Walmart reports Q4 EPS of $1.67, full year EPS of $5.02; Walmart U.S. gains market share, adds $4.7 billion in comp sales for year; Company announces FY 14 dividend of $1.88, up 18% or $0.29 per share
Wal-Mart Stores, Inc. (NYSE: WMT) today reported financial results for
the fourth quarter and full year ended Jan. 31, 2013.
Net sales for the fourth quarter of fiscal 2013 were $127.1 billion, an
increase of 3.9 percent from $122.3 billion in last year's fourth
quarter. On a constant currency basis1, net sales
would have increased 3.7 percent to $126.8 billion. Membership and other
income decreased 7.8 percent to $815 million, due to lower other income.
Total revenue for the fourth quarter was $127.9 billion, a 3.9 percent
increase over last year.
Income from continuing operations attributable to Walmart for the fourth
quarter was $5.6 billion, up 7.9 percent. Diluted earnings per share
from continuing operations attributable to Walmart (EPS) for the fourth
quarter of fiscal 2013 were $1.67. The effective tax rate for the fourth
quarter was 27.7 percent, which was lower than the company's
expectations, and compares to 30.9 percent last year. The fourth quarter
effective tax rate benefited from a number of discrete tax items,
including positive impact from fiscal 2013 legislative changes, most
notably the American Taxpayer Relief Act of 2012. In comparison, EPS for
the fourth quarter of last year were $1.51.
Consolidated net sales for the full fiscal year were $466.1 billion, an
increase of 5.0 percent over fiscal 2012. Net sales included
approximately $4.0 billion from acquisitions and approximately $4.5
billion of negative impact from currency exchange rate fluctuations.
Membership and other income was $3.0 billion, a decrease of 1.6 percent
from the prior year. Total revenue was $469.2 billion, an increase of
5.0 percent or $22.2 billion.
Income from continuing operations attributable to Walmart was $17.0
billion, a 7.8 percent increase from $15.8 billion last year. For fiscal
2013, EPS were $5.02 versus last year's EPS of $4.54, an increase of
10.6 percent. The effective tax rate for the full year was 31.0 percent,
compared to 32.6 percent for the prior year. This rate was below the
company's annual guidance of 32.5 to 33.5 percent, primarily due to the
fourth quarter discrete tax items noted above.
|
Company well positioned for long term
|
"Walmart topped off a really good year with a solid fourth quarter, and
I'm proud of what we accomplished as a team," said Mike Duke, Wal-Mart
Stores, Inc. president and chief executive officer. "Every day, our
associates around the world deliver on our mission to help customers
save money so they can live better. Together, we added $22 billion in
sales to top $466 billion. Walmart U.S. was a key driver of our five
percent net sales increase.
"Our management team is focused on a few key areas critical to Walmart's
long-term success," Duke added, as he outlined them.
-
Delivering a strong Walmart U.S. business
-
Improving returns for International
-
Driving greater efficiency through disciplined capital allocation
-
Meeting our five-year leverage goal
-
Investing in Global eCommerce, and
-
Continuing to strengthen our company's compliance organization
1 See additional information at the end of this
release regarding non-GAAP financial measures.
"We have high expectations for fiscal 2014, and I'm optimistic as I look
ahead," he said. "Walmart is operating in markets that offer continued
opportunity for growth, both in our stores and online. With our core
Walmart U.S. business operating so well, our investments in e-commerce
and our international markets focused on growth and improving returns,
we are truly the best positioned global retailer."
The company leveraged operating expenses for the full year, including
the $157 million of professional fees and expenses related to the
ongoing Foreign Corrupt Practices Act (FCPA) matter.
"Fiscal year 2013 was the first year of our five-year plan to reduce
operating expenses as a percentage of sales by at least 100 basis
points," said Charles Holley, executive vice president and chief
financial officer. "We made progress toward our five-year goal, reducing
expenses for the year by 14 basis points. Walmart U.S. led this effort.
The entire company has rallied around this leverage challenge, and we
expect we will continue to see progress towards this goal."
During the fourth quarter, the company repurchased approximately 42.3
million shares for $2.9 billion, bringing the full year repurchases to
113.2 million shares for $7.6 billion. In addition, the company paid
$1.3 billion and $5.4 billion in dividends for the quarter and year,
respectively. For the year, Walmart returned $13.0 billion to
shareholders through dividends and share repurchases.
Walmart ended the year with free cash flow1 of $12.7
billion, compared to $10.7 billion in the prior year. Excellent cash
flows from operations and disciplined capital allocation helped deliver
very strong free cash flow.
Return on investment1 (ROI) for the year ended Jan.
31, 2013 was 18.2 percent, compared to 18.6 percent for the prior year.
The decline was primarily driven by acquisitions and currency exchange
rate fluctuations.
"In fiscal 2013, we reported EPS of $1.09 for the first quarter. We
expect first quarter fiscal 2014 EPS to range between $1.11 and $1.16,"
Holley said. "These estimates consider current economic factors that are
affecting customers in many of our markets.
“We know there are challenges ahead, but we believe our strong financial
position, along with our EDLC and EDLP operating model, will continue to
produce strong sales and returns for our shareholders,” Holley said. “In
fiscal 2013, we reported full year EPS of $5.02. For fiscal 2014, we
expect EPS to range between $5.20 and $5.40, which includes increased
fiscal 2014 costs of around $0.09 per share for our e-commerce
operations. We are excited about the opportunities these investments
will provide."
Fiscal 2014 EPS guidance assumes that currency rates remain at today's
levels and takes into account the company's forecast for the annual
effective tax rate to range between 32.0 and 33.0 percent. Additionally,
the company's guidance considers the costs associated with the FCPA and
compliance matters, which are estimated to be approximately $40 to $45
million for the first quarter of fiscal 2014.
1 See additional information at the end of this
release regarding non-GAAP financial measures.
Net sales, including fuel, were as follows:
|
|
|
|
|
Three Months Ended
|
|
|
|
Fiscal Years Ended
|
|
|
|
|
|
January 31,
|
|
|
|
January 31,
|
|
Net Sales:
(dollars in billions)
|
|
|
|
2013
|
|
2012
|
|
Percent Change
|
|
|
|
2013
|
|
2012
|
|
|
Percent Change
|
|
Walmart U.S.
|
|
|
|
$
|
74.665
|
|
|
$
|
72.789
|
|
|
2.6
|
%
|
|
|
|
$
|
274.490
|
|
|
$
|
264.186
|
|
|
|
3.9
|
%
|
|
Walmart International
|
|
|
|
37.949
|
|
|
35.486
|
|
|
6.9
|
%
|
|
|
|
135.201
|
|
|
125.873
|
|
|
|
7.4
|
%
|
|
Sam’s Club
|
|
|
|
14.490
|
|
|
14.010
|
|
|
3.4
|
%
|
|
|
|
56.423
|
|
|
53.795
|
|
|
|
4.9
|
%
|
|
Total Company
|
|
|
|
$
|
127.104
|
|
|
$
|
122.285
|
|
|
3.9
|
%
|
|
|
|
$
|
466.114
|
|
|
$
|
443.854
|
|
|
|
5.0
|
%
|
The following explanations provide additional context to the above table
for the three months ended Jan. 31, 2013.
-
Walmart International's net sales included approximately $200 million
related to an acquisition and a positive impact of approximately $147
million from currency exchange rates. On a constant currency basis,1
net sales would have been $37.6 billion, an increase of 6.0 percent
over last year.
-
Net sales for Sam's Club, excluding fuel, were $13.0 billion, an
increase of 3.2 percent from last year.
-
Consolidated net sales, on a constant currency basis,1
would have increased 3.7 percent to $126.8 billion.
The following explanations provide additional context to the table for
the fiscal years ended Jan. 31.
-
Walmart International's net sales included approximately $4.0 billion
related to acquisitions and a negative impact of approximately $4.5
billion from currency exchange rate fluctuations. On a constant
currency basis,1 net sales would have been $135.7
billion, an increase of 7.8 percent over last year.
-
Net sales for Sam's Club, excluding fuel, were $49.8 billion, an
increase of 4.6 percent from last year.
-
Consolidated net sales, on a constant currency basis,1
would have increased 5.1 percent to $466.7 billion.
Segment operating income was as follows:
|
|
|
|
|
Three Months Ended
|
|
|
|
Fiscal Years Ended
|
|
|
|
|
|
January 31,
|
|
|
|
January 31,
|
|
Segment Operating Income:
(dollars in billions)
|
|
|
|
2013
|
|
2012
|
|
Percent Change
|
|
|
|
2013
|
|
2012
|
|
Percent Change
|
|
Walmart U.S.
|
|
|
|
$
|
6.372
|
|
|
$
|
6.111
|
|
|
4.3
|
%
|
|
|
|
$
|
21.500
|
|
|
$
|
20.391
|
|
|
5.4
|
%
|
|
Walmart International
|
|
|
|
2.436
|
|
|
2.297
|
|
|
6.1
|
%
|
|
|
|
6.694
|
|
|
6.182
|
|
|
8.3
|
%
|
|
Sam’s Club
|
|
|
|
0.502
|
|
|
0.520
|
|
|
(3.5
|
)%
|
|
|
|
1.963
|
|
|
1.848
|
|
|
6.2
|
%
|
1 See additional information at the end of this
release regarding non-GAAP financial measures.
The following explanations provide additional context to the above table.
-
Walmart U.S. grew operating income faster than sales for the quarter
and full year.
-
Walmart International's operating income included a net positive
impact of approximately $80 million related to an acquisition and
currency exchange rate fluctuations in the fourth quarter. Full year
operating income included a net negative impact of approximately $56
million related to acquisitions and currency exchange rate
fluctuations.
-
On a constant currency basis,1 Walmart
International's operating income would have increased 2.6 percent and
9.2 percent for the fourth quarter and full year, respectively.
-
Operating income for Sam's Club, excluding fuel, decreased 6.0 percent
for the quarter, due primarily to a reduction in gross profit margin
from price investment strategies. Full year operating income,
excluding fuel, increased 5.9 percent, growing faster than sales.
-
Consolidated operating income, on a constant currency basis,1
would have increased 1.4 percent for the quarter and 4.9 percent for
the year.
"The Walmart U.S. team continued to deliver results," said Bill Simon,
Walmart U.S. president and chief executive officer. "For the quarter,
operating income grew 170 basis points faster than sales, and for the
year, we grew operating income faster than sales in every quarter."
|
U.S. comparable store sales review and guidance
|
The company reported U.S. comparable store sales based on its 13-week
and 52-week retail calendar for the periods ended Jan. 25, 2013 and Jan.
27, 2012, as follows:
|
|
|
|
|
Without Fuel
|
|
|
With Fuel
|
|
|
Fuel Impact
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
|
Thirteen Weeks Ended
|
|
|
Thirteen Weeks Ended
|
|
|
|
|
|
1/25/2013
|
|
|
|
1/27/2012
|
|
|
|
1/25/2013
|
|
|
|
1/27/2012
|
|
|
|
1/25/2013
|
|
|
|
1/27/2012
|
|
|
Walmart U.S.
|
|
|
|
1.0
|
%
|
|
|
1.5
|
%
|
|
|
1.0
|
%
|
|
|
1.5
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
Sam’s Club
|
|
|
|
2.3
|
%
|
|
|
5.4
|
%
|
|
|
2.5
|
%
|
|
|
6.8
|
%
|
|
|
0.2
|
%
|
|
|
1.4
|
%
|
|
Total U.S.
|
|
|
|
1.2
|
%
|
|
|
2.1
|
%
|
|
|
1.3
|
%
|
|
|
2.4
|
%
|
|
|
0.1
|
%
|
|
|
0.3
|
%
|
|
|
|
|
|
Without Fuel
|
|
|
With Fuel
|
|
|
Fuel Impact
|
|
|
|
|
|
Fifty-Two Weeks Ended
|
|
|
Fifty-Two Weeks Ended
|
|
|
Fifty-Two Weeks Ended
|
|
|
|
|
|
1/25/2013
|
|
|
|
1/27/2012
|
|
|
|
1/25/2013
|
|
|
|
1/27/2012
|
|
|
|
1/25/2013
|
|
|
|
1/27/2012
|
|
|
Walmart U.S.
|
|
|
|
1.8
|
%
|
|
|
0.2
|
%
|
|
|
1.8
|
%
|
|
|
0.2
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
Sam’s Club
|
|
|
|
3.6
|
%
|
|
|
5.1
|
%
|
|
|
3.9
|
%
|
|
|
8.4
|
%
|
|
|
0.3
|
%
|
|
|
3.3
|
%
|
|
Total U.S.
|
|
|
|
2.1
|
%
|
|
|
0.9
|
%
|
|
|
2.2
|
%
|
|
|
1.6
|
%
|
|
|
0.1
|
%
|
|
|
0.7
|
%
|
1 See additional information at the end of this
release regarding non-GAAP financial measures.
During the 13-week period, the Walmart U.S. comp was driven by an
increase in average ticket of 1.1 percent, and a traffic decline of 10
basis points. According to the Nielsen Company, we gained 40 basis
points of market share1 in the measured category of
"food, consumables and health & wellness/OTC" during the 13 weeks ended
Jan. 26, 2013. And, according to The NPD Group for the three-month
period ending Dec. 31, 2012, we also improved market share1
in toys and the Walmart entertainment categories.
"Despite comps at the low end of the guidance, our market share1
gains, as noted by Nielsen and NPD, along with our two-year positive
comp trend indicates the underlying strength of Walmart's business,"
said Simon. "Comp sales grew by 1.0 percent for the quarter, lapping a
solid 1.5 percent comp last year. This represented $743 million in comp
growth for the quarter."
The Walmart U.S. 13-week comp for last year's first quarter 13-week
period rose 2.6 percent.
"We are confident that our low prices will continue to resonate, as
families adjust to a reduced paycheck and increased gas prices," Simon
said. "We see the underlying health of the Walmart U.S. business is
sound, and sales trends are similar to what we've demonstrated in the
last few quarters. However, February sales started slower than planned,
due in large part, to the delay in income tax refunds. We began seeing
increased tax refund check activity late last week in our stores,
resulting in a more normalized weekly sales pattern for this time of the
year. Due to the slower sales rate in the first few weeks of this year's
first quarter, we are forecasting comp sales for the 13-week period from
Jan. 26 to Apr. 26, 2013 to be around flat. We continue to monitor
economic conditions that can impact our sales, such as rising fuel
prices, changes in inflation and the payroll tax increase."
The Sam's Club 13-week comp, excluding fuel, benefited from a 1.6
percent increase in traffic and a 0.7 percent increase in average ticket.
"Overall, we are proud of the accomplishments this year at Sam's Club,
but also recognize the mounting economic concern from both small
businesses and consumers," said Rosalind Brewer, Sam's Club president
and chief executive officer. "The business member at Sam's Club is an
integral part of our comp sales. Recent traffic patterns of our business
members indicate that they are more deliberate in their spending due to
macro-economic factors. Additionally, like Walmart U.S., our Advantage
members are pressured by higher payroll income taxes, ongoing
unemployment and higher gas prices. Our role at Sam's Club is to support
our members by creating value for them through price investments."
Last year, Sam's Club comp, without fuel, for the first quarter
comparable 13-week period rose 5.3 percent.
"Our primary growth for fiscal 2014 will come from comp sales," Brewer
said. Similar to Walmart U.S., the first two weeks of our first quarter
comp period were below plan, but have improved over the last week. "We
expect comp club sales, without fuel, for the current 13-week period
from Jan. 26, 2013 through Apr. 26, 2013, to range between flat and 2.0
percent."
Walmart U.S. and Sam's Club will report comparable sales for the 13-week
period ending Apr. 26 on May 16 when the company reports first quarter
results. For fiscal year 2014, Walmart will report comparable store
sales on a 53-week basis, with 4-5-5 reporting for the fourth quarter.
Walmart's comp reporting first week starts with Sat., Jan. 26, 2013.
1 Sources: The Nielsen Company, 13 weeks ended Jan.
26, 2013. The NPD Group, three-month period ending Dec. 31, 2012.
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save
money and live better -- anytime and anywhere -- in retail stores,
online, and through their mobile devices. Each week, more than 200
million customers and members visit our 10,773 stores under 69 banners
in 27 countries and e-commerce websites in 10 countries. With fiscal
year 2013 sales of approximately $466 billion, Walmart employs more than
2 million associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting http://corporate.walmart.com,
and on Facebook at http://facebook.com/walmart
and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com
and http://www.samsclub.com.
After this earnings release has been furnished to the Securities and
Exchange Commission (SEC), a pre-recorded call offering additional
comments on the quarter will be available to all investors. Please
note: Walmart has a new phone number for accessing the pre-recorded call.
Callers within the U.S. and Canada may dial 877-523-5612 and enter
passcode 9256278 (Walmart). All other callers can access the call by
dialing 201-689-8483 and entering passcode 9256278. Information included
in this release, including reconciliations, and the pre-recorded phone
call are available in the investor information area on the company's
website at www.stock.walmart.com.
Forward Looking Statements
This release contains statements as to Wal-Mart Stores, Inc.
management's forecasts of the company's diluted earnings per share from
continuing operations attributable to Walmart for the fiscal quarter to
end Apr. 30, 2013 and the fiscal year to end Jan. 31, 2014 (and
statements of certain assumptions underlying such forecasts),
management's forecasts of the company's effective tax rate for the
fiscal year to end Jan. 31, 2014, of the company's increased costs for
Global eCommerce for fiscal year 2014, of the comparable store sales of
the Walmart U.S. segment of the company and the comparable club sales,
excluding fuel, of the Sam's Club segment of the company for the 13-week
period from Jan. 26, 2013 through Apr. 26, 2013 (and statements of
assumptions underlying such forecasts) and of the costs in the first
quarter of fiscal year 2014 associated with the FCPA and compliance
matters, and management's expectations regarding the company continuing
to progress in its five-year goal to reduce operating expenses as a
percentage of sales by at least 100 basis points, that the company's
strong financial position along with its EDLC and EDLP operating model
will continue to produce strong sales and returns for the company's
shareholders, that the Sam's Club segment's primary net sales growth in
fiscal year 2014 will come from comparable club sales and that the Sam's
Club segment's focus in fiscal year 2014 will be merchandising
improvements and price investments that the company believes are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These statements
are intended to enjoy the protection of the safe harbor for
forward-looking statements provided by that act. Those statements can be
identified by the use of the word or phrase "assumes," "estimated,"
"expect," "forecast," "forecasting," "guidance," "will continue," and
"will come" in the statements or relating to such statements. These
forward-looking statements are subject to risks, uncertainties and other
factors, domestically and internationally, including: general economic
conditions; economic conditions affecting specific markets in which we
operate; competitive pressures; inflation and deflation; consumer
confidence, disposable income, credit availability, spending patterns
and debt levels; the seasonality of Walmart's business and seasonal
buying patterns in the United States and other markets; geo-political
conditions and events; weather conditions and events and their effects;
catastrophic events and natural disasters and their effects on Walmart's
business; public health emergencies; civil unrest and disturbances and
terrorist attacks; commodity prices; the cost of goods Walmart sells;
transportation costs; the cost of diesel fuel, gasoline, natural gas and
electricity; the selling prices of gasoline; disruption of Walmart's
supply chain, including transport of goods from foreign suppliers; trade
restrictions; changes in tariff and freight rates; labor costs; the
availability of qualified labor pools in Walmart's markets; changes in
employment laws and regulations, the cost of healthcare and other
benefits; casualty and other insurance costs; accident-related costs;
the cost of construction materials; the availability of acceptable
building sites for new stores, clubs and facilities; zoning, land use
and other regulatory restrictions; adoption of or changes in tax and
other laws and regulations that affect Walmart's business, including
changes in corporate tax rates; developments in, and the outcome of,
legal and regulatory proceedings to which Walmart is a party or is
subject and the costs associated therewith; currency exchange rate
fluctuations; changes in market interest rates; conditions and events
affecting domestic and global financial and capital markets; and other
risks. The accuracy of the forecast of the range of the company's
effective tax rate for fiscal year 2014 can be affected by other
factors, including changes in assessments of certain tax contingencies,
valuation allowances, outcome of administrative audits, the impact of
discrete items and the mix of earnings among the company's U.S. and
international operations. The company discusses certain of the factors
described above more fully in certain of its filings with the SEC,
including its most recent annual report on Form 10-K filed with the SEC,
and this release should be read in conjunction with that annual report
on Form 10-K, together with all of the company's other filings,
including its quarterly reports on Form 10-Q and current reports on Form
8-K, made with the SEC through the date of this release. The company
urges readers to consider all of these risks, uncertainties and other
factors carefully in evaluating the forward-looking statements contained
in this release. As a result of these matters, changes in facts,
assumptions not being realized or other circumstances, the company's
actual results may differ materially from the expected results discussed
in the forward-looking statements contained in this release. The
forward-looking statements contained in this release are as of the date
of this release, and Walmart undertakes no obligation to update these
forward-looking statements to reflect subsequent events or circumstances.
|
|
|
Wal-Mart Stores, Inc.
Consolidated Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
SUBJECT TO RECLASSIFICATION
|
|
|
|
Three Months Ended
|
|
|
Fiscal Years Ended
|
|
|
|
|
|
January 31,
|
|
|
January 31,
|
|
(Dollars in millions, except per share data)
|
|
|
|
2013
|
|
|
2012
|
|
|
Percent Change
|
|
|
2013
|
|
|
2012
|
|
|
Percent Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
$
|
127,104
|
|
|
|
$
|
122,285
|
|
|
|
3.9
|
%
|
|
|
$
|
466,114
|
|
|
|
$
|
443,854
|
|
|
|
5.0
|
%
|
|
Membership and other income
|
|
|
|
815
|
|
|
|
884
|
|
|
|
(7.8
|
)%
|
|
|
3,048
|
|
|
|
3,096
|
|
|
|
(1.6
|
)%
|
|
Total revenues
|
|
|
|
127,919
|
|
|
|
123,169
|
|
|
|
3.9
|
%
|
|
|
469,162
|
|
|
|
446,950
|
|
|
|
5.0
|
%
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
96,128
|
|
|
|
92,589
|
|
|
|
3.8
|
%
|
|
|
352,488
|
|
|
|
335,127
|
|
|
|
5.2
|
%
|
|
Operating, selling, general and administrative expenses
|
|
|
|
23,191
|
|
|
|
22,179
|
|
|
|
4.6
|
%
|
|
|
88,873
|
|
|
|
85,265
|
|
|
|
4.2
|
%
|
|
Operating income
|
|
|
|
8,600
|
|
|
|
8,401
|
|
|
|
2.4
|
%
|
|
|
27,801
|
|
|
|
26,558
|
|
|
|
4.7
|
%
|
|
Interest:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
465
|
|
|
|
490
|
|
|
|
(5.1
|
)%
|
|
|
1,977
|
|
|
|
2,034
|
|
|
|
(2.8
|
)%
|
|
Capital leases
|
|
|
|
68
|
|
|
|
70
|
|
|
|
(2.9
|
)%
|
|
|
274
|
|
|
|
288
|
|
|
|
(4.9
|
)%
|
|
Interest income
|
|
|
|
(56
|
)
|
|
|
(31
|
)
|
|
|
80.6
|
%
|
|
|
(187
|
)
|
|
|
(162
|
)
|
|
|
15.4
|
%
|
|
Interest, net
|
|
|
|
477
|
|
|
|
529
|
|
|
|
(9.8
|
)%
|
|
|
2,064
|
|
|
|
2,160
|
|
|
|
(4.4
|
)%
|
|
Income from continuing operations before income taxes
|
|
|
|
8,123
|
|
|
|
7,872
|
|
|
|
3.2
|
%
|
|
|
25,737
|
|
|
|
24,398
|
|
|
|
5.5
|
%
|
|
Provision for income taxes
|
|
|
|
2,247
|
|
|
|
2,434
|
|
|
|
(7.7
|
)%
|
|
|
7,981
|
|
|
|
7,944
|
|
|
|
0.5
|
%
|
|
Income from continuing operations
|
|
|
|
5,876
|
|
|
|
5,438
|
|
|
|
8.1
|
%
|
|
|
17,756
|
|
|
|
16,454
|
|
|
|
7.9
|
%
|
|
Loss from discontinued operations, net of income taxes
|
|
|
|
—
|
|
|
|
(31
|
)
|
|
|
100.0
|
%
|
|
|
—
|
|
|
|
(67
|
)
|
|
|
100.0
|
%
|
|
Consolidated net income
|
|
|
|
5,876
|
|
|
|
5,407
|
|
|
|
8.7
|
%
|
|
|
17,756
|
|
|
|
16,387
|
|
|
|
8.4
|
%
|
|
Less consolidated net income attributable to noncontrolling
interest
|
|
|
|
(270
|
)
|
|
|
(244
|
)
|
|
|
10.7
|
%
|
|
|
(757
|
)
|
|
|
(688
|
)
|
|
|
10.0
|
%
|
|
Consolidated net income attributable to Walmart
|
|
|
|
$
|
5,606
|
|
|
|
$
|
5,163
|
|
|
|
8.6
|
%
|
|
|
$
|
16,999
|
|
|
|
$
|
15,699
|
|
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to Walmart:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
$
|
5,876
|
|
|
|
$
|
5,438
|
|
|
|
8.1
|
%
|
|
|
$
|
17,756
|
|
|
|
$
|
16,454
|
|
|
|
7.9
|
%
|
|
Less consolidated net income attributable to noncontrolling interest
|
|
|
|
(270
|
)
|
|
|
(244
|
)
|
|
|
10.7
|
%
|
|
|
(757
|
)
|
|
|
(688
|
)
|
|
|
10.0
|
%
|
|
Income from continuing operations attributable to Walmart
|
|
|
|
$
|
5,606
|
|
|
|
$
|
5,194
|
|
|
|
7.9
|
%
|
|
|
$
|
16,999
|
|
|
|
$
|
15,766
|
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per common share from continuing operations
attributable to Walmart
|
|
|
|
$
|
1.68
|
|
|
|
$
|
1.52
|
|
|
|
10.5
|
%
|
|
|
$
|
5.04
|
|
|
|
$
|
4.56
|
|
|
|
10.5
|
%
|
|
Basic loss per common share from discontinued operations
attributable to Walmart
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
100.0
|
%
|
|
|
—
|
|
|
|
(0.02
|
)
|
|
|
100.0
|
%
|
|
Basic net income per common share attributable to Walmart
|
|
|
|
$
|
1.68
|
|
|
|
$
|
1.51
|
|
|
|
11.3
|
%
|
|
|
$
|
5.04
|
|
|
|
$
|
4.54
|
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per common share from continuing operations
attributable to Walmart
|
|
|
|
$
|
1.67
|
|
|
|
$
|
1.51
|
|
|
|
10.6
|
%
|
|
|
$
|
5.02
|
|
|
|
$
|
4.54
|
|
|
|
10.6
|
%
|
|
Diluted loss per common share from discontinued operations
attributable to Walmart
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
100.0
|
%
|
|
|
—
|
|
|
|
(0.02
|
)
|
|
|
100.0
|
%
|
|
Diluted net income per common share attributable to Walmart
|
|
|
|
$
|
1.67
|
|
|
|
$
|
1.50
|
|
|
|
11.3
|
%
|
|
|
$
|
5.02
|
|
|
|
$
|
4.52
|
|
|
|
11.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
3,340
|
|
|
|
3,426
|
|
|
|
|
|
|
3,374
|
|
|
|
3,460
|
|
|
|
|
|
Diluted
|
|
|
|
3,355
|
|
|
|
3,442
|
|
|
|
|
|
|
3,389
|
|
|
|
3,474
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
|
|
$
|
1.59
|
|
|
|
$
|
1.46
|
|
|
|
|
|
|
|
Wal-Mart Stores, Inc.
Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
SUBJECT TO RECLASSIFICATION
|
|
|
|
|
|
|
|
|
(Dollars in millions)
|
|
|
|
January 31,
|
|
ASSETS
|
|
|
|
2013
|
|
|
2012
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
7,781
|
|
|
|
$
|
6,550
|
|
|
Receivables, net
|
|
|
|
6,768
|
|
|
|
5,937
|
|
|
Inventories
|
|
|
|
43,803
|
|
|
|
40,714
|
|
|
Prepaid expenses and other
|
|
|
|
1,588
|
|
|
|
1,774
|
|
|
Total current assets
|
|
|
|
59,940
|
|
|
|
54,975
|
|
|
Property and equipment:
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
|
165,825
|
|
|
|
155,002
|
|
|
Less accumulated depreciation
|
|
|
|
(51,896
|
)
|
|
|
(45,399
|
)
|
|
Property and equipment, net
|
|
|
|
113,929
|
|
|
|
109,603
|
|
|
Property under capital leases:
|
|
|
|
|
|
|
|
|
Property under capital leases
|
|
|
|
5,899
|
|
|
|
5,936
|
|
|
Less accumulated amortization
|
|
|
|
(3,147
|
)
|
|
|
(3,215
|
)
|
|
Property under capital leases, net
|
|
|
|
2,752
|
|
|
|
2,721
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
20,497
|
|
|
|
20,651
|
|
|
Other assets and deferred charges
|
|
|
|
5,987
|
|
|
|
5,456
|
|
|
Total assets
|
|
|
|
$
|
203,105
|
|
|
|
$
|
193,406
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
|
$
|
6,805
|
|
|
|
$
|
4,047
|
|
|
Accounts payable
|
|
|
|
38,080
|
|
|
|
36,608
|
|
|
Accrued liabilities
|
|
|
|
18,808
|
|
|
|
18,180
|
|
|
Accrued income taxes
|
|
|
|
2,211
|
|
|
|
1,164
|
|
|
Long-term debt due within one year
|
|
|
|
5,587
|
|
|
|
1,975
|
|
|
Obligations under capital leases due within one year
|
|
|
|
327
|
|
|
|
326
|
|
|
Total current liabilities
|
|
|
|
71,818
|
|
|
|
62,300
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
38,394
|
|
|
|
44,070
|
|
|
Long-term obligations under capital leases
|
|
|
|
3,023
|
|
|
|
3,009
|
|
|
Deferred income taxes and other
|
|
|
|
7,613
|
|
|
|
7,862
|
|
|
Redeemable noncontrolling interest
|
|
|
|
519
|
|
|
|
404
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
332
|
|
|
|
342
|
|
|
Capital in excess of par value
|
|
|
|
3,620
|
|
|
|
3,692
|
|
|
Retained earnings
|
|
|
|
72,978
|
|
|
|
68,691
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(587
|
)
|
|
|
(1,410
|
)
|
|
Total Walmart shareholders’ equity
|
|
|
|
76,343
|
|
|
|
71,315
|
|
|
Nonredeemable noncontrolling interest
|
|
|
|
5,395
|
|
|
|
4,446
|
|
|
Total equity
|
|
|
|
81,738
|
|
|
|
75,761
|
|
|
Total liabilities and equity
|
|
|
|
$
|
203,105
|
|
|
|
$
|
193,406
|
|
|
|
|
|
|
|
|
Wal-Mart Stores, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
SUBJECT TO RECLASSIFICATION
|
|
|
|
Fiscal Years Ended
|
|
|
|
|
|
January 31,
|
|
(Dollars in millions)
|
|
|
|
2013
|
|
|
2012
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Consolidated net income
|
|
|
|
$
|
17,756
|
|
|
|
$
|
16,387
|
|
|
Loss from discontinued operations, net of income taxes
|
|
|
|
—
|
|
|
|
67
|
|
|
Income from continuing operations
|
|
|
|
17,756
|
|
|
|
16,454
|
|
|
Adjustments to reconcile income from continuing operations to net
cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
8,501
|
|
|
|
8,130
|
|
|
Deferred income taxes
|
|
|
|
(133
|
)
|
|
|
1,050
|
|
|
Other operating activities
|
|
|
|
527
|
|
|
|
398
|
|
|
Changes in certain assets and liabilities, net of effects of
acquisitions:
|
|
|
|
|
|
|
|
|
Receivables, net
|
|
|
|
(614
|
)
|
|
|
(796
|
)
|
|
Inventories
|
|
|
|
(2,759
|
)
|
|
|
(3,727
|
)
|
|
Accounts payable
|
|
|
|
1,061
|
|
|
|
2,687
|
|
|
Accrued liabilities
|
|
|
|
271
|
|
|
|
(935
|
)
|
|
Accrued income taxes
|
|
|
|
981
|
|
|
|
994
|
|
|
Net cash provided by operating activities
|
|
|
|
25,591
|
|
|
|
24,255
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Payments for property and equipment
|
|
|
|
(12,898
|
)
|
|
|
(13,510
|
)
|
|
Proceeds from the disposal of property and equipment
|
|
|
|
532
|
|
|
|
580
|
|
|
Investments and business acquisitions, net of cash acquired
|
|
|
|
(316
|
)
|
|
|
(3,548
|
)
|
|
Other investing activities
|
|
|
|
71
|
|
|
|
(131
|
)
|
|
Net cash used in investing activities
|
|
|
|
(12,611
|
)
|
|
|
(16,609
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Net change in short-term borrowings
|
|
|
|
2,754
|
|
|
|
3,019
|
|
|
Proceeds from issuance of long-term debt
|
|
|
|
211
|
|
|
|
5,050
|
|
|
Payments of long-term debt
|
|
|
|
(1,478
|
)
|
|
|
(4,584
|
)
|
|
Dividends paid
|
|
|
|
(5,361
|
)
|
|
|
(5,048
|
)
|
|
Purchase of Company stock
|
|
|
|
(7,600
|
)
|
|
|
(6,298
|
)
|
|
Other financing activities
|
|
|
|
(498
|
)
|
|
|
(597
|
)
|
|
Net cash used in financing activities
|
|
|
|
(11,972
|
)
|
|
|
(8,458
|
)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
|
223
|
|
|
|
(33
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
1,231
|
|
|
|
(845
|
)
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
6,550
|
|
|
|
7,395
|
|
|
Cash and cash equivalents at end of year
|
|
|
|
$
|
7,781
|
|
|
|
$
|
6,550
|
|
|
Wal-Mart Stores, Inc.
|
|
Reconciliations of and Other Information Regarding Non-GAAP
Financial Measures
|
|
(Unaudited)
|
|
(In millions, except per share data)
|
The following information provides reconciliations of certain non-GAAP
financial measures presented in the press release to which this
reconciliation is attached to the most directly comparable financial
measures calculated and presented in accordance with generally accepted
accounting principles ("GAAP"). The company has provided the non-GAAP
financial information presented in the press release, which is not
calculated or presented in accordance with GAAP, as information
supplemental and in addition to the financial measures presented in the
press release that are calculated and presented in accordance with GAAP.
Such non-GAAP financial measures should not be considered superior to,
as a substitute for, or as an alternative to, and should be considered
in conjunction with the GAAP financial measures presented in the press
release. The non-GAAP financial measures in the press release may differ
from similar measures used by other companies.
Free Cash Flow
We define free cash flow as net cash provided by operating activities in
a period minus payments for property and equipment made in that period.
Free cash flow was $12.7 billion and $10.7 billion for the fiscal years
ended Jan. 31, 2013 and 2012, respectively. The increase in free cash
flow was primarily due to income from continuing operations outpacing
the growth in capital expenditures.
Free cash flow is considered a non-GAAP financial measure under the
SEC's rules. Management believes, however, that free cash flow, which
measures our ability to generate additional cash from our business
operations, is an important financial measure for use in evaluating the
company's financial performance. Free cash flow should be considered in
addition to, rather than as a substitute for, income from continuing
operations as a measure of our performance and net cash provided by
operating activities as a measure of our liquidity.
Additionally, Walmart's definition of free cash flow is limited, in that
it does not represent residual cash flows available for discretionary
expenditures due to the fact that the measure does not deduct the
payments required for debt service and other contractual obligations or
payments made for business acquisitions. Therefore, we believe it is
important to view free cash flow as a measure that provides supplemental
information to our entire consolidated statements of cash flows.
Although other companies report their free cash flow, numerous methods
may exist for calculating a company's free cash flow. As a result, the
method used by our management to calculate free cash flow may differ
from the methods other companies use to calculate their free cash flow.
We urge you to understand the methods used by another company to
calculate its free cash flow before comparing our free cash flow to that
of such other company.
The following table sets forth a reconciliation of free cash flow, a
non-GAAP financial measure, to net cash provided by operating
activities, a GAAP measure, which we believe to be the GAAP financial
measure most directly comparable to free cash flow, for the fiscal years
ended Jan. 31, 2013 and 2012, as well as information regarding net cash
used in investing activities and net cash used in financing activities
in those periods.
|
|
|
|
|
Fiscal Years Ended
|
|
|
|
|
|
January 31,
|
|
(Dollars in millions)
|
|
|
|
2013
|
|
|
2012
|
|
Net cash provided by operating activities
|
|
|
|
$
|
25,591
|
|
|
|
$
|
24,255
|
|
|
Payments for property and equipment
|
|
|
|
(12,898
|
)
|
|
|
(13,510
|
)
|
|
Free cash flow
|
|
|
|
$
|
12,693
|
|
|
|
$
|
10,745
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities1 |
|
|
|
$
|
(12,611
|
)
|
|
|
$
|
(16,609
|
)
|
|
Net cash used in financing activities
|
|
|
|
$
|
(11,972
|
)
|
|
|
$
|
(8,458
|
)
|
1 "Net cash used in investing activities" includes
payments for property and equipment, which is also included in our
computation of free cash flow.
Calculation of Return on Investment and Return on Assets
Management believes return on investment ("ROI") is a meaningful metric
to share with investors because it helps investors assess how
effectively Walmart is employing its assets. Trends in ROI can fluctuate
over time as management balances long-term potential strategic
initiatives with any possible short-term impacts.
ROI was 18.2 percent and 18.6 percent for the fiscal years ended Jan.
31, 2013 and 2012, respectively. The decline was primarily driven by
acquisitions and currency exchange rate fluctuations.
We define ROI as adjusted operating income (operating income plus
interest income, depreciation and amortization, and rent expense) for
the fiscal year divided by average invested capital during that period.
We consider average invested capital to be the average of our beginning
and ending total assets of continuing operations, plus accumulated
depreciation and amortization less accounts payable and accrued
liabilities for that period, plus a rent factor equal to the rent for
the fiscal year multiplied by a factor of eight.
ROI is considered a non-GAAP financial measure under the SEC's rules. We
consider return on assets ("ROA") to be the financial measure computed
in accordance with GAAP that is the most directly comparable financial
measure to ROI as we calculate that financial measure. ROI differs from
ROA (which is income from continuing operations for the fiscal year
divided by average total assets of continuing operations for the period)
because ROI: adjusts operating income to exclude certain expense items
and adds interest income; adjusts total assets from continuing
operations for the impact of accumulated depreciation and amortization,
accounts payable and accrued liabilities; and incorporates a factor of
rent to arrive at total invested capital.
Although ROI is a standard financial metric, numerous methods exist for
calculating a company's ROI. As a result, the method used by Walmart's
management to calculate ROI may differ from the methods other companies
use to calculate their ROI. We urge you to understand the methods used
by another company to calculate its ROI before comparing our ROI to that
of such other company.
The calculation of ROI, along with a reconciliation to the calculation
of ROA, the most comparable GAAP financial measurement, is as follows:
|
|
|
Wal-Mart Stores, Inc.
|
|
Return on Investment and Return on Assets
|
|
|
|
|
|
|
|
Fiscal Years Ended
|
|
|
|
|
|
|
|
January 31,
|
|
(Dollars in millions)
|
|
|
|
|
|
2013
|
|
|
2012
|
|
CALCULATION OF RETURN ON INVESTMENT
|
|
Numerator
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
$
|
27,801
|
|
|
|
$
|
26,558
|
|
|
+ Interest income
|
|
|
|
|
|
187
|
|
|
|
162
|
|
|
+ Depreciation and amortization
|
|
|
|
|
|
8,501
|
|
|
|
8,130
|
|
|
+ Rent
|
|
|
|
|
|
2,602
|
|
|
|
2,394
|
|
|
Adjusted operating income
|
|
|
|
|
|
$
|
39,091
|
|
|
|
$
|
37,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
Average total assets of continuing operations1 |
|
|
|
|
|
$
|
198,193
|
|
|
|
$
|
186,984
|
|
|
+ Average accumulated depreciation and amortization1 |
|
|
|
|
|
51,829
|
|
|
|
47,613
|
|
|
- Average accounts payable1 |
|
|
|
|
|
37,344
|
|
|
|
35,142
|
|
|
- Average accrued liabilities1 |
|
|
|
|
|
18,478
|
|
|
|
18,428
|
|
|
+ Rent x 8
|
|
|
|
|
|
20,816
|
|
|
|
19,152
|
|
|
Average invested capital
|
|
|
|
|
|
$
|
215,016
|
|
|
|
$
|
200,179
|
|
|
Return on investment (ROI)
|
|
|
|
|
|
18.2
|
%
|
|
|
18.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF RETURN ON ASSETS
|
|
Numerator
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
$
|
17,756
|
|
|
|
$
|
16,454
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
Average total assets of continuing operations1 |
|
|
|
|
|
$
|
198,193
|
|
|
|
$
|
186,984
|
|
|
Return on assets (ROA)
|
|
|
|
|
|
9.0
|
%
|
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 31,
|
|
Certain Balance Sheet Data
|
|
|
|
2013
|
|
2012
|
|
|
2011
|
|
Total assets of continuing operations2 |
|
|
|
$
|
203,068
|
|
|
$
|
193,317
|
|
|
|
$
|
180,651
|
|
|
Accumulated depreciation and amortization
|
|
|
|
55,043
|
|
|
48,614
|
|
|
|
46,611
|
|
|
Accounts payable
|
|
|
|
38,080
|
|
|
36,608
|
|
|
|
33,676
|
|
|
Accrued liabilities3 |
|
|
|
18,802
|
|
|
18,154
|
|
|
|
18,701
|
|
|
|
|
The average is based on the addition of the account balance at the
end of the current period to the account balance at the end of the
prior period and dividing by 2.
|
|
|
|
|
|
|
|
Total assets of continuing operations as of Jan. 31, 2013, 2012
and 2011 in the table above exclude assets of discontinued
operations of $37 million, $89 million and $131 million,
respectively, which are recorded in prepaid expenses and other in
the company's Consolidated Balance Sheets.
|
|
|
|
|
|
3
|
|
Accrued liabilities as of Jan. 31, 2013, 2012 and 2011 in the
table above exclude liabilities of discontinued operations of $6
million, $26 million and $47 million, respectively, which are
recorded in accrued liabilities in the company's Consolidated
Balance Sheet.
|
|
|
|
|
Constant Currency
In discussing our operating results, the term currency exchange rates
are those we use to convert the operating results for all countries
where the functional currency is not the U.S. dollar. We calculate the
effect of changes in currency exchange rates as the difference between
current period activity translated using the current period's currency
exchange rates, and the comparable prior year period's currency exchange
rates. Throughout our discussion, we refer to the results of this
calculation as the impact of currency exchange rate fluctuations. When
we refer to constant currency operating results, this means operating
results without the impact of the currency exchange rate fluctuations
and without the impact of acquisitions until the acquisitions are
included in both comparable periods. The disclosure of constant currency
amounts or results permits investors to understand better Walmart's
underlying performance without the effects of currency exchange rate
fluctuations or acquisitions.
The table below reflects the calculation of constant currency for net
sales and operating income for the three and twelve months ended Jan.
31, 2013, respectively.
|
|
|
|
|
Three Months Ended
January 31, 2013
|
|
|
Twelve Months Ended
January 31, 2013
|
|
|
|
|
|
International
|
|
|
Consolidated
|
|
|
International
|
|
|
Consolidated
|
|
(Dollars in millions)
|
|
|
|
2013
|
|
|
Percent Change
|
|
|
2013
|
|
|
Percent Change
|
|
|
2013
|
|
|
Percent Change
|
|
|
2013
|
|
|
Percent Change
|
|
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
|
$
|
37,949
|
|
|
|
6.9
|
%
|
|
|
$
|
127,104
|
|
|
|
3.9
|
%
|
|
|
$
|
135,201
|
|
|
|
7.4
|
%
|
|
|
$
|
466,114
|
|
|
|
5.0
|
%
|
|
Currency exchange
rate fluctuations1
|
|
|
|
(147
|
)
|
|
|
|
|
|
(147
|
)
|
|
|
|
|
|
4,515
|
|
|
|
|
|
|
4,515
|
|
|
|
|
|
|
|
|
|
37,802
|
|
|
|
|
|
|
126,957
|
|
|
|
|
|
|
139,716
|
|
|
|
|
|
|
470,629
|
|
|
|
|
|
Net sales
from acquisitions
|
|
|
|
(200
|
)
|
|
|
|
|
|
(200
|
)
|
|
|
|
|
|
(3,974
|
)
|
|
|
|
|
|
(3,974
|
)
|
|
|
|
|
Constant currency
net sales
|
|
|
|
$
|
37,602
|
|
|
|
6.0
|
%
|
|
|
$
|
126,757
|
|
|
|
3.7
|
%
|
|
|
$
|
135,742
|
|
|
|
7.8
|
%
|
|
|
$
|
466,655
|
|
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
|
$
|
2,436
|
|
|
|
6.1
|
%
|
|
|
$
|
8,600
|
|
|
|
2.4
|
%
|
|
|
$
|
6,694
|
|
|
|
8.3
|
%
|
|
|
$
|
27,801
|
|
|
|
4.7
|
%
|
|
Currency exchange
rate fluctuations1
|
|
|
|
(78
|
)
|
|
|
|
|
|
(78
|
)
|
|
|
|
|
|
111
|
|
|
|
|
|
|
111
|
|
|
|
|
|
|
|
|
|
2,358
|
|
|
|
|
|
|
8,522
|
|
|
|
|
|
|
6,805
|
|
|
|
|
|
|
27,912
|
|
|
|
|
|
Operating income
from acquisitions
|
|
|
|
(2
|
)
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
(55
|
)
|
|
|
|
|
|
(55
|
)
|
|
|
|
|
Constant currency
operating income
|
|
|
|
$
|
2,356
|
|
|
|
2.6
|
%
|
|
|
$
|
8,520
|
|
|
|
1.4
|
%
|
|
|
$
|
6,750
|
|
|
|
9.2
|
%
|
|
|
$
|
27,857
|
|
|
|
4.9
|
%
|
Excludes currency exchange rate fluctuations related to acquisitions
until the acquisitions are included in both comparable periods.
