Walmart 2010 Annual Report Download - page 31

“Walmart International – Growing Globally To Serve More Customers” and
relate to management’s expectations for our International segment to
continue an aggressive pace through acquisitions and strong organic
growth and to grow in our International segment’s countries by win-
ning locally. In addition, a forward-looking statement appears under
the caption “Walmart – Helping People Live Better Worldwide” regarding
driving product innovation, increasing supply chain transparency and
creating a single source for product sustainability. The forward-looking
statements described above are identified by the use in such statements
of one or more of the words or phrases “anticipate,” “could reduce,”
“expect,” “grow,” “is expected,” “may be reduced,” “may continue,”
“plan,” “will always put,” “will be,” “will be included,” “will be paid,”
“will be recorded,” “will be resolved,” “will build,” “will come,” “will
continue,” “will do,” “will drive,” “will expand,” “will grow,” “will
live and uphold,” “will show,” “will strengthen,” “would increase,” and
other similar words or phrases. Similarly, descriptions of our objectives,
strategies, plans, goals or targets are also forward-looking statements.
These statements discuss, among other things, expected growth, future
revenues, future cash flows, future capital expenditures, future perfor-
mance, future initiatives and the anticipation and expectations of Walmart
and its management as to future occurrences and trends.
The forward-looking statements included in this Annual Report and
that we make elsewhere are subject to certain factors, in the United
States and internationally, that could affect our business operations,
financial performance, business strategy, plans, goals and objectives.
Those factors include, but are not limited to: general economic condi-
tions, including the current economic downturn and disruption in the
financial markets, unemployment levels, consumer credit availability,
levels of consumer disposable income, consumer spending patterns and
debt levels, inflation, deflation, the cost of the goods we sell, labor costs,
transportation costs, the cost of diesel fuel, gasoline, natural gas and
electricity, the cost of health care benefits, accident costs, our casualty and
other insurance costs, information security costs, the cost of construction
materials, availability of acceptable building sites for new stores, clubs
and other formats, competitive pressures, accident-related costs, weather
patterns, catastrophic events, storm and other damage to our stores and
distribution centers, climate change, weather-related closing of stores,
availability and transport of goods from domestic and foreign suppliers,
currency exchange fluctuations and volatility, trade restrictions, changes
in tariff and freight rates, adoption of or changes in tax and other laws
and regulations that affect our business, costs of compliance with laws
and regulations, the outcome of legal proceedings to which we are a
party, interest rate fluctuations, changes in employment legislation and
other capital markets, economic and geo-political conditions and events,
including civil unrest and terrorist attacks. Moreover, we typically earn
a disproportionate part of our annual operating income in the fourth
quarter as a result of the seasonal buying patterns. Those buying patterns
are difficult to forecast with certainty. The foregoing list of factors that
may affect our performance is not exclusive. Other factors and unan-
ticipated events could adversely affect our business operations and
financial performance. We discuss certain of these matters more fully,
as well as certain risk factors that may affect our business operations,
financial condition, results of operations and liquidity in other of our
filings with the Securities and Exchange Commission (the “SEC”),
including our Annual Report on Form 10-K. We filed our Annual
Report on Form 10-K for the year ended January 31, 2010, with the
SEC on March 30, 2010. The forward-looking statements described
above are made based on knowledge of our business and the environ-
ment in which we operate. However, because of the factors described
and listed above, as well as other factors, or as a result of changes in facts,
assumptions not being realized or other circumstances, actual results may
materially differ from anticipated results described or implied in these
forward-looking statements. We cannot assure the reader that the results
or developments expected or anticipated by us will be realized or, even
if substantially realized, that those results or developments will result
in the expected consequences for us or affect us, our business or our
operations in the way we expect. You are urged to consider all of
these risks, uncertainties and other factors carefully in evaluating the
forward-looking statements and not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this Annual Report speak only as of the date of this report, and we
undertake no obligation to update these forward-looking statements to
reflect subsequent events or circumstances, except as may be required
by applicable law.
Management’s Discussion and Analysis of Financial
Condition and Results of Operations
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