10-Q 1 wmt10q_q1fy2007.htm WAL-MART STORES, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2006 WAL-MART STORES, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2006
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the quarterly period ended April 30, 2006.

or

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from to.

Commission file number 1-6991

WAL-MART STORES, INC.
(Exact name of registrant as specified in its charter)
Delaware
71-0415188
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
702 S.W. Eighth Street
Bentonville, Arkansas
72716
(Address of principal executive offices)
(Zip Code)

(479) 273-4000
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesx No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. (See definition of “accelerated filer and large accelerated filer” as defined in Rule 12b-2 of the Exchange Act). Check One:
Large Accelerated Filer x  Accelerated Filer ¨  Non-Accelerated Filer ¨

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes¨ Nox

Applicable Only to Corporate Issuers

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.
Common Stock, $.10 Par Value - 4,167,775,477 shares as of May 25, 2006.
 


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

WAL-MART STORES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in millions except per share data)

   
Three Months Ended
April 30,
  
   
2006
  
2005
  
Revenues:
              
    Net sales
  
$
79,613
  
$
70,908
  
    Other income, net
    
855
    
772
  
     
80,468
    
71,680
  
Costs and expenses:
              
    Cost of sales
    
60,851
    
54,571
  
    Operating, selling, general and administrative expenses
    
15,166
    
13,168
  
        Operating income
    
4,451
    
3,941
  
               
Interest:
              
    Debt
    
367
    
199
  
    Capital leases
    
70
    
53
  
    Interest income
    
(69
)
  
(52
)
    Interest, net
    
368
    
200
  
               
Income before income taxes and minority interest
    
4,083
    
3,741
  
Provision for income taxes
    
1,388
    
1,212
  
Income before minority interest
    
2,695
    
2,529
  
Minority interest
    
(80
)
  
(68
)
            Net income
  
$
2,615
  
$
2,461
  
               
Basic and diluted net income per common share
  
$
0.63
  
$
0.58
  
               
Weighted-average number of common shares:
              
    Basic
    
4,167
    
4,228
  
    Diluted
    
4,170
    
4,234
  
               
Dividends declared per common share
  
$
0.67
  
$
0.60
  

See accompanying notes.



2



WAL-MART STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in millions)

   
April 30,
2006
  
April 30,
2005
  
January 31,
2006
  
ASSETS
                 
Cash and cash equivalents
  
$
5,858
  
$
4,955
  
$
6,414
  
Receivables
    
2,507
    
1,520
    
2,662
  
Inventories
    
32,206
    
31,349
    
32,191
  
Prepaid expenses and other
    
2,961
    
1,817
    
2,557
  
    Total current assets
    
43,532
    
39,641
    
43,824
  
                     
Property and equipment, at cost
    
100,456
    
85,954
    
97,302
  
Less accumulated depreciation
    
(22,505
)
  
(19,579
)
  
(21,427
)
    Property and equipment, net
    
77,951
    
66,375
    
75,875
  
                     
Property under capital leases, net
    
3,507
    
2,928
    
3,415
  
Goodwill
    
12,902
    
10,786
    
12,188
  
Other assets and deferred charges
    
2,593
    
2,485
    
2,885
  
        Total assets
  
$
140,485
  
$
122,215
  
$
138,187
  
                     
LIABILITIES AND SHAREHOLDERS’ EQUITY
                    
Commercial paper
  
$
3,653
  
$
7,017
  
$
3,754
  
Accounts payable
    
25,383
    
22,910
    
25,373
  
Dividends payable
    
2,305
    
1,946
    
—
  
Accrued liabilities
    
12,779
    
11,056
    
13,465
  
Accrued income taxes
    
1,969
    
1,971
    
1,340
  
Long-term debt due within one year
    
5,528
    
4,040
    
4,595
  
Obligations under capital leases due within one year
    
248
    
228
    
299
  
    Total current liabilities
    
51,865
    
49,168
    
48,826
  
                     
Long-term debt
    
25,036
    
18,232
    
26,429
  
Long-term obligations under capital leases
    
4,000
    
3,396
    
3,742
  
Deferred income taxes and other
    
4,730
    
2,867