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52 Walmart 2011 Annual Report
Notes to Consolidated Financial Statements
18 Quarterly Financial Data (Unaudited)
Fiscal Year Ended January 31, 2011
Q1
(Amounts in millions except per share data) As Adjusted
(1)
Q2 Q3 Q4 Total
Net sales $99,097 $103,016 $101,239 $115,600 $418,952
Cost of sales 74,700 77,523 75,906 87,158 315,287
Income from continuing operations $ 3,444 $ 3,747 $ 3,590 $ 5,178 $ 15,959
Consolidated net income 3,444 3,747 3,590 6,212 16,993
Consolidated net income attributable to Walmart 3,301 3,596 3,436 6,056 16,389
Basic net income per common share attributable to Walmart $ 0.88 $ 0.97 $ 0.95 $ 1.71 $ 4.48
Diluted net income per common share attributable to Walmart 0.87 0.97 0.95 1.70 4.47
Fiscal Year Ended January 31, 2010
Q1 Q4
(Amounts in millions except per share data) As Adjusted
(1)
Q2 Q3 As Adjusted
(1)
Total
Net sales $93,471 $100,168 $98,667 $112,826 $405,132
Cost of sales 70,395 75,056 73,915 85,078 304,444
Income from continuing operations $ 3,121 $ 3,586 $ 3,265 $ 4,990 $ 14,962
Consolidated net income 3,113 3,579 3,258 4,933 14,883
Consolidated net income attributable to Walmart 2,996 3,472 3,144 4,758 14,370
Basic net income per common share attributable to Walmart $ 0.76 $ 0.89 $ 0.82 $ 1.25 $ 3.72
Diluted net income per common share attributable to Walmart 0.76 0.89 0.81 1.25 3.71
The sum of per share data may not agree to annual amounts due to rounding.
(1)
Effective May 1, 2010, the Company implemented a new financial system for its operations in the United States, Canada and Puerto Rico. Concurrent with this implementation
and the increased system capabilities, the Company changed the level at which it applies the retail method of accounting for inventory in these operations from 13 divisions
to 49 departments. The Company believes the change is preferable because applying the retail method of accounting for inventory at the departmental level better segregates
merchandise with similar cost-to-retail ratios and turnover, as well as providing a more accurate cost of goods sold and ending inventory value at the lower of cost or market
for each reporting period. The retrospective application of this accounting change impacted both segment and consolidated operating income, as well as consolidated net
income for all comparable periods presented.
52 Walmart 2011 Annual Report