Walmart 2007 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 of the 2007 Walmart annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 68

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68

21
Acquisition
s
and rapi
d
growth continu
e
t
o
impact th
e
RO
I
fo
r
o
u
r
Internationa
l
segmen
t
.
O
ur internationa
l
f
ocus
is
to
expan
d
in
m
a
rk
ets
wh
e
r
e
w
e
ca
nh
a
v
e
lon
g
-ter
m
g
rowth o
pp
ortunities
an
d
genera
te
re
t
urns a
b
ove
o
u
r
weig
h
te
d
-average cos
t
of
capital.
f
A
s
ou
rIn
te
rn
at
i
o
n
al
se
g
ment
co
n
t
in
ues
to
inte
g
rat
e
t
h
e
ac
q
uisi
-
tion
s
mad
e
i
n
scal
2006 an
d
early
y
scal
2007
,
we expect t
o
se
e
an
i
mprovemen
t
in
t
h
a
t
segment
’s
R
O
I
.
W
a
l-M
a
r
t
i
s
a
Compan
y
st
il
l
g
rowin
g
a
n
d
o
n
e
t
h
at
a
l
so
i
s
d
e
d
icate
d
to
i
mprov
i
ng R
O
I.
S
quare
f
ootage wi
ll
gro
w
i
nt
h
e
U
ni
ted
States
a
n
d
a
r
ou
n
d
t
h
e
w
o
rl
d
in
scal
2008
,
a
n
d
be
y
ond.
Ar
ou
n
d
t
h
e
world
,
W
a
l-M
a
r
t
co
n
t
in
ues
to
p
ut ma
j
o
r
em
p
hasis
on
b
a
l
ancin
g
re
t
urns an
d
growt
h
.
W
e
are
f
ocuse
d
on
pr
i
or
i
t
i
z
i
n
g
ca
p
ita
l
spen
d
in
g
to
the
pro
j
ects
that
p
ro
d
uce
the
h
i
gh
est r
etu
rn
s.
W
e
w
a
n
t
to
im
p
rove
our
Compan
y
’
s
r
etu
r
n
o
ninvestment
,
o
r
R
O
I,
i
mprove
o
u
r
compara
ble
s
t
or
e
sa
l
es an
d
i
mprov
e
o
u
r
wor
k
in
g
ca
p
ital productivit
y.
Th
e
outco
m
e
i
s
a
f
ocus
o
n
t
h
e
m
ost
ca
p
ital
-
e
c
i
ent
opportun
i
t
i
e
s
an
d
a
continue
d
f
ocu
s
on
t
h
ecus
t
omer
.
W
al
-M
a
r
t
U.S.
im
p
rove
d
its
p
rocess
fo
rapprov
i
n
g
n
e
w
sto
r
e
ca
p
ita
l
ex
p
enditure
s
wi
t
h
priority
given
y
to
t
h
ose
pro
j
ects wi
th
t
he
b
es
t
potentia
l
re
t
urns.
In
a
dd
ition
,
t
h
ere
i
s
a
renewe
d
f
ocus
on
workin
g
ca
p
ital mana
g
ement wi
th
inv
e
n
to
ri
es
increasin
g
at
a
muc
h
s
l
owe
r
pa
c
e
t
h
a
n
sa
l
es
.
A
ll
of
t
h
i
s
f
h
a
s
pro
d
uce
d
a
sta
bl
e
r
etu
r
n
f
o
r
ou
r W
a
l-M
a
r
t
U.S.
se
g
ment
a
n
d
se
rv
es
as
a
f
ou
n
dat
i
on
f
or
stron
g
r
etu
rn
s
in
t
h
e
f
utu
r
e.