Walmart 2006 Annual Report Download - page 20

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18
Eleven-year fi nancial summary
WAL-MART
(Dollar amounts in millions except per share data)
Fiscal Year Ended January 31, 2006 2005 2004
Operating Results
Net sales $312,427 $285,222 $256,329
Net sales increase 9.5% 11.3% 11.6%
Comparative store sales increase in the United States (1) 3% 3% 4%
Cost of sales $240,391 $219,793 $198,747
Operating, selling, general and administrative expenses 56,733 51,248 44,909
Interest expense, net 1,172 986 832
Effective tax rate 33.4% 34.7% 36.1%
Income from continuing operations $ 11,231 $ 10,267 $ 8,861
Net income 11,231 10,267 9,054
Per share of common stock:
Income from continuing operations, diluted $ 2.68 $ 2.41 $ 2.03
Net income, diluted 2.68 2.41 2.07
Dividends 0.60 0.52 0.36
Financial Position
Current assets of continuing operations $ 43,824 $ 38,854 $ 34,421
Inventories 32,191 29,762 26,612
Property, equipment and capital lease assets, net 79,290 68,118 59,023
Total assets of continuing operations 138,187 120,154 105,405
Current liabilities of continuing operations 48,826 43,182 37,840
Long-term debt 26,429 20,087 17,102
Long-term obligations under capital leases 3,742 3,171 2,997
Shareholders’ equity 53,171 49,396 43,623
Financial Ratios
Current ratio 0.9 0.9 0.9
Return on assets (2) 8.9% 9.3% 9.2%
Return on shareholders’ equity (3) 22.5% 22.6% 21.3%
Other Year-End Data
Discount stores in the United States 1,209 1,353 1,478
Supercenters in the United States 1,980 1,713 1,471
SAM’S CLUBs in the United States 567 551 538
Neighborhood Markets in the United States 100 85 64
Units outside the United States 2,285 1,587 1,355
(1) Comparative store sales are considered to be sales at stores that were open as of February 1 of the prior fi scal year and have not been expanded or relocated since that date.
(2) Income from continuing operations before minority interest divided by average total assets.
(3) Income from continuing operations before minority interest divided by average shareholders’ equity.
Financial information for all years has been restated to refl ect the
sale of McLane Company, Inc. (“McLane”) that occurred in fi scal
2004. McLane is presented as a discontinued operation. All years
have been restated for the fi scal 2004 adoption of the expense
recognition provisions of Statement of Financial Accounting
Standards No. 123, “Accounting and Disclosure of Stock-Based
Compensation.” In fi scal 2005, we adopted Statement of Financial
Accounting Standards No. 123R, “Share-Based Payment,” which
did not result in a material impact to our fi nancial statements.
In fi scal 2003, the Company adopted Financial Accounting
Standards Board Statement No. 142, “Goodwill and Other
Intangible Assets.” In years prior to adoption, the Company
recorded amortization expense related to goodwill.