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Walmart 2011 Annual Report 1
To our shareholders, associates and customers
Building the Next
Generation Walmart
At Walmart, we are proud that we work for a very special company that’s based on Sam Walton’s vision of saving
people money so they can live better. Every time a Walmart associate walks the sales oor, enters our oces, or
gets behind the wheel of a truck, he or she has the opportunity to improve the lives of millions of people around
the world. What we do and how we perform is watched closely not only by our customers and shareholders, but
also by the whole world.
Financial results. Walmart delivered solid nancial performance for scal year 2011. We increased net sales by
3.4 percent to $419 billion and operating income by 6.4 percent to more than $25 billion. Our diluted earnings
per share from continuing operations rose 12 percent to $4.18 per share. We continued to deliver a stable return
on investment of over 19 percent. We closed out the year with almost $11 billion in free cash ow. And I’m proud
that we returned a record $19.2 billion to shareholders through dividends and share repurchases.
< Michael T. Duke
President and Chief Executive Officer
Wal-Mart Stores, Inc.