24 hours a day. Club locations offer Plus Members the ability to shop before regular operating hours. Consistent with its strategy, Sam’s
Club continues to develop technology tools to drive a great member experience. Curbside Pickup is available at clubs to help provide
fast, easy and contact-free shopping for members. Sam’s Club also offers Scan & Go, a mobile checkout and payment solution, which
allows members to bypass the checkout line.
Seasonal Aspects of Operations. Sam’s Club’s business is seasonal to a certain extent due to calendar events and national and religious
holidays, as well as different weather patterns. Historically, its highest sales volume has occurred in the fiscal quarter ending
January 31.
Competition. Sam’s Club competes with other membership-only warehouse clubs, the largest of which is Costco, as well as with
discount retailers, retail and wholesale grocers, general merchandise wholesalers and distributors, gasoline stations as well as omnichannel and eCommerce retailers and catalog businesses. At Sam’s Club, we provide value at members-only prices, a quality
merchandise assortment, and bulk sizing to serve both our Plus and Club members. Our eCommerce website and mobile commerce
applications have increasingly become important factors in our ability to compete.
Distribution. We utilize 30 dedicated distribution facilities located strategically throughout the U.S., as well as some of the Walmart
U.S. segment’s distribution facilities which service the Sam’s Club segment for certain items. During fiscal 2024, the majority of Sam’s
Club’s non-fuel club purchases were shipped from these facilities, while the remainder of our purchases were shipped directly to Sam’s
Club locations by suppliers. Sam’s Club ships merchandise purchased on samsclub.com and through its mobile commerce applications
by a number of methods including shipments made directly from clubs, 15 dedicated eCommerce fulfillment centers and other
distribution centers.
Sam’s Club uses a combination of our private truck fleet, as well as common carriers, to transport perishable and non-perishable
merchandise from distribution facilities to clubs.
Intellectual Property
We regard our trademarks, service marks, copyrights, patents, domain names, trade dress, trade secrets, proprietary technologies and
similar intellectual property as important to our success, and with respect to our associates, customers and others, we rely on trademark,
copyright, and patent laws, trade-secret protection, and confidentiality and/or license agreements to protect our proprietary rights. We
have registered, or applied for the registration of, a number of U.S. and international domain names, trademarks, service marks and
copyrights. Additionally, we have filed U.S. and international patent applications covering certain of our proprietary technology. We
have licensed in the past, and expect that we may license in the future, certain of our proprietary rights to third parties.
Suppliers and Supply Chain
As a retailer and warehouse club operator, we utilize a global supply chain that includes both U.S. and international suppliers from
whom we purchase the merchandise that we sell in our stores, clubs and online. In many instances, we purchase merchandise from
producers located near the stores and clubs in which such merchandise will be sold, particularly products in the “fresh” category.
Consistent with applicable laws, we offer our suppliers the opportunity to efficiently sell significant quantities of their products to us.
These relationships enable us to obtain pricing that reflects the volume, certainty and cost-effectiveness these arrangements provide to
such suppliers, which in turn enables us to provide low prices to our customers. Our suppliers are subject to standards of conduct,
including requirements that they comply with local labor laws, local worker safety laws and other applicable laws. Our ability to
acquire from our suppliers the assortment and volume of products we wish to offer to our customers, to receive those products within
the required time through our supply chain and to distribute those products to our stores and clubs, determines, along with other supply
chain logistics matters (such as containers or port access for example), in part, our in-stock levels in our stores and clubs and the
attractiveness of our merchandise assortment we offer to our customers and members.
Government Regulation
As a company with global operations, we are subject to the laws of the United States and multiple foreign jurisdictions in which we
operate and the rules and regulations of various governing bodies, which may differ among jurisdictions. For additional information,
see the risk factors herein in “Item 1A. Risk Factors” under the sub-caption “Legal, Tax, Regulatory, Compliance, Reputational and
Other Risks.”
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Environmental, Social and Governance (“ESG”) Priorities
Our ESG strategy is centered on the concept of creating shared value: we believe we maximize long-term value and create competitive
advantage for the Company by serving our stakeholders, including our customers, associates, shareholders, suppliers, business partners
and communities. We believe that addressing such societal needs builds the value of our business, including by enhancing customer and
associate trust, creating new business opportunities, managing cost and risk, building capabilities for future advantage and
strengthening the underlying systems on which Walmart and our stakeholders rely.
We prioritize the ESG issues that offer the greatest potential for Walmart to create shared value: issues that rank high in relevance to
our business and stakeholders and which Walmart is positioned to make a positive impact. Our current ESG priorities are categorized
into four broad themes: opportunity, sustainability, community and ethics and integrity.
•
Opportunity. Retail can be a powerful engine for inclusive economic opportunity. We aim to advance belonging, diversity,
equity and inclusion, and create opportunity for Walmart associates (as further described in the Human Capital Management
section below), our suppliers and workers in supply chains, and the communities in which we operate. Doing so helps us
fulfill our customer mission, strengthens our business and helps people build a better life for themselves and their families.
•
Sustainability. Walmart’s sustainability efforts focus on our ability to create and preserve long-term value for both people and
planet. With respect to people, our sustainability efforts include sourcing responsibly, helping prevent forced labor,
empowering women, creating inclusive economic opportunity and selling safer, healthier products. With respect to the planet,
our efforts aim to enhance the sustainability of product supply chains by reducing emissions, protecting and restoring nature
and reducing waste. To help address the effects of climate change, Walmart has set science-based targets for emissions
reduction, including our goal to achieve zero emissions in our operations by 2040—without offsets—and to reduce, avoid or
sequester one billion metric tons of emissions in our value chain by 2030 under our Project Gigaton initiative.
•
Community. Walmart aims to serve and strengthen communities by operating our business in a way that meets the needs of
our customer and community stakeholder groups, including by providing safer, healthier and more affordable food and other
products, disaster support, associate volunteerism, local grant programs and community cohesion initiatives.
•
Ethics and Integrity. At every level of our Company, we work to create a culture that inspires trust among our associates,
with our customers and in the communities we serve.
We periodically publish information on our ESG priorities, strategies and progress on our corporate website and may update those
disclosures from time to time. Nothing on our website, including our ESG reporting, documents or sections thereof, shall be deemed
incorporated by reference into this Annual Report on Form 10-K or incorporated by reference into any of our other filings with the
SEC.
Human Capital Management
Our associates – powered by technology – play a critical role in delivering on our purpose to help people save money and live better.
Our business is focused on serving people and this is delivered by our approximately 2.1 million associates around the world with
approximately 1.6 million associates in the U.S. and approximately 0.5 million associates internationally. In the U.S., approximately
92% of our associates are hourly and approximately 69% of our associates are full-time.
We believe our people make the difference, and we are focused on investing in the growth and well-being of our associates, investing in
digital experiences to improve their quality of work and creating a culture of belonging. An important part of our focus is to provide
opportunities for associates to grow and learn. For some, we are a foundational entry point to develop critical skills that are relevant for
a variety of careers. We are focused on developing, rewarding and retaining associates in an ever-changing environment. Our people
ultimately make Walmart a better place to work and a better place to shop. Our workforce strategy includes the following strategic
priorities: belonging, well-being, growth and digital.
Belonging – Focus on creating a workplace where all associates feel seen, supported and connected through a culture of belonging. We
publish our diversity representation twice yearly and hold ourselves accountable to providing recurring belonging, diversity, equity and
inclusion updates to senior leadership – including our President and CEO – and members of the Board of Directors. Of the
approximately 2.1 million associates employed worldwide, 52% identify as women. In the U.S., 51% of the approximately 1.6 million
associates identify as people of color.
Our Belonging programs aim to create equitable opportunities for everyone, regardless of background, so that every eligible and
qualified individual can thrive and perform. We regularly review our processes around fair-pay practices and are committed to creating
a performance culture where associates are rewarded based on meaningful factors such as qualifications, experience, performance and
the work they do.
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To build a company where associates feel seen, supported and connected, we gather and respond to associate feedback in a variety of
ways, including in-person dialogue; real-time digital insights such as pulse surveys; formal surveys like our associate engagement
survey; and always-on confidential channels, including our Open Door process and ethics channels.
Well-being – Prioritize the emotional, physical and financial well-being of associates. We invest in our associates by offering
competitive wages, as well as a broad range of benefits to meet the diverse needs of our global associate population and their eligible
dependents. In the U.S., this includes company-paid benefits such as 401(k) match, family building support, maternity leave, fertility
benefits, a paid parental leave program to all full-time associates, paid time off, Associate Stock Purchase Plan match, life insurance,
behavioral and mental health services, a Walmart discount card or Sam’s Club membership and predictable scheduling that helps
associates plan for life outside of work and know what to expect in their paychecks.
Additional information about how we invest in our associates’ well-being, including wage structure and pay, can be found in our
Human Capital brief in our most recent ESG reporting, which is available on our corporate website. Nothing on our website, including
our ESG reporting documents, or sections thereof, shall be deemed incorporated by reference into this Annual Report on Form 10-K or
incorporated by reference into any of our other filings with the SEC. Certain information relating to retirement-related benefits we
provide to our associates is included in Note 11 to our Consolidated Financial Statements.
Growth – Provide ongoing growth, development and learning opportunities for associates and continue to attract talent with new
skills. We are invested in the growth of our associates – in support of our business and their success – by offering good jobs that lead to
great careers and better lives.
Approximately 75% of our U.S. salaried store, club and supply chain management started their careers in hourly positions. Our focus
on providing a path of opportunity for our associates through robust training, competitive wages and benefits and career advancement
creates a strong associate value proposition and strengthens our workforce. In the U.S., we seek to enable these pathways through
programs like Walmart Academy and Live Better U (LBU). Walmart Academy offers training for on-the-job retail skills, leadership and
well-being, serving our associates through a combination of digital and in-person offerings. Additionally, our LBU program provides
access to educational opportunities for our part-time and full-time frontline eligible associates in the U.S. through high school
diplomas, short-form certificates and credentials or college degrees.
Digital – Drive a digital transformation that improves the associate experience and powers the business. To deliver a seamless
customer and associate experience, we continue to invest in consumer-grade digital tools designed to improve associate productivity
and efficiency, engagement and performance, allowing associates to spend more time generating new ideas, developing strategy and
building relationships. This capability has been expanded to certain international markets.
Technology is also used to improve associate experience, including an app developed to capture real-time associate feedback. Walmart
also supports associates on the U.S. Medical Plan with free virtual visits for medical doctor urgent care and mental health care with
psychiatrists and psychologists.
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Information About Our Executive Officers
The following chart names the executive officers of the Company as of the date of the filing of this Annual Report on Form 10-K with
the SEC, each of whom is elected by, and serves at the pleasure of, the Board of Directors. The business experience shown for each
officer has been his or her principal occupation for at least the past five years, unless otherwise noted.
Current
Position
Held Since
Age
Name
Business Experience
Daniel J. Bartlett
Executive Vice President, Corporate Affairs, effective June 2013. From November
2007 to June 2013, he served as the Chief Executive Officer and President of U.S.
Operations at Hill & Knowlton, Inc., a public relations company.
2013
52
Rachel Brand
Executive Vice President, Global Governance, Chief Legal Officer and Corporate
Secretary, effective April 2018. From May 2017 to February 2018, she served as
Associate Attorney General in the United States Department of Justice.
2018
50
David M. Chojnowski
Senior Vice President and Controller effective January 2017. From October 2014 to
January 2017, he served as Vice President and Controller, Walmart U.S.
2017
54
John Furner
Executive Vice President, President and Chief Executive Officer, Walmart U.S.
effective November 2019. From February 2017 until November 2019, he served as
President and Chief Executive Officer, Sam’s Club.
2019
49
Suresh Kumar
Executive Vice President, Global Chief Technology Officer and Chief
Development Officer effective July 2019. From February 2018 until June 2019,
Mr. Kumar was Vice President and General Manager at Google LLC.
2019
59
Kathryn McLay
Executive Vice President, President and Chief Executive Officer, Walmart
International, effective August 2023. From 2019 to 2023, she served as Executive
Vice President, President and Chief Executive Officer, Sam’s Club. From February
2019 to November 2019, she served as Executive Vice President, Walmart U.S.
Neighborhood Markets. From December 2015 until February 2019, she served as
Senior Vice President, U.S. Supply Chain.
2023
50
C. Douglas McMillon
President and Chief Executive Officer, effective February 2014. From February
2009 to January 2014, he served as Executive Vice President, President and Chief
Executive Officer, Walmart International.
2014
57
Donna Morris
Executive Vice President, Global People, and Chief People Officer, effective
February 2020. From April 2002 to January 2020, she worked at Adobe Inc. in
various roles, including most recently, Chief Human Resources Officer and
Executive Vice President, Employee Experience.
2020
56
Christopher Nicholas
Executive Vice President, President and Chief Executive Officer, Sam’s Club
effective September 2023. From October 2021 to September 2023, he served as
Executive Vice President, Chief Operating Officer, Walmart U.S. From February
2021 until October 2021, he served as Executive Vice President, Chief Financial
Officer Walmart U.S. From January 2020 until February 2021, he served as
Executive Vice President, Chief Financial Officer Walmart International. He joined
the Company in August 2018 as Senior Vice President and Deputy Chief Financial
Officer, Walmart International.
2023
47
John David Rainey
Executive Vice President and Chief Financial Officer, effective June 2022. From
September 2015 to June 2022, he served as Chief Financial Officer and Executive
Vice President, Global Customer Operations for PayPal Holdings, Inc.
2022
53
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Our Website and Availability of SEC Reports and Other Information
Our corporate website is located at www.stock.walmart.com. We file with, or furnish to, the SEC Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, proxy statements and annual reports to
shareholders, and, from time to time, other documents. The reports and other documents filed with, or furnished to, the SEC are
available to investors on or through our corporate website free of charge as soon as reasonably practicable after we electronically file
them with or furnish them to the SEC. The SEC maintains a website that contains reports, proxy and information statements and other
information regarding issuers, such as the Company, that file electronically with the SEC. The address of that website is www.sec.gov.
Our SEC filings, our Reporting Protocols for Senior Financial Officers and our Code of Conduct can be found on our website at
www.stock.walmart.com. These documents are available in print to any shareholder who requests a copy by writing or calling our
Investor Relations Department, which is located at our principal offices.
A description of any substantive amendment or waiver of Walmart’s Reporting Protocols for Senior Financial Officers or our Code of
Conduct for our chief executive officer, our chief financial officer and our controller, who is our principal accounting officer, will be
disclosed on our website at www.stock.walmart.com under the Corporate Governance section. Any such description will be located on
our website for a period of 12 months following the amendment or waiver.
ITEM 1A.
RISK FACTORS
The risks described below could, in ways we may or may not be able to accurately predict, materially and adversely affect our business,
results of operations, financial position and liquidity. Our business operations could also be affected by additional factors that apply to
all companies operating in the U.S. and globally. The following risk factors do not identify all risks that we may face.
Strategic Risks
Failure to successfully execute our omni-channel strategy and the cost of our investments in eCommerce and technology may
materially adversely affect our market position, net sales and financial performance.
The retail business continues to rapidly evolve and consumers increasingly embrace digital shopping. As a result, the portion of total
consumer expenditures with retailers and wholesale clubs occurring through digital platforms is increasing and the pace of this increase
could continue to accelerate.
Our strategy, which includes investments in eCommerce, technology, including the use of artificial intelligence technology, talent,
supply chain automation, acquisitions, joint ventures, store remodels and other customer initiatives may not adequately or effectively
allow us to continue to grow our eCommerce business, increase comparable sales, maintain or grow our overall market position or
otherwise offset the impact on the growth of our business of a moderated pace of new store and club openings and sustain the current
pace of remodels. The success of this strategy will depend in large measure on our ability to continue building and delivering a
seamless omni-channel shopping experience and interconnected ecosystem for our customers that deepens and maintains our
relationships with our customers across our various businesses and partnerships and reinforces our overall enterprise strategy. The
success of this strategy is further subject to the related risks discussed in this Item 1A. With the interconnected components of this
enterprise strategy and an increasing allocation of capital expenditures focused on these initiatives, changes in customer or member
perceptions about our reputation or our failure to successfully execute on individual components of this strategy may adversely affect
our market position, net sales and financial performance, which could also result in impairment charges to intangible assets or other
long-lived assets. In addition, a greater concentration of eCommerce sales, including increasing online grocery sales, could result in a
reduction in the amount of traffic in our stores and clubs, which would, in turn, reduce the opportunities for cross-store or cross-club
sales of merchandise that such traffic creates and could reduce our sales within our stores and clubs and materially adversely affect our
financial performance.
Furthermore, the cost of certain investments in eCommerce, technology, talent and automation, including any operating losses incurred
for those initiatives, will adversely impact our financial performance in the short-term and failure to realize the benefits of these
investments may adversely impact our financial performance over the longer term.
If we do not timely identify or effectively respond to consumer trends or preferences, it could negatively affect our relationship
with our customers, demand for the products and services we sell, our market share and the growth of our business.
It is difficult to predict consistently and successfully the products and services our customers will demand and changes in their
shopping patterns, tastes and preferences. The success of our business depends in part on how accurately we predict consumer demand,
availability of merchandise, the related impact on the demand for existing products and services and the competitive environment. Our
business is dependent on our ability to make critical decisions and predictions with respect to merchandise categories that quickly
respond to changing consumer spending patterns, tastes and preferences, any incorrect calculations by us may result in lower sales,
spoilage and inventory markdowns, which could adversely impact our results of operations. Our ability to predict and adapt to
changing tastes and preferences depends on many factors, including obtaining accurate and
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relevant data on customer preferences, emphasizing relevant merchandise categories, effectively managing our inventory levels, and
implementing competitive and effective pricing and promotion strategies. Price transparency, assortment of products, customer
experience, convenience, ease and the speed and cost of shipping are of primary importance to customers and continue to increase in
importance, particularly as a result of digital tools and social media available to consumers and the choices available to consumers for
purchasing products. We must continue to preserve our reputation, which is impacted based on public perceptions. It may be difficult to
address negative publicity across media channels, regardless of whether it is accurate. Negative incidents involving us, our workforce
(including the loss of merchandise as a result of shrink or theft) or others with whom we do business could quickly erode trust and
confidence in our business and could result in consumer boycotts, workforce unrest and government investigations. Negative
reputational incidents or negative perceptions of us could adversely impact our business and results of operations, including through
lower sales, the termination of business relationships and associate retention and recruiting efforts. Moreover, failure to adequately
predict customer demand and consumer spending patterns or otherwise optimize and operate our distribution and fulfillment centers
could result in excess or insufficient inventory, service interruptions and increased costs, any of which could significantly harm our
business. As we continue to add new fulfillment centers, our fulfillment and technology networks become increasingly complex and
operating them becomes more challenging. There can be no assurance that we will be able to operate our networks effectively.
We face strong competition from other retailers, wholesale club operators, omni-channel retailers and other businesses which
could materially adversely affect our financial performance.
Each of our segments competes for customers, employees, digital prominence, products and services and in other important aspects of
its business with many other local, regional, national and global physical, eCommerce and omni-channel retailers, social commerce
platforms, wholesale club operators and retail intermediaries, as well as companies that offer services in digital advertising, fulfillment
and delivery services, health and wellness and financial services. The omni-channel retail landscape is highly competitive and rapidly
evolving, and the entry of new, well-funded competitors may increase competitive pressures. In addition, for eCommerce and other
internet-based businesses, newer or smaller businesses may be better able to innovate and compete with us.
We compete in a variety of ways, including the prices at which we sell our merchandise, merchandise selection and availability,
services offered to customers, location, store hours, in-store amenities, the shopping convenience and overall shopping experience we
offer, the attractiveness and ease of use of our digital platforms, cost and speed of and options for delivery to customers of merchandise
purchased through our digital platforms or through our omni-channel integration of our physical and digital operations.
A failure to respond effectively to competitive pressures and changes in the retail and other markets in which we operate, omni-channel
innovations and omni-channel ecosystems developed by our competitors or delays or failure in execution of our strategy could
materially adversely affect our financial performance. See “Item 1. Business” above for additional discussion of the competitive
situation of each of our reportable segments.
Certain segments of the retail industry are undergoing consolidation or substantially reducing operations, whether due to bankruptcy,
consolidation or other factors. Such consolidation, or other business combinations or alliances, competitive omni-channel ecosystems
or reductions in operations may result in competitors with greatly improved financial resources, improved access to merc…