Walmart 2005 Annual Report Download - page 25

WAL-MART 2005 ANNUAL REPORT 23
(Dollar amounts in millions except per share data)
Fiscal Years Ending January 31, 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
Net Sales $285,222 $256,329 $229,616 $204,011 $180,787 $156,249 $130,522 $112,005 $99,627 $89,051 $78,338
Net sales increase 11.3% 11.6% 12.6% 12.8% 15.7% 19.7% 16.5% 12.4% 11.9% 13.7% 23.6%
Comparative store sales increase in the United States (1) 3% 4% 5% 6% 5% 8% 9% 6% 5% 4% 7%
Cost of sales $219,793 $198,747 $178,299 $159,097 $140,720 $121,825 $102,490 $ 88,163 $78,897 $70,485 $61,929
Operating, selling, general and administrative expenses 51,105 44,909 39,983 35,147 30,822 26,025 21,778 18,831 16,437 14,547 12,434
Interest expense, net 986 832 927 1,183 1,196 840 598 716 807 863 669
Effective tax rate 34.7% 36.1% 35.2% 36.2% 36.5% 36.8% 37.4% 37.0% 36.8% 36.8% 37.2%
Income from continuing operations $ 10,267 $ 8,861 $ 7,818 $ 6,448 $ 6,087 $ 5,394 $ 4,240 $ 3,424 $ 2,978 $ 2,689 $ 2,643
Net income 10,267 9,054 7,955 6,592 6,235 5,324 4,397 3,504 3,042 2,737 2,681
Per share of common stock:
Income from continuing operations, diluted $ 2.41 $ 2.03 $ 1.76 $ 1.44 $ 1.36 $ 1.21 $ 0.95 $ 0.76 $ 0.65 $ 0.58 $ 0.58
Net income, diluted 2.41 2.07 1.79 1.47 1.39 1.19 0.98 0.77 0.66 0.59 0.59
Dividends 0.52 0.36 0.30 0.28 0.24 0.20 0.16 0.14 0.11 0.10 0.09
Financial Position
Current assets of continuing operations $ 38,491 $ 34,421 $ 29,543 $ 26,615 $ 25,344 $ 23,478 $ 20,064 $ 18,589 $17,385 $16,779 $14,827
Inventories 29,447 26,612 24,401 22,053 20,987 19,296 16,361 16,005 15,556 15,667 13,726
Property, equipment and capital lease assets, net 68,567 59,023 51,374 45,248 40,461 35,533 25,600 23,237 19,935 18,554 15,561
Total assets of continuing operations 120,223 105,405 92,900 81,549 76,231 68,983 48,513 44,221 38,571 36,621 31,959
Current liabilities of continuing operations 42,888 37,840 32,225 26,795 28,366 25,525 16,155 13,930 10,432 10,944 9,449
Long-term debt 20,087 17,102 16,597 15,676 12,489 13,653 6,887 7,169 7,685 8,483 7,844
Long-term obligations under capital leases 3,582 2,997 3,000 3,044 3,152 3,000 2,697 2,480 2,304 2,089 1,834
Shareholders’ equity 49,396 43,623 39,461 35,192 31,407 25,878 21,141 18,519 17,151 14,757 12,726
Financial Ratios
Current ratio 0.9 0.9 0.9 1.0 0.9 0.9 1.2 1.3 1.7 1.5 1.6
Return on assets (2) 9.3% 9.2% 9.2% 8.4% 8.6% 9.8% 9.5% 8.5% 8.0% 7.9% 9.2%
Return on shareholders’ equity (3) 22.1% 21.3% 20.9% 19.4% 21.3% 22.9% 21.4% 19.2% 18.7% 19.6% 22.5%
Other Year-End Data
Discount Stores in the United States 1,353 1,478 1,568 1,647 1,736 1,801 1,869 1,921 1,960 1,995 1,985
Supercenters in the United States 1,713 1,471 1,258 1,066 888 721 564 441 344 239 147
SAM’S CLUBs in the United States 551 538 525 500 475 463 451 443 436 433 426
Neighborhood Markets in the United States 85 64 49 31 19 7 4 - - - -
Units outside the United States 1,587 1,355 1,272 1,154 1,054 991 703 589 314 276 226
Shareholders of record 331,000 335,000 330,000 324,000 317,000 307,000 261,000 246,000 257,000 244,000 259,000
(1) Comparative store sales are considered to be sales at stores that were open as of February 1 of the prior fiscal year and have not been expanded or
relocated since that date.
(2) Income from continuing operations before minority interest divided by average assets.
(3) Income from continuing operations divided by average shareholders’ equity.
The acquisition of the ASDA Group PLC and the company’s
related debt issuance had a significant impact on the fiscal 2000
amounts in this summary.
Years prior to 1998 have not been restated for the effects of the
change in accounting method for SAM’S CLUB membership
revenue recognition as the effects of this change would not
have a material impact on this summary. The cumulative effect for
this accounting change recorded in fiscal 2000 amounted to
$198 million net of tax.
Certain reclassifications have been made to prior periods to
conform to current presentations.