Walmart 2009 Annual Report Download - page 16

14 Wal-Mart 2009 Annual Report
Five-Year Financial Summary
2009 Financial Review
(Amounts in millions except ratios and per share data)
Fiscal Year Ended January 31, 2009 2008 2007 2006 2005
Operating results
Net sales $401,244 $374,307 $344,759 $308,945 $281,488
Net sales increase 7.2% 8.6% 11.6% 9.8% 11.4%
Comparable store sales increase in the United States (1) 3.5% 1.6% 2.0% 3.4% 3.3%
Cost of sales $306,158 $286,350 $263,979 $237,649 $216,832
Operating, selling, general and administrative expenses 76,651 70,174 63,892 55,724 50,178
Interest expense, net 1,900 1,794 1,529 1,180 980
E ective tax rate 34.2% 34.2% 33.5% 33.1% 34.2%
Income from continuing operations $ 13,254 $ 12,863 $ 12,189 $ 11,386 $ 10,482
Net income 13,400 12,731 11,284 11,231 10,267
Per share of common stock:
Income from continuing operations, diluted $ 3.35 $ 3.16 $ 2.92 $ 2.72 $ 2.46
Net income, diluted 3.39 3.13 2.71 2.68 2.41
Dividends 0.95 0.88 0.67 0.60 0.52
Financial position
Current assets of continuing operations $ 48,754 $ 47,053 $ 46,489 $ 43,473 $ 37,913
Inventories 34,511 35,159 33,667 31,910 29,419
Property, equipment and capital lease assets, net 95,653 96,867 88,287 77,863 66,549
Total assets of continuing operations 163,234 162,547 150,658 135,758 117,139
Current liabilities of continuing operations 55,307 58,338 52,089 48,915 42,609
Long-term debt 31,349 29,799 27,222 26,429 20,087
Long-term obligations under capital leases 3,200 3,603 3,513 3,667 3,073
Shareholders’ equity 65,285 64,608 61,573 53,171 49,396
Financial ratios
Current ratio 0.9 0.8 0.9 0.9 0.9
Return on assets (2) 8.4% 8.5% 8.8% 9.3% 9.8%
Return on shareholders’ equity (3) 21.2% 21.0% 22.0% 22.8% 23.1%
Other year-end data
Walmart U.S. Segment
Discount stores in the United States 891 971 1,075 1,209 1,353
Supercenters in the United States 2,612 2,447 2,256 1,980 1,713
Neighborhood Markets in the United States 153 132 112 100 85
International Segment
Units outside the United States 3,615 3,098 2,734 2,158 1,480
Sam’s Club Segment
Sam’s Clubs in the United States 602 591 579 567 551
(1) For  scal 2006 and  scal 2005, we considered comparable store sales to be sales at stores that were open as of February 1st of the prior  scal year and which had not
been converted, expanded or relocated since that date. Fiscal 2008 and  scal 2007 comparable store sales includes all stores and clubs that have been open for at least
the previous 12 months. Additionally, for those  scal years, stores and clubs that are relocated, expanded or converted are excluded from comparable store sales for the
 rst 12 months following the relocation, expansion or conversion. Fiscal 2009 comparable store sales included sales from stores and clubs open for the previous
12 months, including remodels, relocations and expansions.
(2) Income from continuing operations before minority interest divided by average total assets from continuing operations.
(3) Income from continuing operations before minority interest divided by average shareholders’ equity.
Financial information for  scal years 2006, 2007 and 2008 has been restated to re ect the impact of the following activities in  scal 2009:
• The closure and disposition of 23 stores and other properties of The Seiyu, Ltd. (“Seiyu”) in Japan under a restructuring plan; and
• The sale of Gazeley Limited (“Gazeley”), a property development subsidiary in the United Kingdom.
Financial information for  scal year 2005 has not been restated to re ect the impact of these activities as the adjustments are immaterial.
Financial information for  scal years 2005 and 2006 has been restated to re ect the disposition of our South Korean and German operations that occurred in  scal 2007.
The consolidation of Seiyu had a signi cant impact on the  scal 2006  nancial position amounts in this summary.
Certain reclassi cations have been made to prior periods to conform to current presentations.