Question

History and background of Walmart, sales and profit growth, corporate mission, and key financial data from the retailer’s annual report and balance sheet.

Answer 1

History and background of Walmart

Wal-Mart Stores, Inc. is not only the largest retailer in the world, it now also ranks as the largest corporation in the world. The retail giant dwarfs its nearest competition, generating three times the revenues of the world's number two retailer, France's Carrefour SA. Domestically, Wal-Mart has more than 1.2 million workers, making it the nation's largest nongovernmental employer. U.S. operations include 1,478 Wal-Mart discount stores (located in all 50 states); 1,471 Wal-Mart Supercenters, which are combined discount outlets and grocery stores (and which make Wal-Mart the country's top food retailer); 538 Sam's Clubs, the number two U.S. warehouse membership club chain (trailing Costco Wholesale Corporation); and 64 Wal-Mart Neighborhood Markets, smaller food and drug outlets also offering a selection of general merchandise. International operations, which commenced in 1991, include Wal-Mart discount stores in Canada and Puerto Rico; Wal-Mart Supercenters in Argentina, Brazil, China, Germany, Mexico, Puerto Rico, South Korea, and the United Kingdom; and Sam's Clubs in Brazil, China, Mexico, and Puerto Rico. In Mexico, Wal-Mart also operates Bodegas discount stores, Suburbias specialty department stores, Superamas supermarkets, and Vips restaurants. In addition, the company runs Todo Dias supermarkets in Brazil, Neighborhood Markets supermarkets in China, ASDA combined grocery and apparel stores in the United Kingdom, and Amigo supermarkets in Puerto Rico. Wal-Mart also holds a 36 percent stake in The Seiyu, Ltd., a leading Japanese retailer. In all, more than one-quarter of Wal-Mart's stores are located outside the United States, and international operations generate about 18.5 percent of total revenues. The heirs of founder Samuel Walton continue to own about a 38 percent interest in the company.

Development of a "Good Concept" in the 1960s

Founder Walton--who at his death in 1992 was among the richest people in the United States--graduated from the University of Missouri in 1940 with a degree in economics and became a management trainee with J.C. Penney Company. After two years he went into the army. Upon returning to civilian life three years later, he used his savings and a loan to open a Ben Franklin variety store in Newport, Arkansas. In 1950 he lost his lease, moved to Bentonville, Arkansas, and opened another store. By the late 1950s, Sam and his brother J.L. (Bud) Walton owned nine Ben Franklin franchises.

In the early 1960s Sam Walton took what he had learned from studying mass-merchandising techniques around the country and began to make his mark in the retail market. He decided that small town populations would welcome, and make profitable, large discount shopping stores. He approached the Ben Franklin franchise owners with his proposal to slash prices significantly and operate at a high volume, but they were not willing to let him reduce merchandise as low as he insisted it had to go. The Walton brothers then decided to go into that market themselves and opened their first Wal-Mart Discount City in Rogers, Arkansas, in 1962. The brothers typically opened their department-sized stores in towns with populations of 5,000 to 25,000, and the stores tended to draw from a large radius. "We discovered people would drive to a good concept," Walton later recalled in a 1989 article in Financial World.

Wal-Mart's "good concept" involved huge stores offering customers a wide variety of name-brand goods at deep discounts that were part of an "everyday low prices" strategy. Walton was able to keep prices low and still turn a profit through sales volume as well as an uncommon marketing strategy. Wal-Mart's advertising costs generally amounted to one-third that of other discount chains; most competitors were putting on sales and running from 50 to 100 advertising circulars per year, but Wal-Mart kept its prices low and ran only 12 promotions a year.

By the end of the 1960s the brothers had opened 18 Wal-Mart stores, while still owning 15 Ben Franklin franchises throughout Arkansas, Missouri, Kansas, and Oklahoma. These ventures became incorporated as Wal-Mart Stores, Inc., in October 1969.

The 1970s held many milestones for the company. Early in the decade, Walton implemented his warehouse distribution strategy. The company built its own warehouses so it could buy in volume and store the merchandise, then proceeded to build stores throughout 200-square-mile areas around the distribution points. This practice cut Wal-Mart's costs and gave it more control over operations; merchandise could be restocked as quickly as it sold, and advertising was specific to smaller regions and cost less to distribute.

Wal-Mart went public in 1970, initially trading over the counter; in 1972 the company was listed on the New York Stock Exchange. By 1976 the Waltons had phased out their Ben Franklin stores so that the company could put all of its expansion efforts into the Wal-Mart stores. In 1977 the company made its first significant acquisition when it bought 16 Mohr-Value stores in Missouri and Illinois. Also in 1977, based on data from the previous five years, Forbes ranked the nation's discount and variety stores, and Wal-Mart ranked first in return on equity, return on capital, sales growth, and earnings growth.

In 1978 Wal-Mart began operating its own pharmacy, auto service center, and jewelry divisions, and acquired Hutchenson Shoe Company, a shoe-department lease operation. By 1979 there were 276 Wal-Mart stores in 11 states. Sales had gone from $44 million in 1970 to $1.25 billion in 1979. Wal-Mart became the fastest company to reach the $1 billion mark.

Establishment of Sam's Clubs in 1983

Wal-Mart sales growth continued into the 1980s. In 1983 the company opened its first three Sam's Wholesale Clubs and began its expansion into bigger city markets. Business at the 100,000-square-foot cash-and-carry discount membership warehouses proved to be good; the company had 148 such clubs by 1991, by which time the name had been shortened to Sam's Clubs.

The company continued to grow rapidly. In 1987 Wal-Mart acquired 18 Supersaver Wholesale Clubs, which became Sam's Clubs. The most significant event of that year, however, was the opening of a new Wal-Mart's merchandising concept--taken from one originated by a French entrepreneur--that Walton called Hypermart USA. Hypermart USA stores combined a grocery store, a general merchandise market, and such service outlets as restaurants, banks, shoe shine kiosks, and videotape rental units in a space that covered more area than six football fields. Prices were reduced as much as 40 percent below full retail level, and sales volume averaged $1 million per week, compared with $200,000 for a conventional-sized discount store.

Making customers feel at home in such a large-scale shopping facility required inventiveness. The Dallas store had phone hot lines installed in the aisles for customers needing directions. Hypermart floors were made of a rubbery surface for ease in walking, and the stores offered electric shopping carts for the disabled. To entertain children, there was a "ball pit" or playroom filled with plastic balls--an idea taken from Swedish furniture retailer Ikea.

Evolution of Hypermart into the Wal-Mart Supercenter in 1988

There were also wrinkles to work out. Costs for air conditioning and heating the gigantic spaces were higher than expected. Traffic congestion and limited parking proved a drawback. Customers also complained that the grocery section was not as well-stocked or maintained as it needed to be to compete against nearby grocery stores. Wal-Mart began addressing these problems by, for example, redesigning the grocery section of the Arlington, Texas, store. In 1988 Wal-Mart also opened five smaller "supercenters"--averaging around 150,000 square feet--featuring a large selection of merchandise and offering better-stocked grocery sections, without the outside services such as restaurants or video stores. These stores, dubbed Wal-Mart Supercenters, proved much more successful than the Hypermart format, which was eventually abandoned. Hundreds of Supercenters were subsequently opened during the 1990s.

Wal-Mart received some criticism during this period for its buying practices. One analyst, according to an article in the January 30, 1989, edition of Fortune, described the treatment sales representatives received at Wal-Mart: "Once you are ushered into one of the spartan little buyer's rooms, expect a steely eye across the table and be prepared to cut your price." Wal-Mart was known not only for dictating the tone with its vendors, but often for only dealing directly with the vendor, bypassing sales representatives. In 1987, 100,000 independent manufacturers representatives initiated a public information campaign to fight Wal-Mart's effort to remove them from the selling process, claiming that their elimination jeopardized a manufacturer's right to choose how it sells its products.

During this time, however, Wal-Mart's revenues kept going up, and the company moved into new territory. Wal-Mart enjoyed a 12-year streak of 35 percent annual profit growth through 1987. In 1988 the company operated in 24 states--concentrated in the Midwest and South--1,182 stores, 90 wholesale clubs, and two hypermarts. David D. Glass, who was named president and CEO in 1988 but who had been with the company since 1976, was a key player in Wal-Mart's expansion.

In a move motivated by good business sense and public relations efforts, Wal-Mart sent an open letter to U.S. manufacturers in March 1985 inviting them to take part in a "Buy-American" program. The company offered to work with them in producing products that could compete against imports. "Our American suppliers must commit to improving their facilities and machinery, remain financially conservative and work to fill our requirements, and most importantly, strive to improve employee productivity," Walton told Nation's Business in April 1988. Product conversions--arranging to buy competitively priced U.S.-made goods in place of imports--were regularly highlighted at weekly managers' meetings. William R. Fields, executive vice-president of merchandise and sales, estimated that Wal-Mart cut imports by approximately 5 percent between 1985 and 1989. Nonetheless, analysts estimated that Wal-Mart still purchased between 25 and 30 percent of its goods from overseas, about twice the percentage of competitor Kmart Corporation.

Criticism for Small Town Impact in the 1990s

Wal-Mart also came under criticism for its impact on small retail businesses. Independent store owners often went out of business when Wal-Mart came to town, unable to compete with the superstore's economies of scale. In fact, Iowa State University economist Kenneth Stone conducted a study on this phenomenon and told the New York Times Magazine (April 2, 1989): "If you go into towns in Illinois where Wal-Mart has been for 8 or 10 years, the downtowns are just ghost towns." He found that businesses suffering most were drug, hardware, five-and-dime, sporting goods, clothing, and fabric stores, while major appliance and furniture businesses picked up, as did restaurants and gasoline stations, because of increased traffic.

Nevertheless, Wal-Mart developed a record of community service. The company began awarding $1,000 scholarships to high school students in each community Wal-Mart served. At the same time, the company's refusal to stock dozens of widely circulated adult and teen magazines, including Rolling Stone, had some critics claiming that Wal-Mart was willfully narrowing the choices of the buying public by bowing to pressure from conservative special interest groups.

In 1990--the year in which Wal-Mart became the number one retailer in the United States, passing both Sears, Roebuck and Co. and Kmart--stores were added in California, Nevada, North Dakota, Pennsylvania, South Dakota, and Utah. The company also opened 25 Sam's Clubs, of which four were 130,000-square-foot prototypes incorporating space for produce, meats, and baked goods. In mid-1990, the company acquired Western Merchandise, Inc., of Amarillo, Texas, a supplier of music, books, and video products to many of the Wal-Mart stores. Late in 1990 Wal-Mart acquired the McLane Company, Inc., a distributor of grocery and retail products based in Temple, Texas, for about $275 million. Early in 1991, in a $162 million transaction, The Wholesale Club, Inc. of Indianapolis merged with Sam's Clubs, adding 28 stores that were to be integrated with Sam's by year-end. In addition, Wal-Mart agreed to sell its nine convenience store-gas station outlets to Conoco Inc.

Wal-Mart's expansion continued, and by 1992 the company opened about 150 new Wal-Mart stores and 60 Sam's Clubs, bringing the total to 1,720 Wal-Mart stores and 208 Sam's Clubs. Some of these stores represented a change in policy for the company, opening near big cities with large populations. Another policy change was instituted by the company when it announced that it would no longer deal with independent sales representatives.

In 1991 Wal-Mart introduced its new store brand, Sam's American Choice, whose first products were beverages including colas and fruit juices. The beverages were made by Canada's largest private-label bottler, Cott Corp., but the colas were supplied from U.S. plants. Future plans called for the introduction of many different types of products that would match the quality of national brands, but at lower prices.

Beginning of Foreign Expansion in 1991

Also in 1991 Wal-Mart ventured outside the United States for the first time when it entered into a joint venture with Cifra, S.A. de C.V., Mexico's largest retailer. The venture developed a price-club store called Club Aurrera that required an annual membership of about $25. Shoppers could choose from about 3,500 products ranging from fur coats to frozen vegetables. Within the year, the joint venture operated three Club Aurreras, four Bodegas discount stores, and one Aurrera combination store.

Expansion in the United States also continued, and from 1992 to 1993, 161 Wal-Mart stores were opened, while only one was closed. Another 48 Sam's Clubs and 51 Bud's Warehouse Outlets also were opened. Expansions or relocations took place at 170 Wal-Mart stores and 40 Sam's Clubs. By 1993 the 2,138 stores included 34 Wal-Mart Supercenters and 256 Sam's Clubs.

Founder Sam Walton died on April 5, 1992, of bone cancer. A fairly smooth management transition at Wal-Mart ensued, because Walton had already hand-picked his successor, David Glass, who had served as CEO since 1988. S. Robson Walton, eldest son of the founder, was named chairman of the board.

In January 1993 Wal-Mart's reputation was shaken when a report on NBC-TV's Dateline news program reported on child laborers in Bangladesh producing merchandise for Wal-Mart stores. The program showed children working for five cents an hour in a country that lacked child labor laws. The program further alleged that items made outside the United States were being sold under "Made in USA" signs as part of the company's Buy American campaign instituted in 1985. Glass appeared on the program saying that he did not know of any "child exploitation" by the company, but did apologize about some of the signs incorrectly promoting foreign-made products as domestic items.

In April 1993 Wal-Mart introduced another private label, called Great Value. The brand was initially used for a line of 350 packaged food items for sale in its Supercenters. The proceeds from the company's other private label, Sam's American Choice, were to be channeled into the Competitive Edge Scholarship Fund, which the company launched in 1993 in partnership with some vendors and colleges. In the same year, Wal-Mart spent $830.5 million to purchase 91 Pace Membership Warehouse clubs from Kmart, which had decided to shut down the Pace chain. Wal-Mart subsequently converted the new units into Sam's Clubs. The Sam's Club chain was thereby solidified--particularly in California, where it gained 21 stores--soon after the emergence of a rival, PriceCostco Inc. The product of the October 1993 merger of Price Co. and Costco Wholesale Corp., PriceCostco--later renamed Costco Cos. and then Costco Wholesale Corporation--would within a few years overtake the Sam's Club chain as the nation's top warehouse membership club. Overall, Wal-Mart posted profits of $2.33 billion on revenues of $67.34 billion in 1993. The company workforce now exceeded half a million people.

Mid-1990s Growth Slowdown

In the mid-1990s Wal-Mart continued to grow in the United States, but at a slower pace than previous years. Whereas the company had always posted double-digit, comparable-store sales increases, starting in fiscal 1994 these sales increases had fallen to levels closer to the retail industry average--4 to 7 percent. Furthermore, overall net sales typically had risen 25 percent or more per year in the 1980s and early 1990s. For fiscal years 1996, 1997, and 1998, however, net sales increased 13 percent, 12 percent, and 12 percent, respectively. The company was beginning to reach the limits of expansion in its domestic market. This was reflected in the scaling back of the Wal-Mart discount store chain, which reached a peak of 1,995 units in 1996 before being reduced to 1,921 units by 1998. The company staked its domestic future on the Wal-Mart Supercenter chain, which was expanded from 34 units in 1993 to 441 units in 1998. Most of the new Supercenters--377 in total--were converted Wal-Mart discount stores, as the company sought the additional per-store revenue that could be gleaned from selling groceries. Meanwhile, the Sam's Club chain was struggling and was not as profitable as the company overall. As it attempted to turn this unit around, Wal-Mart curtailed its expansion in the United States; there were only 17 more Sam's Clubs in 1998 than there were in 1995.

Another vehicle for company growth was aggressive international expansion. Following its earlier move into Mexico, Wal-Mart entered into the other NAFTA market in 1994 when it purchased 122 Woolco stores in Canada from Woolworth Corporation in a $335 million deal. Over the next few years Wal-Mart entered Argentina, Brazil, and China through joint ventures. By 1997 Wal-Mart had set up several joint ventures with its Mexican partner, Cifra. That year, these joint ventures were merged together and then merged into Cifra. Wal-Mart then took a controlling, 51 percent stake in Cifra for $1.2 billion. The company thereby held a majority stake in the largest retailer in Mexico, whose 402 stores included 27 Wal-Mart Supercenters, 28 Sam's Clubs, and 347 units consisting of several chains, including Bodegas discount stores, Superamas grocery stores, and Vips restaurants.

In December 1997 Wal-Mart entered Europe for the first time when it acquired the 21-unit Wertkauf hypermarket chain in Germany for an estimated $880 million. The Wertkauf format was similar to that of the Wal-Mart Supercenter. The profitable Wertkauf chain had annual sales of about $1.4 billion and was the eighth largest hypermarket operator in Germany. Also in December 1997 Wal-Mart bought out its minority partner in its Brazilian joint venture, which by that time ran five Wal-Mart Supercenters and three Sam's Clubs. By early 1998 the company also operated nine Wal-Mart Supercenters and five Sam's Clubs in Puerto Rico. Later that year Wal-Mart announced plans to triple its retail base in China by the end of 1999, aiming for a total of nine stores at that time. Moreover, in July 1998 the company announced that it had purchased a majority stake in four stores and six additional development sites in Korea, extending its expansion in Asia. Around this same time, however, a Wal-Mart expansion into the troubled nation of Indonesia under a franchise agreement failed.

During fiscal 1997 Wal-Mart's international operations were profitable for the first time. By 1998 international sales had reached $7.5 billion, an impressive figure given that the company had begun its foreign expansion only in 1991; still this figure represented just 6.4 percent of overall sales. Although growth in sales at home were slowing down, Wal-Mart managed to exceed the $100 billion mark in overall revenues for the first time during fiscal 1997 and that year also gained further prestige through its selection as one of the 30 companies on the Dow Jones Industrial Average, a replacement for the troubled Woolworth. The firm also became the largest nongovernmental employer in the United States, with 680,000 domestic workers.

As another possible outlet for shoring up its top position in retailing in the United States and for increasing sales amid its nearing the saturation point for its Supercenters, Wal-Mart in late 1998 began testing a new format, the Wal-Mart Neighborhood Market. In an attempt to compete directly with traditional supermarkets and with convenience stores, this new concept consisted of a 40,000-square-foot store offering produce, deli foods, fresh meats, other grocery items, and a limited selection of general merchandise. The new store also featured a drive-through pharmacy. The company hoped that the Neighborhood Market would allow it to penetrate markets unable to support the huge 100,000-square-foot Supercenters, such as very small towns and certain sections within metropolitan areas.

Reaching New Heights in the Early 2000s

By 1999 Wal-Mart was the world's largest retailer (and the largest nongovernmental employer in the world, with 1.14 million employees) and was also the leading retailer in both Mexico and Canada. But it was Europe that was at the forefront of the corporation's international expansion in the late 1990s. In December 1998 Wal-Mart bolstered its German operations through the purchase of 74 Interspar hypermarkets from SPAR Handels AG. Then in July 1999 the company entered the U.K. market for the first time by acquiring ASDA Group plc for about $10.8 billion. Ranking as the third largest supermarket operator in the United Kingdom, ASDA operated 229 stores at the time of its acquisition and generated about $13.2 billion in annual revenues. Its stores were run in a fashion similar to that of Wal-Mart Supercenters: they were large-format units offering food, apparel, and general merchandise at everyday low prices, with an emphasis on private-label brands and an avoidance of promotions. The stores acquired in the United Kingdom continued to operate under the ASDA name, whereas the German units were eventually rebadged as Wal-Mart Supercenters.

In January 2000 H. Lee Scott, Jr., a 20-year company veteran, was promoted from chief operating officer to president and CEO. Scott succeeded Glass, who remained on the board of directors as chairman of the executive committee. The new leader had played an important role in reversing the declining results at Wal-Mart's domestic operations. One key to the turnaround was the adoption of a more aggressive approach to controlling bloated inventories at the stores and warehouses. Making better use of technology led both to significant decreases in inventory levels and to improved performance in keeping store shelves better stocked. Also during 2000 Wal-Mart spent $587 million to purchase another 6 percent of Cifra, which was subsequently renamed Wal-Mart de México S.A. de C.V. Wal-Mart held a stake of approximately 62 percent in this subsidiary.

During 2001 Wal-Mart became the largest food retailer in the United States as its grocery sales reached $56 billion. This milestone was reached in large measure through the aggressive rollout of the Wal-Mart Supercenter format. By early 2002 there were about 1,050 Supercenters in the United States, while the number of Wal-Mart discount stores had declined to fewer than 1,650. In fiscal 2002 alone, 178 Supercenters were opened, whereas there was a net reduction in discount units of 89 (121 had been converted to Supercenters, one was closed, and 33 were opened). At the same time, the Wal-Mart Neighborhood Markets format had grown to include 31 stores, providing a further base for the ever rising grocery revenue.

Despite some setbacks in its attempt to penetrate the very difficult German retail market, Wal-Mart kept up its steady international expansion. In 2001 the first Wal-Mart Supercenter in Puerto Rico opened for business. Then in December 2002 the firm paid approximately $242 million for Supermercados Amigo, Inc., the leading supermarket chain in Puerto Rico, with 37 outlets. Next on the expansion roster was Japan. In May 2002 Wal-Mart acquired a 6.1 percent interest in The Seiyu, Ltd. for about $51 million. Seiyu operated about 400 stores in Japan of various formats but mainly of the food-and-clothing variety. It ranked as Japan's fifth largest supermarket chain. In December 2002 Wal-Mart spent another $459 million to expand its stake in Seiyu to 35 percent, and it also had the right to increase it to nearly 67 percent by 2007. By 2003 Wal-Mart had more than 330,000 workers outside the United States, and its international operations produced $40.7 billion in sales that year, representing a 15 percent increase over the preceding year as well as about 17 percent of total revenues. International operating profits for 2003 jumped nearly 56 percent, hitting $2.03 billion. In May 2003 Wal-Mart, seeking to focus solely on retailing, sold its McLane wholesale distribution subsidiary to Berkshire Hathaway Inc. for $1.5 billion.

Overall fiscal 2003 revenues of $244.52 billion made Wal-Mart Stores, Inc. the world's largest corporation. Its achievement of becoming the first nonmanufacturing company to top the Fortune 500 was fitting as the company increasingly had become a symbol of both the positive and negative aspects of the U.S. economy of the early 2000s. In an October 6, 2003 article titled "Is Wal-Mart Too Powerful?," Business Week suggested a number of ways in which to view the power of Wal-Mart, such as: its drive to keep costs and prices down being at least partly responsible for the low rate of inflation in the late 20th and early 21st centuries; its cost-cutting focus also being a contributing factor in the shifting of factories outside the United States; and its 2002 imports from China of $12 billion representing 10 percent of total U.S. imports from that country. Furthermore, Wal-Mart had always taken a hard line on labor costs, particularly by resisting efforts to unionize its workforce. Two consequences of this were the company's extraordinarily high turnover rate of 44 percent per year for its hourly workers and the fact that in 2001 the average Wal-Mart sales clerk made less than the federal poverty level. As another way of looking at the power of Wal-Mart, Fortune in a March 3, 2003 issue estimated that the company's share of the U.S. gross national product (GNP) in 2002 was 2.3 percent. This approached the levels reached by General Motors Corporation (3 percent in 1955) and U.S. Steel Corp. (2.8 percent in 1917) when these firms were at their respective peaks. Fortune estimated that Wal-Mart's share of the nation's economy would become the biggest ever by around 2006, assuming the continuation of its then current growth rate.

As it continued to be dogged by detractors opposed to its business practices, Wal-Mart launched a PR offensive in 2003 to counter the relentless criticism it faced. But the retail giant had to contend with much more than just the attacks of journalists and social critics; it was facing a barrage of potentially damaging lawsuits. These included a host of class-action lawsuits involving employee claims that they were asked to work off the clock and to not take scheduled breaks. A sex discrimination lawsuit that potentially could involve 1.5 million current and former female employees alleged that Wal-Mart engaged in a pattern of discrimination against women in pay and promotion. In addition, in the fall of 2003 a federal investigation was launched into the company's use of a cleaning contractor that employed illegal immigrants.

Not withstanding these legal battles, Wal-Mart Stores, Inc. was placing no brakes on its drive to become ever larger. During 2004 the company planned to open at least 220 new Supercenters, while its discount store chain would be reduced by a net of about 90 units. This would mean that for the first time there would be more Supercenters than Wal-Mart discount stores in the United States. The Neighborhood Market chain was scheduled to grow by between 25 and 30 units, and Sam's Club would add about 15 stores. The international store count would likewise increase, by about 100 units. It seemed clear that Wal-Mart intended to aggressively defend its position as the largest retailer of all time.

Sales and profit growth of walmart

Walmart sell from 2006-2020

Walmart annual/quarterly revenue history and growth rate from 2006 to 2020. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income.

• Walmart revenue for the quarter ending April 30, 2020 was $134.622B, a 8.63% increase year-over-year.
• Walmart revenue for the twelve months ending April 30, 2020 was $534.661B, a 3.69% increase year-over-year.
• Walmart annual revenue for 2020 was $523.964B, a 1.86% increase from 2019.
• Walmart annual revenue for 2019 was $514.405B, a 2.81% increase from 2018.
• Walmart annual revenue for 2018 was $500.343B, a 2.98% increase from 2017.

Walmart Annual Revenue (Millions of US $)
2020	$523,964
2019	$514,405
2018	$500,343
2017	$485,873
2016	$482,130
2015	$485,651
2014	$476,294
2013	$468,651
2012	$446,509
2011	$421,849
2010	$408,085
2009	$404,254
2008	$377,023
2007	$348,368
2006	$312,101
2005	$284,310

Walmart Quarterly Revenue (Millions of US $)
2020-04-30	$134,622
2020-01-31	$141,671
2019-10-31	$127,991
2019-07-31	$130,377
2019-04-30	$123,925
2019-01-31	$138,793
2018-10-31	$124,894
2018-07-31	$128,028
2018-04-30	$122,690
2018-01-31	$136,267
2017-10-31	$123,179
2017-07-31	$123,355
2017-04-30	$117,542
2017-01-31	$130,936
2016-10-31	$118,179
2016-07-31	$120,854
2016-04-30	$115,904
2016-01-31	$129,667
2015-10-31	$117,408
2015-07-31	$120,229
2015-04-30	$114,826
2015-01-31	$131,565
2014-10-31	$119,001
2014-07-31	$120,125
2014-04-30	$114,960
2014-01-31	$129,706
2013-10-31	$115,688
2013-07-31	$116,830
2013-04-30	$114,070
2013-01-31	$127,559
2012-10-31	$113,800
2012-07-31	$114,282
2012-04-30	$113,010
2012-01-31	$122,728
2011-10-31	$110,226
2011-07-31	$109,366
2011-04-30	$104,189
2011-01-31	$116,360
2010-10-31	$101,952
2010-07-31	$103,726
2010-04-30	$99,811
2010-01-31	$113,594
2009-10-31	$99,373
2009-07-31	$100,876
2009-04-30	$94,242
2009-01-31	$108,627
2008-10-31	$98,345
2008-07-31	$102,342
2008-04-30	$94,940
2008-01-31	$105,749
2007-10-31	$91,865
2007-07-31	$92,999
2007-04-30	$86,410
2007-01-31	$98,795
2006-10-31	$84,467
2006-07-31	$85,430
2006-04-30	$79,676
2006-01-31	$88,327
2005-10-31	$75,397
2005-07-31	$76,697
2005-04-30	$71,680
2005-01-31	$79,126

Walmart gross profit 2006-2020

Walmart annual/quarterly gross profit history and growth rate from 2006 to 2020. Gross profit can be defined as the profit a company makes after deducting the variable costs directly associated with making and selling its products or providing its services.

• Walmart gross profit for the quarter ending April 30, 2020 was $32.596B, a 5.52% increase year-over-year.
• Walmart gross profit for the twelve months ending April 30, 2020 was $131.064B, a 1.59% increase year-over-year.
• Walmart annual gross profit for 2020 was $129.359B, a 0.2% increase from 2019.
• Walmart annual gross profit for 2019 was $129.104B, a 1.7% increase from 2018.
• Walmart annual gross profit for 2018 was $126.947B, a 1.87% increase from 2017.

Walmart Annual Gross Profit (Millions of US $)
2020	$129,359
2019	$129,104
2018	$126,947
2017	$124,617
2016	$121,146
2015	$120,565
2014	$118,225
2013	$116,354
2012	$111,516
2011	$106,903
2010	$103,979
2009	$100,313
2008	$92,886
2007	$84,389
2006	$74,452
2005	$67,478

Walmart Quarterly Gross Profit (Millions of US $)
2020-04-30	$32,596
2020-01-31	$33,923
2019-10-31	$32,091
2019-07-31	$32,454
2019-04-30	$30,891
2019-01-31	$33,886
2018-10-31	$31,778
2018-07-31	$32,457
2018-04-30	$30,983
2018-01-31	$33,627
2017-10-31	$31,632
2017-07-31	$31,834
2017-04-30	$29,854
2017-01-31	$33,193
2016-10-31	$30,695
2016-07-31	$31,369
2016-04-30	$29,360
2016-01-31	$32,668
2015-10-31	$29,962
2015-07-31	$30,173
2015-04-30	$28,343
2015-01-31	$32,450
2014-10-31	$29,754
2014-07-31	$30,115
2014-04-30	$28,246
2014-01-31	$31,735
2013-10-31	$29,001
2013-07-31	$29,410
2013-04-30	$28,079
2013-01-31	$31,553
2012-10-31	$28,330
2012-07-31	$28,639
2012-04-30	$27,832
2012-01-31	$30,273
2011-10-31	$27,635
2011-07-31	$27,596
2011-04-30	$26,012
2011-01-31	$29,289
2010-10-31	$26,133
2010-07-31	$26,288
2010-04-30	$25,193
2010-01-31	$28,847
2009-10-31	$25,458
2009-07-31	$25,820
2009-04-30	$23,854
2009-01-31	$26,797
2008-10-31	$24,724
2008-07-31	$25,224
2008-04-30	$23,568
2008-01-31	$26,763
2007-10-31	$22,614
2007-07-31	$22,410
2007-04-30	$21,099
2007-01-31	$23,403
2006-10-31	$20,702
2006-07-31	$20,845
2006-04-30	$19,439
2006-01-31	$20,663
2005-10-31	$18,072
2005-07-31	$18,608
2005-04-30	$17,109
2005-01-31	$18,363

Sector	Industry	Market Cap	Revenue
Retail/Wholesale	Retail - Supermarket Chains	$371.895B	$523.964B
Walmart Inc. is a multinational retail corporation which operates a chain of hypermarkets, discount department stores and grocery stores. Walmart Inc., formerly known as Wal-Mart Stores, Inc., is headquartered in Bentonville, Arkansas.

Stock Name	Country	Market Cap	PE Ratio
Wal-Mart De Mexico SAB De CV (WMMVY)	Mexico	$44.247B	22.03
Tesco (TSCDY)	United Kingdom	$27.781B	0.00
Kroger (KR)	United States	$27.002B	12.86
Carrefour SA (CRRFY)	France	$12.918B	0.00
Jeronimo Martins SGPS SA (JRONY)	Portugal	$10.404B	25.87
J Sainsbury (JSAIY)	United Kingdom	$5.393B	0.00
Companhia Brasileira De Distribuicao (CBD)	Brazil	$3.827B	0.00
Marks And Spencer Group (MAKSY)	United Kingdom	$2.311B	0.00
Weis Markets (WMK)	United States	$1.365B	17.03
Ingles Marketsorporated (IMKTA)	United States	$0.835B	8.14
Village Super Market (VLGEA)	United States	$0.384B	17.19
AMCON Distributing (DIT)	United States	$0.039B	15.57
IFresh (IFMK)	United States	$0.018B	0.00

Walmart's corporate mission

Walmart Inc.’s corporate mission is “to save people money so they can live better.” This statement reflects the ideals of the company’s founder, Sam Walton. Strategic decisions in the business are a direct manifestation of this mission statement, which is synonymous to the company’s slogan, “Save money. Live better.” Based on this statement, it is clear that Walmart’s business strategies involve using price as a selling point to attract target consumers. The significance of such a selling point is exhibited in many of the company’s strategies. For example, Walmart Inc.’s marketing mix or 4P involves low prices as a strategy. Other areas of the company are determined by the need to minimize selling prices as a way to achieve competitiveness.

Walmart fulfills the “save people money” component of the mission statement through its low selling prices. For example, consumers save money by spending less in buying goods from the company’s stores, compared to buying the same or similar goods from midscale and high-end stores. However, it is not yet clear if the company satisfies the “live better” component of this corporate mission. There are criticisms regarding very low wages that pose challenges for Walmart’s employees when it comes to improving their lives, in addition to various human resource management issues in the organization. There are also criticisms about the long-term economic effects of the company’s large-scale sales of cheap imported goods.

Key financial data from the retailer’s annual report and balance sheet of Walmart

FOR THE FISCAL YEAR ENDED JANUARY 31, 2020

All references in this Annual Report on Form 10-K, the information incorporated into this Annual Report on Form 10-K by reference to information in the Proxy Statement of Walmart Inc. for its Annual Shareholders' Meeting to be held on June 3, 2020 and in the exhibits to this Annual Report on Form 10-K to "Walmart Inc.," "Wal-Mart Stores, Inc.," "Walmart," "the Company," "our Company," "we," "us" and "our" are to the Delaware corporation named "Wal-Mart Stores, Inc." prior to February 1, 2018 and named "Walmart Inc." commencing on February 1, 2018 and, except where expressly noted otherwise or the context otherwise requires, that corporation's consolidated subsidiaries.

PART I

Cautionary Statement Regarding Forward-Looking Statements

This Annual Report on Form 10-K and other reports, statements, and information that Walmart Inc. (which individually or together with its subsidiaries, as the context otherwise requires, is referred to as "we," "Walmart" or the "Company") has filed with or furnished to the Securities and Exchange Commission ("SEC") or may file with or furnish to the SEC in the future, and prior or future public announcements and presentations that we or our management have made or may make, include or may include, or incorporate or may incorporate by reference, statements that may be deemed to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act.

Nature of Forward-Looking Statements

Such forward-looking statements are not statements of historical facts, but instead express our estimates or expectations for our consolidated, or one of our segment's, economic performance or results of operations for future periods or as of future dates or events or developments that may occur in the future or discuss our plans, objectives or goals. These forward-looking statements relate to:

• the growth of our business or change in our competitive position in the future or in or over particular periods;
• the amount, number, growth, increase, reduction or decrease in or over certain periods, of or in certain financial items or measures or operating measures, including our earnings per share, net sales, comparable store and club sales, our Walmart U.S. operating segment's eCommerce sales, liabilities, expenses of certain categories, expense leverage, returns, capital and operating investments or expenditures of particular types and new store openings;
• investments and capital expenditures we will make and how certain of those investments and capital expenditures are expected to be financed;
• our increasing investments in eCommerce, technology, supply chain, store remodels and other omni-channel customer initiatives, such as same day pickup and delivery;
• volatility in currency exchange rates and fuel prices affecting our or one of our segments' results of operations;
• the Company continuing to provide returns to shareholders through share repurchases and dividends, the use of share repurchase authorization over a certain period or the source of funding of a certain portion of our share repurchases;
• our sources of liquidity, including our cash, continuing to be adequate or sufficient to fund and finance our operations, expansion activities, dividends and share repurchases, to meet our cash needs and to fund our operations;
• the insignificance of ineffective hedges; and reclassification of amounts related to our derivatives;
• our effective tax rate for certain periods and the realization of certain net deferred tax assets and the effects of resolutions of tax-related matters;
• the effect of adverse decisions in, or settlement of, litigation or other proceedings or investigations to which we are subject;
• the effect on the Company's results of operations or financial condition of the Company's adoption of certain new, or amendments to existing, accounting standards; or
• our commitments, intentions, plans or goals related to the sustainability of our environment and supply chains, the promotion of economic opportunity or other societal initiatives.

BUSINESS

General

Walmart Inc. ("Walmart," the "Company" or "we") helps people around the world save money and live better – anytime and anywhere – by providing the opportunity to shop in retail stores and through eCommerce. Through innovation, we strive to continuously improve a customer-centric experience that seamlessly integrates our eCommerce and retail stores in an omnichannel offering that saves time for our customers. Each week, we serve over 265 million customers who visit approximately 11,500 stores and numerous eCommerce websites under 56 banners in 27 countries.

Their strategy is to make every day easier for busy families, operate with discipline, sharpen our culture and become digital, and make trust a competitive advantage. Making life easier for busy families includes our commitment to price leadership, which has been and will remain a cornerstone of our business, as well as increasing convenience to save our customers time. By leading on price, we earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at everyday low prices ("EDLP"). EDLP is our pricing philosophy under which we price items at a low price every day so our customers trust that our prices will not change under frequent promotional activity. Everyday low cost ("EDLC") is our commitment to control expenses so our cost savings can be passed along to our customers.

Their operations comprise three reportable segments: Walmart U.S., Walmart International and Sam's Club. Our fiscal year ends on January 31 for our United States ("U.S.") and Canadian operations. We consolidate all other operations generally using a one-month lag and on a calendar year basis. Our discussion is as of and for the fiscal years ended January 31, 2020 ("fiscal 2020"), January 31, 2019 ("fiscal 2019") and January 31, 2018 ("fiscal 2018"). During fiscal 2020, we generated total revenues of $524.0 billion, which primarily comprised net sales of $519.9 billion. We maintain our principal offices at 702 S.W. 8th Street, Bentonville, Arkansas 72716, USA. Their common stock trades on the New York Stock Exchange under the symbol "WMT."

The Development of their Company

Although Walmart was incorporated in Delaware in October 1969, the businesses conducted by our founders began in 1945 when Sam M. Walton opened a franchise Ben Franklin variety store in Newport, Arkansas. In 1946, his brother, James L. Walton, opened a similar store in Versailles, Missouri. Until 1962, our founders' business was devoted entirely to the operation of variety stores. In that year, the first Wal-Mart Discount City, which was a discount store, opened in Rogers, Arkansas. In 1983, we opened our first Sam's Club, and in 1988, we opened our first supercenter. In 1998, we opened our first Walmart Neighborhood Market. In 1991, we began our first international initiative when we entered into a joint venture in Mexico. Since then, our international presence has expanded and, as of January 31, 2020, our Walmart International segment conducted business in 26 countries.

In 2000, we began our first eCommerce initiative by creating walmart.com and then later that year, adding samsclub.com. Since then, our eCommerce presence has continued to grow. In 2007, leveraging our physical stores, walmart.com launched its Site to Store service, enabling customers to make a purchase online and pick up merchandise in stores. Since 2016, we have made several eCommerce acquisitions which have enabled us to leverage technology, talent and expertise, as well as incubate digitally-native brands and expand our assortment on walmart.com and in stores. In fiscal 2017, walmart.com launched free two-day shipping and we created Store No 8, a technology incubator with a focus to drive eCommerce innovation. Then in fiscal 2019, we continued to enhance our eCommerce initiatives with the acquisition of a majority stake of Flipkart Private Limited ("Flipkart"), an Indian-based eCommerce marketplace, with an ecosystem that includes eCommerce platforms of Flipkart and Myntra as well as PhonePe, a digital transaction platform.

In fiscal 2020, we launched NextDay Delivery to more than 75 percent of the U.S. population, launched Delivery Unlimited from 1,600 locations in the U.S. and expanded Same Day Pickup to nearly 3,200 locations. Our eCommerce efforts and innovation have also led to omni-channel offerings in many of our markets including grocery pick up and/or delivery in nearly a dozen countries outside the U.S. To date, we now have more than 6,100 grocery pick up and delivery locations globally. We are enhancing our ecosystem with our omni-channel capabilities, stores, services, eCommerce sites, supply chain combined with our more than 2.2 million associates to better serve our customers. Together, we believe these elements produce a flywheel effect which creates customer relationships where customers view Walmart as their primary destination.

Information About their Segments

They are engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and the United Kingdom. Our operations are conducted in three reportable segments: Walmart U.S., Walmart International and Sam's Club. We define our segments as those operations whose results the chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources. Each of our segments contributes to the Company's operating results differently. Each, however, has generally maintained a consistent contribution rate to the Company's net sales and operating income in recent years other than minor changes to the contribution rate for the Walmart International segment due to fluctuations in currency exchange rates. They sell similar individual products and services in each of our segments. It is impracticable to segregate and identify revenues for each of these individual products and services.

They measure the results of our segments using, among other measures, each segment's net sales and operating income, which includes certain corporate overhead allocations. From time to time, we revise the measurement of each segment's operating income, including any corporate overhead allocations, as determined by the information regularly reviewed by our CODM. When the measurement of a segment changes, previous period amounts and balances are reclassified to be comparable to the current period's presentation.

Walmart U.S. Segment

Walmart U.S. is our largest segment and operates in the U.S., including in all 50 states, Washington D.C. and Puerto Rico. Walmart U.S. is a mass merchandiser of consumer products, operating under the "Walmart" and "Walmart Neighborhood Market" brands, as well as walmart.com and other eCommerce brands. Walmart U.S. had net sales of $341.0 billion for fiscal 2020, representing 66% of our fiscal 2020 consolidated net sales, and had net sales of $331.7 billion and $318.5 billion for fiscal 2019 and 2018, respectively. Of our three segments, Walmart U.S. has historically had the highest gross profit as a percentage of net sales ("gross profit rate"). In addition, Walmart U.S. has historically contributed the greatest amount to the Company's net sales and operating income.

Omni-channel.

Walmart U.S. provides an omni-channel experience to customers, integrating retail stores and eCommerce, through services such as "Same Day Pickup," "Same Day Delivery," "Delivery Unlimited," "NextDay Delivery," and "Endless Aisle." As of January 31, 2020, we had nearly 3,200 grocery pickup locations and over 1,600 delivery locations. We have several eCommerce websites, the largest of which is walmart dot com. They define eCommerce sales as sales initiated online through our websites or through a mobile app. eCommerce sales may be fulfilled by a number of methods including our dedicated eCommerce fulfillment centers or our stores.

Merchandise.

Walmart U.S. does business in three strategic merchandise units, listed below:

• Grocery consists of a full line of grocery items, including meat, produce, natural & organics, deli & bakery, dairy, frozen foods, alcoholic and nonalcoholic beverages, floral and dry grocery, as well as consumables such as health and beauty aids, baby products, household chemicals, paper goods and pet supplies;
• Health and wellness includes pharmacy, optical services, clinical services, and over-the-counter drugs and other medical products;
• General merchandise includes:

1. Entertainment (e.g., electronics, cameras and supplies, photo processing services, wireless, movies, music, video games and books);
2. Hardlines (e.g., stationery, automotive, hardware and paint, sporting goods, outdoor living and horticulture);
3. Apparel (e.g., apparel for women, girls, men, boys and infants, as well as shoes, jewelry and accessories); and
4. Home/Seasonal (e.g., home furnishings, housewares and small appliances, bedding, home decor, toys, fabrics and crafts and seasonal merchandise)

Walmart U.S. recently launched Walmart Media Group, an in-house advertising offering, to work with brands to influence shoppers. Walmart U.S. also offers fuel and financial services and related products, including money orders, prepaid cards, money (wire) transfers, check cashing and bill payment. Combined, these offerings total less than 1% of annual net sales.

Brand name merchandise represents a significant portion of the merchandise sold in Walmart U.S. We also market lines of merchandise under our private-label brands, including brands such as: "Allswell," "Athletic Works," "Bonobos," "Equate," "EV1," "Everstart," "George," "Great Value," "Holiday Time," "Mainstays," "Marketside," "No Boundaries," "Onn," "Ozark Trail," "Parent's Choice," "Scoop," "SwissTech," "Time and Tru" and "Wonder Nation." The Company also markets lines of merchandise under licensed brands, some of which include: "Better Homes & Gardens," "Farberware" and "Russell."

Periodically, revisions are made to the categorization of the components comprising our strategic merchandise units. When revisions are made, the previous periods' presentation is adjusted to maintain comparability.

Operations. Many supercenters, discount stores and neighborhood markets are open 24 hours each day. A variety of payment methods are accepted. Consistent with its strategy, Walmart U.S. continues to develop technology tools that help better serve customers and be more efficient in stores, such as shelf-scanning robots, autonomous floor scrubbers, and automated unloading conveyor systems.

Seasonal Aspects of Operations. Walmart U.S.'s business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as different weather patterns. Historically, its highest sales volume and segment operating income have occurred in the fiscal quarter ending January 31.

Competition. Walmart U.S. competes with omni-channel retailers operating discount, department, retail and wholesale grocers, drug, dollar, variety and specialty stores, supermarkets, hypermarkets and supercenter-type stores, as well as eCommerce retailers. Our ability to develop and operate units at the right locations and to deliver a customer-centric omni-channel experience largely determines our competitive position within the retail industry. We employ many programs designed to meet competitive pressures within our industry. These programs include the following:

• EDLP: our pricing philosophy under which we price items at everyday low prices so our customers trust that our prices will not change under frequent promotional activity;
• EDLC: everyday low cost is our commitment to control expenses so our cost savings can be passed along to our customers; and
• Omni-channel offerings such as Same Day Pickup and Same Day Delivery, where a customer places an order online and picks it up for free from a store or has it delivered; Delivery Unlimited, where a customer can receive unlimited grocery delivery for an annual fee; as well as free two-day shipping without an annual membership fee and free NextDay Delivery on an assortment of best-selling items.

Distribution. For fiscal 2020, approximately 79% of Walmart U.S.'s purchases of store merchandise were shipped through our 162 distribution facilities, which are located strategically throughout the U.S. The remaining store merchandise we purchased was shipped directly from suppliers. General merchandise and dry grocery merchandise is transported primarily through the segment's private truck fleet; however, we contract with common carriers to transport the majority of our perishable grocery merchandise. We ship merchandise purchased by customers on our eCommerce platforms by a number of methods from multiple locations including from our 40 dedicated eCommerce fulfillment centers which includes eight temporary fulfillment centers.

Walmart International Segment

Walmart International is their second largest segment and operates in 26 countries outside of the U.S. Walmart International operates through our wholly-owned subsidiaries in Argentina, Canada, Chile, China, India, Japan and the United Kingdom, and our majority-owned subsidiaries in Africa (which includes Botswana, Ghana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania, Uganda and Zambia), Central America (which includes Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua), India and Mexico. Walmart International previously operated in Brazil prior to the sale of the majority stake of Walmart Brazil in fiscal 2019, as discussed in Note 12 to our Consolidated Financial Statements.

Walmart International includes numerous formats divided into three major categories: retail, wholesale and other. These categories consist of many formats, including: supercenters, supermarkets, hypermarkets, warehouse clubs (including Sam's Clubs) and cash & carry, as well as eCommerce through walmart.com.mx, asda.com, walmart.ca, flipkart.com and other sites. Walmart International had net sales of $120.1 billion for fiscal 2020, representing 23% of our fiscal 2020 consolidated net sales, and had net sales of $120.8 billion and $118.1 billion for fiscal 2019 and 2018, respectively. The segment's net sales were negatively impacted by currency exchange rate fluctuations for all years presented. The gross profit rate is lower than that of Walmart U.S. primarily because of its merchandise mix.

Walmart International's strategy is to create strong local businesses powered by Walmart which means being locally relevant and customer-focused in each of the markets it operates. they are being deliberate about where and how we choose to operate and continue to re-shape the portfolio to best enable long-term, sustainable and profitable growth. As such, we have taken certain strategic actions to strengthen our Walmart International portfolio for the long-term, including:

• Acquisition of a majority stake of Flipkart in August 2018.
• Divestiture of 80 percent of Walmart Brazil to Advent International (“Advent”) in August 2018.
• Divestiture of the Walmart Chile banking operations in December 2018 and the divestiture of the Walmart Canada banking operations in April 2019.

Omni-channel. Walmart International provides an omni-channel experience to customers, integrating retail stores and eCommerce, such as through services like "Click & Collect" in the United Kingdom, our grocery pick-up and delivery business in several other markets, our marketplaces, such as Flipkart in India, and a digital transaction platform anchored in payments such as PhonePe in India. Generally, retail units' selling area range in size from 1,400 square feet to 186,000 square feet. Our wholesale stores' selling area generally range in size from 25,000 square feet to 156,000 square feet. As of January 31, 2020, Walmart International had nearly 3,200 grocery pickup and/or delivery locations across its markets.

Merchandise. The merchandising strategy for Walmart International is similar to that of our operations in the U.S. in terms of the breadth and scope of merchandise offered for sale. While brand name merchandise accounts for a majority of our sales, we have both leveraged U.S. private brands and developed market specific private brands to serve our customers with high quality, low priced items. Along with the private brands we market globally, such as "Equate," "George," "Great Value," "Holiday Time," "Mainstays," "Marketside" and "Parent's Choice," our international markets have developed market specific brands including "Aurrera," "Cambridge," "Lider," "Myntra," "PhonePe" and "Extra Special." In addition, we have developed relationships with regional and local suppliers in each market to ensure reliable sources of quality merchandise that is equal to national brands at low prices.

Operations. The hours of operation for operating units in Walmart International vary by country and by individual mar