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48 WAL-MART 2005 ANNUAL REPORT
The company measures the profit of its segments as “segment operating income,” which is defined as income from continuing operations
before net interest expense, income taxes and minority interest. Information on segments and the reconciliation to income from continuing
operations before income taxes and minority interest are as follows (in millions):
Fiscal Year Ended January 31, 2005 Wal-Mart Stores SAM’S CLUB International Other Consolidated
Revenues from external customers $191,826 $37,119 $56,277 $ – $285,222
Intercompany real estate charge (income) 2,754 513 – (3,267) –
Depreciation and amortization 1,702 274 919 1,510 4,405
Operating income (loss) 14,163 1,280 2,988 (1,340) 17,091
Interest expense, net (986)
Income from continuing operations before
income taxes and minority interest $ 16,105
Total assets of continuing operations $ 29,489 $ 5,685 $40,981 $44,068 $120,223
Fiscal Year Ended January 31, 2004 Wal-Mart Stores SAM’S CLUB International Other Consolidated
Revenues from external customers $ 174,220 $ 34,537 $ 47,572 $ – $ 256,329
Intercompany real estate charge (income) 2,468 484 – (2,952) –
Depreciation and amortization 1,482 249 810 1,311 3,852
Operating income (loss) 12,916 1,126 2,370 (1,387) 15,025
Interest expense, net (832)
Income from continuing operations before
income taxes and minority interest $ 14,193
Total assets of continuing operations $ 27,028 $ 4,751 $ 35,230 $ 38,396 $ 105,405
Fiscal Year Ended January 31, 2003 Wal-Mart Stores SAM’S CLUB International Other Consolidated
Revenues from external customers $ 157,120 $ 31,702 $ 40,794 $ – $ 229,616
Intercompany real estate charge (income) 2,228 453 – (2,681) –
Depreciation and amortization 1,287 216 639 1,222 3,364
Operating income (loss) 11,840 1,023 1,998 (1,566) 13,295
Interest expense, net (927)
Income from continuing operations before
income taxes and minority interest $ 12,368
Total assets of continuing operations $ 24,868 $ 4,404 $ 30,709 $ 32,919 $ 92,900
Certain information for fiscal years 2004 and 2003 has been reclassified to conform to current-year presentation.
In the United States, long-lived assets, net, excluding goodwill were $48.9 billion and $42.7 billion January 31, 2005 and 2004, respec-
tively. In the United States, additions to long-lived assets were $9.8 billion, $8.1 billion and $7.4 billion at January 31, 2005, 2004 and
2003, respectively. Outside of the United States, long-lived assets, net, excluding goodwill were $19.7 billion and $16.4 billion in fiscal 2005
and 2004, respectively. Outside of the United States, additions to long-lived assets were $3.1 billion, $2.2 billion and $1.8 billion in fiscal
2005, 2004 and 2003, respectively. The International segment includes all real estate outside the United States. The operations of the
company’s ASDA subsidiary are significant in comparison to the total operations of the International segment. ASDA sales during fiscal
2005, 2004 and 2003 were $26.0 billion, $21.7 billion and $18.1 billion, respectively. At January 31, 2005 and 2004, ASDA long-lived
assets, consisting primarily of property and equipment, net, and goodwill, net, totaled $18.9 billion and $16.3 billion, respectively.
Notes to Consolidated Financial Statements
W A L -M A R T