10-Q 1 wmtfy09q210q.htm FORM 10-Q wmtfy09q210q.htm

 
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 July 31, 2008.

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


WMT logo
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. 8th 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 periods 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, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.   Check One:

Large Accelerated Filer   x                                                      Accelerated Filer                                              Non-Accelerated Filer   ¨                                           Smaller Reporting Company  ¨

Indicate by a 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 – 3,933,976,378 shares as of August 29, 2008.

 
 
 

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

WAL-MART STORES, INC. AND SUBSIDIARIES
  
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
  
(Unaudited)
  
(Amounts in millions except per share data)
  
                         
   
Three Months Ended
    
Six Months Ended
  
   
July 31,
    
July 31,
  
   
2008
    
2007
    
2008
    
2007
  
Revenues:
                        
Net sales
   $ 101,598     $ 91,990     $ 195,720     $ 177,377  
Membership and other income
     1,069       1,009       2,241       2,000  
      102,667       92,999       197,961       179,377  
                                 
Costs and expenses:
                                
Cost of sales
     77,642       70,589       149,528       135,900  
Operating, selling, general and administrative expenses
     19,228       17,127       37,328       33,371  
Operating income
     5,797       5,283       11,105       10,106  
                                 
Interest:
                                
Debt
     450       446       938       852  
Capital leases
     77       42       149       111  
Interest income
     (71 )     (84 )     (135 )     (169 )
Interest, net
     456       404       952       794  
                                 
Income from continuing operations before income taxes and minority interest
     5,341       4,879       10,153       9,312  
                                 
Provision for income taxes
     1,826       1,676       3,496       3,208  
Income from continuing operations before minority interest
     3,515       3,203       6,657       6,104  
Minority interest
     (130 )     (106 )     (252 )     (206 )
Income from continuing operations
     3,385       3,097       6,405       5,898  
Income (loss) from discontinued operations, net of tax
     64       (145 )     66       (120 )
Net income
   $ 3,449     $ 2,952     $ 6,471     $ 5,778  
                                 
Net income per common share:
                                
Basic income per common share from continuing operations
   $ 0.86     $ 0.75     $ 1.62     $ 1.43  
Basic income (loss) per common share from discontinued operations
     0.01       (0.03 )     0.02       (0.02 )
Basic net income per common share
   $ 0.87     $ 0.72     $ 1.64     $ 1.41  
                                 
Diluted income per common share from continuing operations
   $ 0.86     $ 0.75     $ 1.62     $ 1.43  
Diluted income (loss) per common share from discontinued operations
     0.01       (0.03 )     0.01       (0.03 )
Diluted net income per common share
   $ 0.87     $ 0.72     $ 1.63     $ 1.40  
                                 
Weighted-average number of common shares:
                                
Basic
     3,945       4,102       3,951