Wmt 2010ar Final

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2010 AnnuAl RepoRt

W sa ms h ca i b r


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Business Descripti n:

Wa mar was b i h f da i f sa i g m s h ca i b r. this missi has a w

c m a gr w m r ha 8,400 s r s i 15 c ri s ar d h w r d. th c r a d a s i s i d b c m

f d r Sam Wa c m a i dai , as Wa mar s 2 mi i ass cia s s r m r ha 200 mi i c s m

m mb rs ach w k.

(1) Addi i a d ai s ca b f d i h f s f h Fi -y ar Fi a cia S mmar .(2) A a di id d d c ar d f r fisca ar 2011 is $1.21.

2010 2009 2008 2007 2006

n sa s(1) $405.0 $401.1 $373.8 $344.8 $308.9

n sa s i cr as 1.0% 7.3% 8.4% 11.6% 9.8%

o ra i g i c m (1) $ 24.0 $ 22.8 $ 22.0 $ 20.5 $ 18.7

ear i gs r shar (1) $ 3.72 $ 3.35 $ 3.16 $ 2.92 $ 2.72

Di id d r shar (2) $ 1.09 $ 0.95 $ 0.88 $ 0.67 $ 0.60

Fiscal Year Ended January 31,(In billions, except per share data)

Financial Highlights

(1)

RoI a d fr cash f w ar -GAAp m as r s, which ar sh w wi h h ir c s s GAApm as r s, RoA a d cash r id d b ra i g ac i i i s, r s c i . th r c ci ia i s a dh r i f rma i r gardi g h s -GAAp m as r s ca b f d i h Ma ag m s Disc ssi

a d A a sis f Fi a cia C di i a d R s s f o ra i s i c d d i his A a R r .

2010 2009

RoI (1) 19.3% 19.3%

RoA 8.9% 8.4%

Fr cash f w(1) $14.1 $11.6

n cash r id d b ra i g ac i i i s $26.2 $23.1

Fiscal Year Ended January 31,(In billions)


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Walmart 2010 Annual Report 1

Michael T. Duke President and Chief Executive Officer Wal-Mart Stores, Inc.

Our Priorities: Growth. Leverage. Returns. One of the most g atif ing da s fo me du ing the past ea was the impo tant sales da afte Thanksgiving in the United

States. As I walked th ough one of ou sto es, the enginee in me loved seeing the efficiencand smoothness of how ou ope ations executed and pe fo med. But I loved even mo e

hea ing f om custome s who we e going to be able to affo d an enjo able Ch istmas fo

thei families. The we e so thankful fo Walma t, and we we e so thankful fo the oppo -

tunit to help them.

Custome s all a ound the wo ld t ust us to fulfill ou mission of saving people mone

so the can live bette . The expect qualit , low p ices and the absolute best value. Last ea ,

we delive ed on those expectations. B doing so, we showed how much we ca e about

ou custome s, especiall in difficult times. And just as impo tant, we p oduced st ongesults fo ou sha eholde s. I want to thank ou two million associates a ound the wo ld

fo this success. I app eciate them fo all the do eve da to se ve ou custome s and

uphold ou compan s beliefs and values.

TO OUrShareholders, Associates and Customers


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We st ongl believe that Walma t is the best positioned global

etaile and that we can continue to build on ou momentum. As

amazed as Ive been b the global g owth Ive seen du ing m 15

ea s at Walma t, Im even mo e imp essed b the oppo tunities that

a e ahead both in the United States and a ound the wo ld.

Specificall , we e focused on enhancing sha eholde value b

d iving th ee impo tant p io ities: g owth, leve age and etu ns.

Growth. Fi st, we continue to have agg essive g owth plans. I believe

that no othe global etaile can delive the kind of g owth that

Walma t can ove the next seve al ea s. In the United States, we

have conside able oppo tunities in majo met opolitan ma kets,

with innovative new fo mats and b making ou existing assets

mo e p oductive. We also have lots of oppo tunities in Walma tInte national b accele ating squa e footage g owth, ente ing new

ma kets and making acquisitions. Sams membe ship initiatives will

att act new membe s. Well continue to expand into new channels,

so custome s can shop and expe ience Walma t when, whe e and

how the want.

Leverage. Second, we a e committed th oughout the o ganization

to leve age expenses and imp ove p oductivit . Ou goal emains

ve clea : we will g ow ope ating expenses slowe than sales and

g ow ope ating income faste than sales. B lowe ing expenses,

passing those savings on to custome s, b inging mo e custome s

in ou doo s, and selling mo e me chandise, we e eene gizing

the p oductivit loop thats been so vital to Walma t th ough-

out ou histo . We will do even mo e to leve age the scale,

expenses and expe tise of ou total compan all a ound the wo ld.

Well continue to make investments in technolog that a e clea l

d iving g eate efficienc th oughout ou compan . And we plan

to move even quicke and be a mo e innovative compan .

Returns. Thi d, we have a t ack eco d of gene ating solid etu ns

at Walma t. Each ope ating segment has a long-te m plan to con-

t ibute to st ong compan etu ns. Ou goal is also to continue to

p oduce significant f ee cash flow to d ive ou rOI pe fo mance

and delive g eate sha eholde value.

Financial and operating results. Th oughout m ca ee , Ive

alwa s emphasized pe fo mance. And Im eall p oud of the

pe fo mance of ou team a ound the wo ld and the esults

Walma t delive ed fo fiscal ea 2010 in a ea challenged b a

difficult econom in all of ou ma kets. Ou esults eflect the

unde l ing st ength of ou business and ou st ategies to

imp ove sha eholde value.

Fo the full ea , Walma t epo ted ea nings pe sha e of $3.72.

Net sales we e mo e than $405 billion this ea , with Inte national

net sales exceeding $100 billion fo the fi st time in Walma ts

histo . Ou f ee cash flow pe fo mance continues to be

imp essive, closing the ea with $14.1 billion in f ee cash flow.

We also posted a p e-tax etu n on investment (rOI) of 19.3

pe cent fo the ea , equal to last ea s rOI pe fo mance.

Growth: We are continuing to grow around the

world. We have many opportunities to grow by

opening new stores, entering new markets,

making acquisitions, integrating online channels,

and developing new, innovative formats to allow

people to experience the Walmart brands.

Leverage: We are leveraging our scale and best

practices to create competitive advantages. We also

remain committed to leveraging operating expenses

and finding additional ways to benefit from our

global expertise, talented associates and

company scale.

Returns: We have a rich heritage of delivering

strong shareholder returns. Each operating

segment is focused on contributing to consistent,

strong company returns.

OUr FINANCIAL

Priorities

2 Walmart 2010 Annual Report


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Live better. Th oughout m fi st ea in this new ole, I was continuall imp essed with Walma ts

oppo tunit to lead on big issues in the wo ld. We a e p oud of ou wo k to be a mo e sustainable

compan , to make health ca e in the United States mo e affo dable and accessible, and to c eate

economic oppo tunit th ough jobs and investments in ou communities. With ou each and the

people, communities and custome s we ep esent, we must continue to make a diffe ence on the

issues that matte .

Looking ahead, we will expand ou commitment to p oviding even mo e ca ee oppo tunities

to associates. Well also build on ou leade ship in sustainabilit th ough p og ess on the Sustainable

P oduct Index and ou commitment to educe the g eenhouse gas emissions in the life c cle of

the p oducts on ou shelves. The fact is ou leade ship has helped people and communities think

even bette of Walma t, as well as d ive innovation and change th oughout ou compan .

.

This time and this world. We live at a time and in a wo ld that I believe t ul calls out fo Walma t

and the wo k that ou two million associates do eve da . Sam Walton ma not have been able toguess the specific challenges weve all faced ove the past ea o the challenges well face in the

futu e. But he had a vision fo a compan that would

help people save and do bette in life. And he believed

that vision could appl eve whe e. Its up to us to fulfill

this vision to the g eatest extent possible. Thats ou

esponsibilit . When I speak with custome s, I know this

is what the expect f om Walma t no matte how

good o challenging the econom .

At the same time, we will live and uphold ou

ext ao dina values and beliefs that a e the foundation

of eve thing we do. Well show that we espect indi-

viduals and alwa s put ou custome s fi st, while d iving

the changes needed to be an even bette compan .

We will make the absolute most of ou oppo tunit

and capacit to lead as a etaile , as a compan , and as

people who t ul ca e about se ving and helping othe

people a ound the wo ld.

Michael T. DukeP esident and Chief Executive Office Wal-Ma t Sto es, Inc.


Listening to our customers is an important part of our culture. Its through customer interactions that we trulyunderstand their expectations of Walmart as we work tosave people money so they can live better.


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U.S.

Millions of customers trust Walmart U.S. every day to

deliver value through quality merchandise at the lowest

possible price. Customers continue to rank us higher than

ever for fast checkout, friendly associates and clean stores.

Our associates are more engaged than ever in serving

Walmart customers.

Busy moms expect a clean and efficient store layout with clear messages on price and value. They alsodepend on Walmart to have high-quality productsat everyday low prices, whether it is the freshest

produce or basic apparel. Our continued investmentsin systems and processes contribute to a further reduction of inventory.


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Growth opportunities continue. We a e mo e committed than eve to helping custome s save mone so

the can live bette in eve catego th oughout the sto e. P ice leade ship continues to be the co ne stone

of how we go to ma ket. The emodeling p og am, a ke component of the P oject Impact st ategic

f amewo k, is now in its thi d ea and continues to imp ove the custome shopping expe ience.

G owth in the United States wi ll come f om additional penet ation into mo e met opolitan ma kets,

as well as f om new fo mats and st onge integ ation with the online business. Walma t.com t affic

exceeded one billion visits this past ea , g owing mo e than 15 pe cent ove the p evious ea

th ough Site-to-Sto e and home delive .

Leverage scale and reduce costs. Innovation, p ocess imp ovements and st ong management teams

d ove significant imp ovements in ou business. Walma t U.S. epositioned the business to leve age

ope ating expenses on a slowe ate of sales g owth this past ea . Imp oved p oductivit th oughenhanced scheduling s stems bette matched associate staffing levels in ou sto es to custome t aff ic.

St onge suppl chain p ocesses also imp oved invento flow. Me chandising and planning s stems

cont ibuted to lowe invento levels, which we e also benefited b inc eased sell-th ough. Global

sou cing initiatives now unde wa will st engthen effo ts to d ive down the cost of goods and pass

those savings on to ou custome s. The est uctu ing of the Walma t U.S. ope ations o ganization,

announced ea l this ea , p ovides a much mo e integ ated app oach to unning the business and

c eates oppo tunities fo ca ee development and g owth fo ou talented associates.

Improved returns. Walma t U.S. significantl inc eased its cash flow and etu n on invested capital

in f iscal 2010. G oss ma gin imp ovements, tight expense cont ol, st ong invento management andefficient capital allocation cont ibuted to this imp oved pe fo mance. We educed ea -end invento

b $1.8 billion, o 7.6 pe cent, and inc eased invento tu ns as well.

SAVING CUSTOMErS MONEySo They Can Live Better



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International

Walmart Internationals significant growth demonstrates

that delivering low prices on quality products resonates

with consumers in every market. Today, we are helping

to make this a reality for millions of customers in 14

countries outside the United States. Last year, we added

more than 21 million square feet of retail space and we

expect to grow as much as 8 to 10 percent this year.

We serve such diverse consumer markets as China,Mexico, the United Kingdom and Brazil. While

we tailor the assortment and store layout to the needs of each country, customers around the world depend on us to consistently deliver freshness and quality at a compelling price.


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Our dual growth strategy. Walma t Inte national achieved a milestone b su passing the $100 billion

net sales ma k fo the ea . Ou fastest g owing division is expected to continue an agg essive pace th ough

st ong o ganic g owth and acquisitions. In fiscal 2010, we added mo e than 500 units, all f om o ganic

g owth. Walma t Canada continues to inc ease sales th ough its supe cent e expansion p og am. B azil,

China and Mexico continue to offe significant oppo tunities to add new sto es and se ve mo e custome s.

We will g ow in ou count ies b winning locall . Each count s management team wo ks st ategicall ,

using a winning custome p oposition b sto e fo mat and b the total ma ket. We must emain elevant

to the custome in o de to g ow, and ou management teams have the f eedom to ope ate within thei

ove all f amewo k to tailo sto e fo mat, me chandise and p ice points to the needs of each individual

ma ket. We also continue to wo k closel with gove nments whe e we ope ate, b aligning with them

to d ive economic g owth, including jobs.

Leverage scale and expertise. We a e focused on leve aging both ope ating expenses and ou scale to

imp ove pe fo mance and p ofitabilit . Sha ing ou knowledge and best p actices helps d ive efficiencies

and inc ease sales within the count and ac oss egions. We also ecognize that one solution cant meet the

needs of eve count , as custome s t ust thei local b ands to be elevant to thei needs. Adhe ing to the

p oductivit loop bu ing fo less, ope ating fo less and selling fo less emains c itical to ou success.

We closed the ea b leve aging expenses as a division on a constant cu enc basis, befo e the impact

of ou acquisition in Chile, and we a e committed to fu the imp ovements this ea , including dec easing

the invento da s on hand.

Improve returns. We will balance ou significant g owth with ou goal of imp oving etu ns. The isk

p ofile of mo e matu e ma kets like the United Kingdom helps p ovide the balance fo significant g owth

oppo tunities in eme ging ma kets like B azil, China and India. We a e disciplined in ou capital efficienc ,

as ou etu ns a e mo e p edictable on o ganic g owth than acquisitions.

GrOWING GLOBALLyTo Serve More Customers



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HELPING MEMBErSMake Smart Choices

Exceeding our members expectations on product quality and assortment is at the heart of the Sams Club experience, whether itsan Advantage or Business member. When we integrate that with excellent services, we have a recipe for member retention and growth.

Grow sales, membership and share. Ou mission is to make savings simple fo membe s

b p oviding them with exciting, qualit me chandise and a supe io shopping expe ience,all at a g eat value.

In fiscal 2010, we launched a numbe of ke initiatives to g ow the business. Fo

example, eValues st engthens elationships with Plus membe s b adding even mo e value

to the Sams Club membe ship. We a e showing membe s how to save even mo e b shop-

ping additional catego ies in the club. We expect to see inc eased sales and membe ships.

Ou focus on measu ing membe insights is powe ing me chandising, membe ship

and ope ational initiatives. Membe views and attitudes guide us in making me chan-

dise choices that a e mo e elevant fo all membe s, as well as meeting thei high qualit

expectations. We a e tailo ing ou me chandise mix and st engthening qualit to accele ate

sha e g owth in la ge p ofitable catego ies.We a e even mo e focused on meeting the needs of both ou Advantage and

Business membe s. Membe s el on Sams fo a va iet of p oducts including f esh

food, office p oducts, health and wellness, and consumable p oducts. In addition, we a e

able to excite ou membe s with g eat elect onic, seasonal, appa el and othe p oducts.

Membe s continue to shop us fo man easons f om the stock up t ip to the

weekda dinne to the special event.

Leveraging efficiency to drive returns. We a e investing g eate capital in emodeling

clubs to make shopping mo e efficient and enjo able. We have made ou clubs mo e

p oductive b educing invento , leve aging expenses and eliminating non-value-added

activities. Ou p ocess imp ovements significantl st engthened sco es in associate

p oductivit and membe satisfaction this ea . In addition, ou new innovations team

leve ages ke lea nings f om the Walma t U.S. business, as well as sha es best p actices

ac oss the U.S. club netwo k.


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Net sales inc eased 1.1% to $258billion. On a 4-5-4 calenda , cus-tome t affic in compa able sto eswas up 1.3% and dot.com t affichit 9- ea highs.

Gained ma ket sha e in nume ousme chandise catego ies.

G ew ope ating income faste thansales g owing 5.2% to $19.5 billion.

P oject Impact, which imp oves thecustome shopping expe ience andp oductivit , was eflected in 31% of the U.S. sto e base at ea -end.

Labo p oductivit inc eased fo the ea , cont ibuting to ope atingexpense leve age in the fou th qua te .

reduced invento b $1.8 billionove the p io ea .

G ew rOI th ough g oss ma gin

imp ovements, invento manage-ment and a disciplined capitalallocation p ocess.

Achieved eco d associate engagementsco es, which led to imp ovedcustome se vice.

Achieved eco d custome expe iencesco es fo the ea , eflecting inc easedt affic and highe fast, f iendl ,clean sco es.

2010 Sales

Highlights

2010OperatingIncome

Retail Units

OUr COMPANy By THE NUMBErSOperational Overview

$258,229

International

$ 19,522

U.S.

$100,107

$ 5,033

$46,710

$ 1,512

Exceeded $100 billion in net salesfo the fi st time in compan histo ,g owing 11.2% on a constantcu enc basis.

Achieved st ong compa able sto esales, gaining ma ket sha e inman count ies.

B azil, China and Mexico added17.5 million squa e feet of etailspace, 83% of the segments totalg owth.

Leve aged ope ating expenses inall fou qua te s on a constantcu enc basis, excluding theChilean acquisition.

Continued to make p og ess oneducing invento and leve aging

p oductivit th ough p ocessimp ovements.

remained focused on balancingisk p ofile between matu e ma kets

like the U.K. and eme ging ma ketslike B azil and China.

Committed to imp ovingcount etu ns.

Continue to be encou aged b theb oad-based appeal of EDLC/EDLP.Last ea , custome s came to dependon ou p ice leade ship f om ou 52 sto e banne s.

Delive ed sales inc ease (excludingfuel) of mo e than 1.7%. Inc easedt affic ea ove ea in allfou qua te s.

G ew ope ating income faste thansales at a ate of 2.4%, befo e theimpact of est uctu ing cha ges.

G ew membe ship income b2.1%, d iven in pa t b eValues andupg ades to Plus membe ships.

reduced invento b 9.5% andleve aged expenses in the fou thqua te , befo e the impact of

est uctu ing cha ges.

Inc eased both sales pe labo hou and units pe labo hou .

Committed g eate capital toemodeling existing clubs and

launched P oject Po tfolio test,inc easing space fo highl p o-ductive catego ies, such as f eshand health and wellness.

Announced new p oduct demop og am to d ive b anding and sales.

Closed 10 unde pe fo ming clubs.

Imp oved shopping expe ience andinc eased p oductivit , leading tobette membe expe ience sco es andhighe associate engagement sco es.

3,708 4,112 596


Total SquareFootage 602.9 269.9 79.4

(In millions, except retail units)


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Walmart has a responsibility to lead on issues

that make a difference in helping people live better. Our commitment is built on four pillars:

associate opportunity, sustainability, responsible

sourcing and community involvement.

The Walmart story is also about influencing the world around us to create positive change. Fromthe growth and development of our associates, tosustainability, responsible sourcing and communityinvolvement, we strive to honor Sam Waltons legacyby making the world a better place.


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Associate opportunity. As Walma t g ows, we b ing mo e than jobs to a communit . We offe millions of

people the oppo tunit to build long-te m ca ee s. Benefits a e competitive in each count . We ec uit U.S.milita vete ans and help t ansition active-dut pe sonnel to civilian jobs. Ou associate oles a e being edesigned

to c eate clea ca ee paths. In India, fo example, the Bha ti Walma t T aining Cente p epa es u al outh fo jobs

in etail and elated indust ies.

Sustainability. As the wo lds la gest etaile , Walma t has unpa alleled oppo tunities to educe envi onmental impact,

conse ve natu al esou ces and sell mo e sustainable p oducts. In fiscal 2010, we educed ou global plastic bag

consumption b mo e than 16 pe cent, and continued to imp ove the efficienc of ou U.S. t uck fleet. B collabo-

ating with supplie s and the Sustainabilit Conso tium on ou Sustainable P oduct Index, we will d ive p oduct

innovation, inc ease suppl chain t anspa enc , and c eate a single sou ce fo p oduct sustainabilit . This ea , we

committed to educe 20 million met ic tons of g eenhouse gas emissions in ou suppl chain b the end of 2015.

Responsible sourcing. Custome s count on us to wo k with supplie s who sha e ou commitment to high

ethical and social esponsibilit to help ensu e p oducts we sell a e safe and have the qualit to stand the wea

and tea of families bus lives. It is c itical that sou cing decisions eflect ou values and demonst ate espect fo

wo ke s th oughout the suppl chain. Because ou global sou cing effo ts a e so impo tant, we continue to d ive

standa ds consistent with the Global Social Compliance P og am and wo k collabo ativel with supplie s and

othe indust stakeholde s.

Community involvement. Ou passion fo se ving ou local communities is woven into the fab ic of Walma ts

cultu e th ough associate voluntee ism and donations. We act quickl to suppo t a eas impacted b natu al disaste ssuch as the Haiti and Chile ea thquakes. This past ea , Walma t, ou Foundations, associates and custome s, suppo ted

o ganizations wo ldwide with $624 million in cha itable cont ibutions. We st ive to inc ease ou communit impact

globall . Fo example, in a numbe of count ies, Walma t and CArE help empowe women to achieve mo e

equitable, consistent incomes. We wo k with fa me s and small manufactu e s in South and Cent al Ame ica to

inc ease efficienc , imp ove suppl chain p ocesses, and link them to the global ma ketplace.

HELPING PEOPLELive Better Worldwide



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PEOPLE ArE THE KEyTo Delivering On Our Mission

Rob Walton


M dad did not set out to make Walma t the wo lds la gest etaile . His goal was simpl to make Walma t

bette eve da , and he thought constantl about how to do just that. He was alwa s visiting sto es, talking

with associates and listening to custome s. He knew that the best ideas come f om people inside and

outside the compan . In fact, Dad att ibuted some of Walma ts most innovative ideas to associates.

His philosoph and values espect the individual, se ve the custome and st ive fo excellence also

emain the d iving fo ce behind ou cultu e and ou success. Ou compan continues to instill in ou

associates the highest standa ds of integ it , and we emain committed to accountabilit if those standa ds

a e not met. I believe that the same intensit that d ove m dad d ives the enti e Walma t o ganization

toda to be the wo lds best etaile .

Ou people eall do make the diffe ence at Walma t, and mo e than eve , we p oved this last ea b

p oducing st ong esults fo ou custome s and sha eholde s.

The impo tance of d namic leade s extends to eve ma ket whe e we ope ate, as the must ensu ethat the Walma t cultu e is adapted and integ ated into thei ma kets. When I visit sto es, I am alwa s

imp essed with the talent and dedication of ou associates. M dad would have loved to see the wa

ou compan and ou associates a e helping custome s and communities.

This past ea kicked off with Mike Duke assuming the position of p esident and chief executive

office of Wal-Ma t Sto es, Inc., taking the helm f om Lee Scott. It is a c edit to both Mike and Lee and

to the Boa d and its selection p ocess that the CEO t ansition was so seamless. I am also pleased that

like Lee, Mike continues m dads se vant leade philosoph , whe e a leade se ves o takes ca e of his

people fi st. Se vant leade s have that unique abilit to get the enti e team behind an initiative.

Ou Boa d could not be mo e enthusiastic about Walma ts futu e. Ou management teams a e mo e

focused than eve on executing a st ategic plan based on th ee clea p io ities g owth, leve age andetu ns that a e designed to imp ove sha eholde value. Just as impo tant, ou businesses a ound the wo ld

have neve been mo e aligned behind ou mission to save people mone so the can live bette .

S. robson WaltonChai man of the Boa d of Di ecto sWal-Ma t Sto es, Inc.


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2010 Walmart Board of directorsAida M. Alvarez(a)

m . a v z h a n h U.s. s Bu n a n n

n w b P n c n nc b n 1997 2001.

James W. Breyer (b)*

m . B y P n a P n , v n u p .

M. Michele Burns (b)

m . Bu n h ch n nch e u v o m llc,

ub y m h & m l nn n

c p n , in .

James I. Cash, Jr., Ph.D. (a)

d . c h h J e. r b ne u P Bu na n n H v Bu ns h , wh h v Ju y 1976

o b 2003.

Roger C. Corbett (b)

m . c b h ch e u vo n G up m n g ng d

W w h l , h g p ny n au .

Douglas N. Da t(c)

m . d h ch n hB d n ch e u vo th c -c c p ny, b v g nu u , wh h v

n h p y f b u y 2000 unm y 2004, n n v u h p

n 1969.

Michael T. Duke (d)(e)

m . duk h P n n ch e u v o W -m s , in .

Gregory B. Penner (e)

m . P nn G n P n m n c p P n , n nv n

n g n .

Allen I. Questrom (c)

m . Qu h ch n h B d n ch e u v

o J.c. P nn y c p ny, in .,wh h v n h p y

s p b 2000 d b 2004.

H. Lee Scott, Jr. (d)*(e)*

m . s h ch n h e u vc h B d W -m s , in . H h P n n ch e u v o

W -m s , in ., v ng n hp n J nu y 2000 J nu y 2009.

Arne M. Sorenson (a)

m . s n n h P n n

ch op ng o m in n n , in .

Jim C. Walton (b)

m . W n h ch n h B d n ch e u v o a v B nk G up, in ., g up

b nk p ng n h a k n ,K n , m u n ok h .

S. Robson Walton (d)(e)

m . W n h ch n h B d W -m s , in .

Christopher J. Williams (a)*(d)

m . W h ch n hB d n ch e u vo th W c p G upl.P., n nv n b nk.

Linda S. Wol (c)*

m . W h ch n hB d n ch e u vo l Bu n W w , in .,

n v ng g n y n v n Pub G up s.a.

Committees( ) au(b) s g P nn ng n f n n( ) c p n n, N n ng

n G v n n( ) e u v( ) equ y c p n n* d n c ch n


Board members pictured le t to right: Jim C. Walton, James W. Breyer, James I. Cash, Jr., Ph.D., Linda S. Wolf,H. Lee Scott, Jr., Michael T. Duke, S. Robson Walton, Aida M. Alvarez, Gregory B. Penner, Roger C. Corbett,Christopher J. Williams, Douglas N. Daft, Allen I. Questrom, M. Michele Burns and Arne M. Sorenson


16/60

Eduardo Castro-WrightV ch n, W -m s , in .

M. Susan Chambersex u v V P n , G b P p

Brian C. Cornellex u v V P n , P n nch ex u v o , s c ub

Leslie A. Dachex u v V P n , c p a

n G v n n r n

Michael T. DukeP n n ch ex u v o

Rollin L. Fordex u v V P n ,ch in n o

Thomas D. Hydeex u v V P n , l g , e h ,

n c p s y

C. Douglas McMillonex u v V P n , P n

n ch ex u v o ,W in n n

Thomas M. Schoeweex u v V P n nch n n o

H. Lee Scott, Jr.ch n h ex u v c

h B d

S. Robson Waltonch n h B d

Steven P. Whaleys n V P n n c n

execUtiVe officers

15 v -Y n n su y

16 m n g n d u n n an y

n n c n n n r u op n

30 c n s n in

31 c n B n sh

32 c n s n sh h equ y

33 c n s n c h w

34 N c n n n s n

52 r p in p n n r g Pub a un ng

53 r p in p n n r g Pub a un ng

n in n c n ov n n r p ng

54 m n g n r p ou sh h

55 2010 en - -Y s c un

56 c p n s k in n

2010financial repo t



17/60

(a un n n x p p h n un un ) a n h Y en J nu y 31, 2010 2009 2008 2007 2006

Operating Results (1)

N $405,046 $401,087 $373,821 $344,759 $308,945N n 1.0% 7.3% 8.4% 11.6% 9.8%c p b n h Un s(2) -0.8% 3.5% 1.6% 2.0% 3.4%

W U.s. -0.7% 3.2% 1.0% 1.9% 3.0%s c ub -1.4% 4.9% 4.9% 2.5% 5.0%

G p g n 24.8% 24.2% 24.0% 23.4% 23.1%op ng, ng, g n n n v xp n ,

p n g n 19.7% 19.3% 19.0% 18.5% 18.0%op ng n $ 23,950 $ 22,798 $ 21,952 $ 20,497 $ 18,693in n nu ng p n bu b W 14,414 13,254 12,863 12,189 11,386P h n k:

in n nu ng p n bu b W , u $ 3.72 $3.35 $3.16 $2.92 $2.72

d v n 1.09 0.95 0.88 0.67 0.60

Financial Positioninv n $ 33,160 $ 34,511 $ 35,159 $ 33,667 $ 31,910P p y, qu p n n p , n 102,307 95,653 96,867 88,287 77,863

t 170,706 163,429 163,514 151,587 138,793l ng- b , n u ng b g n un p 36,401 34,549 33,402 30,735 30,096t W h h qu y 70,749 65,285 64,608 61,573 53,171

Unit CountsW U.s. s g n 3,708 3,656 3,550 3,443 3,289in n n s g n 4,112 3,605 3,098 2,734 2,158s c ub s g n 596 602 591 579 567

t un 8,416 7,863 7,239 6,756 6,014

(1) in nn n w h h p ny n n n n p j , w v w n ju h n n v nu n xp n w hs n in n n p ng pu p . a h ugh h n p n , g g n n p ng, ng, g n

xp n , h y n p p ng n n n nu ng p n bu b W . th h ng w v b u y 1b n f y 2 010, 2009 n 2008.

(2) c p b n ub n u u . 20 06, w n p b b n ub h w p n b y n wh h h n b n nv , xp n n h . 2008 n 2007 p b n u n

p n h p v u 12 n h . a n y, h y , n ub h , xp n nv x u h 12 n h w ng h n, xp n n nv n. 2010 n 2009 p b n u n ub

12 n h , n u ng , n n xp n n . 2008 n p y p b n f n n b v .

five-Yea financial summa y2010 fiNaNcial reVieW



18/60

OverviewW -m s , in . ( W , h p ny w ) p

n v u un h w n v ng p p n y h y n v b . W n h u u

u v y y by p v ng b n qu y -h n n v v y y w p (edlP), wh ng u u h w n b u u p , n g y n

v y. edlP u p ng ph phy un wh h w p w p v y y h u u u h u p w

n h ng un qu n p n v y. ou u s c ub p v x p n v u n b n n h n b n y p b h bu n n p n u . in n n y,w p w h ph ph . ou y n n J nu y 31

u U.s., c n n Pu r p n . ou y nn d b 31 h p n .

W n n h u n p v h w h n nh w n un n ng u n n n , h h ng

n n k y n h n n n y y , nh p y h un h h ng , w h w

n un ng p n p u n n n . W u n p n h n g n u

u p n . th u n p v n n b u hn n u h v u g n u bu n p v

b un n ng h w h g n n h u hn n n n n u p n h p ny wh .

th u n h u b n njun n w h u c nn n s n J nu y 31, 2010, n h y h n n ,

n p ny ng n .

ou p n p h bu n g n : W U.s.,in n n n s c ub. th W U.s. g n n u h

p ny h n n p n h Un s , p ng un h W W -m b n , w w . . th

in n n g n n h p ny p n u h 50 Un s . t h s c ub g n n u h w h u

b h p ub n h Un s , w ub. .

th ugh u h m n g n d u n n an y n nc n n n r u op n , w u g n p ng

n n p b . th p ny u h u g n u ng, ng h u , h g n p

n wh h n u n p v h n . , w v h u n h g n p n

n , n u ng ny p v h n , h n n gu y v w by u h p ng

k . Wh n w , h g n p ng n h g-n by h v n p p

n n p b y.

in nn n w h h p ny n n n n p j , wv w n ju h n n v nu n x

w h n u c n s n in n n png pu p . th n n p p ng n

n n n bu b W . th h ng wv b u y 1, 2009 n h v b n f n p p

c p b u wh h n h pu x ng U.s. n ub by u ng h g w h n u h p u p v h p n ng p

p y . in 2008, u h u ng p b n u n ub h w p n h

12 n h . a n y, n ub h w , xp n nv w x u p b h n h w ng h n, xp n n nv n. du ng

y 2008, h p ny v w n n p b n n y w h h . a u h v w

b u y 1, 2008, W n n p b n n ub p n h p v u 12 n h , n u

, n n xp n n . ch ng n n nu

x u p b wh n h nv n pby n xp n n h u n h ng n qu

h n v p n . s n h p h v n n n quh p ny w n p b u p

p y . c p b by h w h n h n u y. th h u

p b v h n u y. a u n p b n n y p

y u p by h p n .

in u n u n u n h p ng uin n n g n , w h p h ng

u n y x h ng . Wh n w h ng n u n y x h n u n y x h ng fu u n , w ng

n b w n h u n y x h ng w u nvin n n g n p ng u u nU.s. p ng pu p . th p u n y x h n

fu u n yp y u h n bu n p v y n u ng h u n p ux h ng n h p b p y p u n yx h ng , p v y. W u h h un

wh h un n u n y n U.s. n n .

Sales By SegmentN n 2010 w

$405.0 b n, up 1.0% 20 09.

m n g n d u n n an y f n nc n n n r u op n


Walmart U.S. 63.8%

International 24.7%

Sams Club 11.5%


19/60

The Retail Industry W p n h h gh y p v n u y n b h h Uns n h un w v n n n y. W ng

p n h un , p n , ug, v y n p y, w h u ub , n up k , ny wh h n n ,

g n n n n h n , w n n -b ng bu n . W p w h nu b p n p n , w n ng n n ng qu y p y

(wh w ). W , ng w h h p n , nfu n by nu b n u ng, bu n : g n

n n n , g , n u p b n , n u b v n buy ng p n , n u v b y, n ,

u p n , un p y n , b , n f n, f n,u n y x h ng fu u n , u n n gy p , w h p n ,

h ng , ph v n , p v p u n n u n

. u h n n n k u p ny n b i 1a. r k n u annu r p n 10-K h

y n J nu y 31, 2010.

Company Per ormance Metrics th p ny p n ph z h p

p v ng h h v u : g w h, v g n u n . thp ny p y g w h u n g w h; h p

v g n p h p ny n u pn h n h g w h n n by g w ng p ng, ng, g n n n v xp n ( pxp n ) w h n h g w h u n ; n

p y u n u n h w n y h p ny pu h ugh u n n nv n (roi) n h w vh p ny n g w k ng p h ugh h f w.

ou n n by 1.0% n 7.3% n 2010 n 2009,p v y, wh n p h p v u y . N n

2010 n u n u , n nu g bxp n n v n h qu n u ch n ub y,

d bu n y s v (d&s) n J nu y 2009, p yby $9.8 b n un v b u n y x h ng p n u in n n g n n p f n n n h n -g n u W U.s. g n . N n 2009 n

u u g b xp n n v n p b n , by $2.3 b n un v b u n y x h ng p . d p

h un v b p u n y x h ng , h in n ng n n p n g p ny n n n

2010 n 2009, p v y. V y n u n y x h ng y n nu p h in n n g n n n h u u .

Comparable Store Sales

Y en J nu y 31,

2010 2009 2008

W U.s. -0.7% 3.2% 1.0%s c ub (1) -1.4% 4.9% 4.9%

t U.s. -0.8% 3.5% 1.6%

(1) Sams Club comparable club sales include uel. Fuel sales had a negative impact o 2.1 percentage points in scal year 2010, and positive impact o 1.2 and 0.7 percentage points in scal years 2009 and 2008, respectively, on comparable club sales.

c p b u wh h n h pu x ng U.s. by u ng h g w h n u h

p u p v h p n ng p n h pc p b n h Un s 0.8 % n

n n 3.5% n 2009. a h ugh u nn 2010, p b n h Un s w h n 2009 u f n n n h n g

w u p . c p b n h Un s n2009 w h gh h n 2008 u n n n u

w n n n v g n n z p u .

a w n nu n w n h Un s , w wun n ng h n y k w y un . W h n g v p n p b

u p n ng n w w pp x y 0.6% n 20101.1% n 2009. W h u p nn w n w g w h, w xp

h p n w n p b b z v

GrowthNet Sales

Y en J nu y 31,

(d un n n ) 2010 2009 2008

Percent Percent P n P n P nNet sales o total increase N n N

W U.s. $258,229 63.8% 1.1% $255,348 63.7% 6.9% $238,915 63.9%in n n 100,107 24.7% 1.3% 98,840 24.6% 9.1% 90,570 24.2%s c ub 46,710 11.5% -0.4% 46,899 11.7% 5.8% 44,336 11.9%

N s $405,046 100.0% 1.0% $401,087 100.0% 7.3% $373,821 100.0%




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Leverage

Y en J nu y 31,

(d un n n ) 2010 2009 2008

Operating Percent Percent op ng P n P n op ng P nincome o total increase n n n

W U.s. $19,522 81.5% 5.2% $18,562 81.4% 6.8% $17,383 79.2%in n n 5,033 21.0% 1.9% 4,940 21.7% 4.6% 4,725 21.5%s c ub 1,512 6.3% -8.1% 1,646 7.2% -0.1% 1,648 7.5%o h (2,117) -8.8% -9.9% (2,350) -10.3% 30.3% (1,804) -8.2%

t p ng n $23,950 100.0% 5.1% $22,798 100.0% 3.9% $21,952 100.0%

W b v g w ng p ng n h n n g w h n ng u u b u n h w v yw n g n v g p ng xp n . ou bj v

g w p ng xp n w h n n .

Operating Expenses in 2010, p ng xp n n 2.7% wh n p 2009, wh n n 1.0% v h p . op ng

xp n g w h n n u h gh h h b n, u u ng h g n h gh v ng xp n . in

2009, p ng xp n n 9.3% p 2008 whn n 7.3% v h p . op ng xp ng w h n n n 2009 p y u h gh u y , g , h gh h h b n n n

p xp n .

Operating Income

2010, w u bj v g w ng p ng n h n n . ou p ng n n by 5.1%

wh n p 2009, wh n n by 1.0% v h p . ou W U.s. n in n n g n hbj v . ou s c ub g n h h bj v p yu $174 n h g u u p n , n u ngh u 10 ub . 2009, w n u bj v

b u u p ng n n by 3.9% wh n p 2008, wh n n by 7.3% v h p .

th W U.s. n s c ub g n h h bj vu n n p ng xp n . th in n n g n h h bj v u u n g n

fu u n n u n y x h ng .

ReturnsReturn on Investment m n g n b v u n n nv n n ng u

h w h nv b u h p nv h w v yW p y ng . t n n roi n fu u v

n g n b n ng- p n g n v w hny p b h - p . roi w 19.3 p n b h

y n J nu y 31, 2010 n 2009.

W n roi ju p ng n ( p ng n p un n , p n n z n n n xp n ) h y v by v g nv p u ng h p .

W n v g nv p b h v g u b g nn ng

n n ng n nu ng p n p u u up n n z n un p y b n u

h p , p u n qu h n h

u p by gh .

roi n n n-GaaP n n u un h sec u .W n u n n ( roa) b h n n u

pu n n w h GaaP h h y p bn n u roi w u h n n u . roi

roa (wh h n n nu ng p n y v by v g n nu ng p n

p ) b u roi: ju p ng n x u n xp n n n n ; ju n nu n

n h p u u p n n zun p y b n u b ; n n p

n v nv p .

a h ugh roi n n n , nu u h x u ng p ny roi. a u , h h u by n g -

n u roi y h h h p nu u h roi. W u g y u un n h hu by n h p ny u roi b p ng u roi h u h h p ny.

Wal-Mart Stores, Inc.Operating Income(a un n n )

$24,000

$18,000

$12,000

$ 6,000

008 09 10

W -m s , in . p ngn n 5.1% n

2010, v n by 5.2% nn W U.s.



f Y


21/60

th u n roi ng w h n n h u n roa, h p b GaaP n n u n ,

h Y en J nu y 31,

(d un n n ) 2010 2009

calcUlatioN o retUrN oN iNVestmeNt

Numeratorop ng n (1) $ 23,950 $ 22,798+ in n (1) 181 284+ d p n n z n(1) 7,157 6,739+ r n (1) 1,808 1,751

= a ju p ng n $ 33,096 $ 31,572

Denominatorav g n nu ng p n(2) $166,900 $162,891+ av g u u p n n z n(2) 38,359 33,317- av g un p y b(2) 29,650 29,597

- av g u b(2)

18,423 16,919+ r n x 8 14,464 14,008

= av g nv p $171,650 $163,700

Return on investment (ROI) 19.3% 19.3%

calcUlatioN o retUrN oN assets

Numeratorin n nu ng p n(1) $ 14,927 $ 13,753

Denominatorav g n nu ng p n(2) $166,900 $162,891

Return on assets (ROA) 8.9% 8.4%

a J nu y 31,

Certain Balance Sheet Data 2010 2009 2008

t n nu ng p n(1) $170,566 $163,234 $162,547a u u p n n z n 41,210 35,508 31,125a un p y b 30,451 28,849 30,344a u b 18,734 18,112 15,725

(1) Based on continuing operations only and there ore excludes the impact o closing 23 stores and the divesture o other properties o The Seiyu, Ltd. (now Walmart Japan) pursuant torestructuring program adopted during the third quarter o scal 2009. All o these activities have been disclosed as discontinued operations. Total assets as o January 31, 2010, 2009and 2008 in the table above exclude assets o discontinued operations that are refected in the Consolidated Balance Sheets o $140 million, $195 million and $967 million, respective

(2) The average is based on the addition o the account balance at the end o the current period to the a ccount balance at the end o the prior period and dividing by 2.




22/60

Free Cash Flow W n h f w n h p v by p ng v

n nu ng p n n p nu p y n p p y nqu p n n h p . W g n p v h f w

$14.1 b n, $11.6 b n n $5.7 b n h y n J nu y 31, 2010, 2009 n 2008, p v y. th n n u

h f w p y h u p v p ng un nv n y n g n .

h f w n n n-GaaP n n u un hsec u . m n g n b v , h w v , h h f w, wh h

u u b y g n n h u bu np n , n p n n n u u n v u ng h

p ny n n p n . h f w h u b nn n , h h n ub u , n n nu ngp n u u p n n n h p v byp ng v u u qu y.

a n y, u n n h f w , n h n p n u h f w v b n y xp n -

u u h h h u n u h p y nqu b v n h n u b g n p y n

bu n qu n . th , w b v p n v w h f w u h p v upp n n -

n u n n h f w .

a h ugh h p n p h h f w, nu u h- y x u ng p ny h f w. a u , hh u by u n g n u h f w y

h h h p n u u h h f w.W u g y u un n h h u by n h p ny

u h f w b p ng u h f w h

u h h p ny.

th w ng b h n n h f w, GaaP n n u , n h p v by p ng v

n nu ng p n , GaaP u , wh h w b v b hGaaP n n u y p b h f w, w n n g ng n h u n nv ng vn h u n n n ng v .

Y en J nu y 31,

(a un n n ) 2010 2009 2008

N h p v byp ng v $26,249 $ 23,147 $ 20,642

P y n p p yn qu p n (12,184) (11,499) (14,937)

h f w $ 14,065 $ 11,648 $ 5,705

N h u n

nv ng v $(11,620) $(10,742) $(15,670)N h u nn n ng v $(14,191) $ (9,918) $ (7,422)

Results o Operationsth w ng u n u r u op n b n

n nu ng p n n x u ny u u n n nu p n .

Unu u n qu n h p u n n nup n u ng h y n 2010, 2009 n 2008 w

w :

in 2010, h p ny nn un v g n z n

h ng , n u ng h u 10 s c ub , gn ng h n n n u p n . a u , w $260 n n p - x u u ng h g .

in 2010, w $372 n n n x b n p h p n n n n-U.s. n ng h n

U.s. gn x . in 2009, h p ny 63 w g - n -h u n

w u . a u h n , h p ny p - x h g pp x y $382 n u ng h u hqu 2009.

in 2008, w u u u b u g nb y n w k p n n . a u , p

xp n w u by p - x un $298 n.



We generated positive free cash flow of$14.1 billion, $11.6 billion and $5.7 billionfor the years ended January 31, 2010, 2009and 2008, respectively. The increase in ourfree cash flow is primarily the result of improvedoperating results and inventory management.


23/60

Consolidated Results o Operations

op ng in% ch ng op ng P n g squ

Y N s(1) P Y in (1) N s c p s Un c un g(2)

2010 $405,046 1.0% $23,950 5.9% -0.8% 8,416 952,2042009 401,087 7.3% 22,798 5.7% 3.5% 7,863 918,0082008 373,821 8.4% 21,952 5.9% 1.6% 7,239 867,448

(1) Amounts in millions

(2) Amounts in thousands

Walmart U.S. Segment

op ng in% ch ng op ng P n g squ

Y N s(1) P Y in (1) N s c p s Un c un g(2)

2010 $258,229 1.1% $19,522 7.6% -0.7% 3,708 602,9082009 255,348 6.9% 18,562 7.3% 3.2% 3,656 589,2992008 238,915 5.6% 17,383 7.3% 1.0% 3,550 566,629



ou n n n by 1.0% n 7.3% n 2010 n2009, p v y, wh n p h p v u y . N n

2010 n u n u , n nu g bxp n n v n h qu n d&s n J nu y 2009,

p y by $9.8 b n un v b u n y x h ng p

n u in n n g n n p f n n n h ng n u W U.s. g n . N n 2009 n

u u g b xp n n v , p b n , by $2.3 b n un v b u n y x h ng

p . V y n u n y x h ng y n nu ph in n n g n n n h u u .

ou g p , p n g n , ( u g p g n)w 24.8%, 24.2% n 24.0% n 2010, 2009 n 2008, p v y.ou W U.s. n in n n g n y h gh gp g n h n u s c ub g n . in 2010, g p

g n n p y u h n nu u n nh nh n ng g n b nv n y n g n n u W

U.s. n s c ub g n . th g p g n n n

2009 p 2008 w p y u w nv n yh nk g n k wn v y u v -h n ng n h W U.s. g n .

op ng xp n , p n g n , w 19.7%, 19.3%n 19.0% 2010, 2009 n 2008, p v y. in 2010,p ng xp n n p y u h gh h h b n

, p - x h g $260 n ng h u uU.s. p n n h gh v ng xp n . in 2009, p

ng xp n n p y u h gh u y , ph g pp x y $382 n u ng h

63 w g - n -h u n w u , h gh h h b n n p xp n p 2008.

ou v n x w 32.4% y 2010 n 34 y 2009 n 2008. th 2010 v x p 2009 u $ 372 n n n x b n h

p y u h p n n n n-U.s. h n u u z n U.s. gn x .

a u h u b v , w p $14.9 b$13.8 b n n $13.3 b n n n nu ng p

h y n J nu y 31, 2010, 2009 n 2008, p v



th g n n g w h n 2010 u n nn u n ng h n u g y n h h n w n

g , w u n nu xp n n v . in 2009,h g n n g w h u p b n 3.2%, n n u xp n n v . s ng h nh g y, h h n w n n n n n g , w

ng n h ugh u h y n bu h - 2009 n n .

The segment net sales growth in fiscal 2010resulted from an increase in customer trafficand strength in our grocery and health andwellness categories, as well as our continuedexpansion activities.


24/60

c p b w w n 2010, p nu , u n v g n n z p u

v n by p f n n n h n g . c p b w h gh n 2009 u n n n u ,

w n n n v g n n z p u .

in 2010, g p g n n 0.7 p n g p np h p y u v h n ng, b

nv n y n g n n w nv n y h nk g . in 2009, gp g n n 0.4 p n g p n p h p

y p y u k wn v y n w nv n-y h nk g . th p v n n b h y w bu b

h n ng n v h h v p v p n, nhu p h p n n upp y h n n .

s g n p ng xp n , p n g g n n , nby 0.4 p n g p n n 2010 p 2009 u

w g n n n p h p y , h gh h b n , h gh v ng xp n n p - x h$73 n ng h u u ng W U.s. ps g n p ng xp n , p n g g n n , n0.4 p n g p n n 2009 p h p y u hu n - xp n , h gh b nu p y n h gh u y n n n n h h b n .

a J nu y 31, 2010, u in n n g n w p u wh y- wn ub p ng n a g n n , B z , c n , J p n,Pu r n h Un K ng , u j y- wn ub

p ng n v un n c n a , n n ch n m x ,u j n v n u n in n ch n n u h n ub-

n ch n .

th 2010 n n h in n n g n n p yu u xp n n v n h n u n h u

d&s, qu n J nu y 2009, by h un v b p h ng n u n y x h ng $ 9.8 b n. n n -

n g ng u qu n , N 9 h c nn n s n . th 2009 n n h in n ng n n w p y u n g w h x ng

un n u n n n xp n n p g , by h un v bp h ng n u n y x h ng $2.3 b n.

in 2010, h in n n g n g p g n n0.2 p n g p n p h p y . th n w p

y v n by u n y x h ng fu u n n h n u d&s. in 2009, h in n n g n g p g

0.2 p n g p n p h p y . th

w p y v n by g w h n w g n u n h UnK ng n h n n edlP gy n J p n.

s g n p ng xp n , p n g g n n , n0.3 p n g p n n 2010 p h p y p

u h n u n d&s, qu n J nu y 2009. s g np ng xp n , p n g g n n , n

w n n w h 2008.

in 2010, u n y x h ng h ng un v b y pp ng n by $540 n. in 2009, u n y x h ng

h ng un v b y p p ng n by $266 V y n u n y x h ng y n nu p hin n n g n p ng u n h u u .



International Segment

op ng in % ch ng op ng P n g squ

Y N s (1) P Y in (1) N s Un c un g(2 )

2010 $100,107 1.3% $5,033 5.0% 4,112 269,8942009 98,840 9.1% 4,940 5.0% 3,605 248,8032008 90,570 17.8% 4,725 5.2% 3,098 222,583



The fiscal 2010 increase in the Internationalsegments net sales primarily resulted fromour expansion activities and the inclusion ofthe results of D&S, acquired in January 2009,offset by the unfavorable impact of changesin currency exchange rates of $9.8 billion.


25/60

Sams Club Segment

op ng in % ch ng op ng P n g squ

Y N s (1) P Y in (1) N s c p s Un c un g(2 )

2010 $46,710 -0.4% $1,512 3.2% -1.4% 596 79,4012009 46,899 5.8% 1,646 3.5% 4.9% 602 79,9062008 44,336 6.6% 1,648 3.7% 4.9% 591 78,236



th n n h s c ub g n n 2010p y u w u p p h p v u

y . in 2009, h g n n g w h u p b ub n , n u ng u , 4.9% n n nu

ub xp n n v .

c p b ub u ng 2010 u h n g v

p 2.1 p n g p n w u p wh n p h p v u y , p y by n n h ,n u b n n h h n w n g . in 2009,

p b ub n u g w h n , ph y, -n n n n u b g , w n n n b hb n v g n n z p b . u h

p v p 1.2 p n g p n n 2009 n p bub .

G p g n n 0.6 p n g p n u ng 2010p h p y u n nu ng h n n u -

b , h n h - g . G p g n

n 0.1 p n g p n u ng 2009 p h p y u ng n h n h - g ,

n u b g n h p v p h gh u gp .

s g n p ng xp n , p n g g n n , n0.8 p n g p n n 2 010 p h p y up y p - x h g $174 n h u u -

ng s c ub p n , n u ng h u 10 ub . s g np ng xp n , p n g g n n , n 0.2

p n g p n n 2009 p h p y . in 2009, p ng xp n n w p by h gh u y nh h b n n hu n - xp n .

m b h p n h n , p n g g n n gh y 2010 wh n p 2009.

m b h p n h n , p n g g n n gh y 2009 wh n p 2008.

Liquidity and Capital Resourcesc h f w p v by p ng v upp y u w h gn

u qu y. W u h h f w , upp n w h ng-b n h - b w ng , un u p n n g b

xp n n v . G n y, h n ng f w un h v n n u n k n h pu h

Y en J nu y 31,

(a un n n ) 2010 2009 2008

N h p v byp ng v $ 26,249 $ 23,147 $ 20,642

P y n p p yn qu p n (12,184) (11,499) (14,937)

h f w $ 14,065 $ 11,648 $ 5,705N h u n

nv ng v $(11,620) $(10,742) $(15,670)N h u n

n n ng v $(14,191) $ (9,918) $ (7,422)

c h f w p v by p ng v w $26.2 b n, $23.1 bn $20.6 b n h y n J nu y 31, 2010, 2009 n 2008,

p v y. th n n h f w p v by p ng h y w p y bu b n n n

n nu ng p n n p v w k ng p n g n

Working Capital cu n b x u n J nu y 31, 2010, bb n, n n $789 n J nu y 31, 2009. ou

u n u n b w 0.9 J nu y 31, 2010 nW g n y h v w k ng p u u n u

h n un ng p n n n p v ng u n h hh k pu h n p y n v n .



Cash flows provided by operating activitiessupply us with a significant source of liquidity.We use these cash flows, supplemented withlong-term debt and short-term borrowings,to fund our operations and global expansionactivities. Generally, some or all of the remainingfree cash flow funds the dividends on ourcommon stock and share repurchases.


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Capital Resources du ng 2010, w u $5.5 b n ng- b . th np h u n u h ng- b w u g n

p pu p . du ng 2009, w u $6.6 b n ng-b . th n p w u p y u n ng

p p n b n n h g n p pu p .

m n g n b v h h f w n nu ng p n np h u n h - b w ng w b u n

n n n bu up n h n nv n n h h qu n . i u p ng h f w n u n p y

v n n un u p xp n u , w n p un ngny h n h xp n u w h b n n h -

b w ng n ng- b . W p n n n x ng ng-b u n y b n n ng-

n n ng h p pu p . W n p n u y nb n ng ng- n n ng n v w u ng n v -b xp n n h b k n h n p . th w ng b

h ng h ng g n h u u n ngn b n J nu y 31, 2010. th ng g n y ng n

n n buy, h u p p bu . e h ng y b ubj v n w h w

ny by h gn ng ng g n z n n h u b v un p n n y ny h ng.

r ng ag n y c P p l ng- d b

s n & P a-1+ aam y inv s v P-1 a 2

h r ng 1+ aadBrs l r-1( ) aa

t n u ng n u p y ng- n n ng,w n v u qu v n qu n v . W n h

u b u p z n upp u ng-n n ng n . a J nu y 31, 2010 n J nu y 31, 2009, h u b p z n w 36.9% n 39.3%, p v y. h pu p h u n, b n h u h -

b w ng , ng- b u w h n n y , b g n un p u n n y , ng- b n ng- b g n un

p . t p z n n b p u Wh h qu y. ou b u p z n n 2010 p y u n h - b w ng .

Global Expansion Activities c h p p p y n qu p n w $12.2 b n, $11.5 b n n$14.9 b n u ng h y n J nu y 31, 2010, 2009 n2008, p v y. th xp n u p y n w g w h, w ng x ng .

W xp n u p xp n u pp x y $13.0 b $15.0 b n n 2011. W p n n n h xp n n n qu n h p n h w y k u ng 2011

p y h f w p n .

2011 p xp n u w n u h n h n w, n xp n un n h U.s.:

Y 2011P j Un G w h

W U.s. s g n 145-160s c ub s g n 5-10

Total U.S. 150-170

a n y, h in n n g n xp h n 6un u ng y 2011.

th w ng p n n n u p xp n u

a n c p exp n u

P j a u

Y Fiscal Year Y c p exp n u 2011 2010 2009

N w , n u ng

xp n n n n 31% 29% 34%r 15% 17% 10%in n y ,

bu n n h 21% 23% 20%

Total U.S. 67% 69% 64%

in n n 33% 31% 36%

Total Capital Expenditures 100% 100% 100%

Common Stock Dividends W p v n $1.09 p h n 2010, p n ng 15% n v 2009. th 2009 v n $0.95 p

h p n n 8% n v 2 008. W h v n

u v n v y y n h v n w nm h 1974.

on m h 4, 2010, h p ny B d pp v nn n h nnu v n 2011 $1.21 p h , n 11% v h v n p n 2010. th nnu v

n w b p n u qu y n n n ap 5, 2010, Jun2010, s p b 7, 2010 n J nu y 3, 2011 h nm h 12, m y 14, augu 13 n d b 10, 2010, p v y.



We expect to incur capital expenditures ofapproximately $13.0 billion to $15.0 billion infiscal 2011. We plan to finance this expansionand any acquisitions of other operations thatwe may make during fiscal 2011 primarilyfrom cash flows from operations.


27/60

Company Share Repurchase Program , w h v pu h h u n k

un $15.0 b n h pu h p g u h z by u B d n Jun 4, 2009 n nn un n Jun 5, 2009, wh hp n n $15.0 b n h pu h p g

pp v by u B d n m y 31, 2007 n nn unn Jun 1, 2007. a w h w h h p h pu h

p g , h n w p g h n xp n h nng h p v wh h w n k u h pu h , n

w xp n y wh n n w h v pu h $15.0 b n u

h un h p g w n p h p g . apu h h n u v y n u n u

u . W p n $7.3 b n, $3.5 b n n $7.7 b n n h h u ng y 2010, 2009 n 2008, p v y. W n

v n n ng wh n x u h h pun u ng ng h h ng , u u n h n , u p y

v g , u b w ng n h k p u k. a J nu y 31, 2010, h p g h pp x y $9.2 b

n ng u h z n h pu h .



Contractual Obligations and Other Commercial Commitmentsth w ng b h n n n n n ng u b g n n n k n u u u p

b n g n , n n ng n n :

P y n du du ng Y en ng J nu y 31,

(a un n n ) t 2011 2012-2013 2014-2015 th

Recorded contractual obligations:l ng- b $37,281 $ 4,050 $ 6,049 $ 6,899 $20,283sh - b w ng 523 523 c p b g n 5,584 607 1,103 959 2,915

Unrecorded contractual obligations:N n- n b p ng 13,099 1,275 2,318 2,029 7,477in n ng- b 29,296 1,762 3,138 2,697 21,699t 2,370 2,370 Pu h b g n 4,283 2,936 1,014 248 85

Total commercial commitments $92,436 $13,523 $13,622 $12,832 $52,459

a n y, h p ny h pp x y $11.2 b n n un wnn n n by wh h, wn up n, w u

b n u n h b n h c n B n sh .

Pu h b g n n u g y b n ng n u h n nv n y n u y pu h , w n

k p xp n u , w qu n/ n nn g y b n ng v n . Pu h h pu h nv n y n h v n n u n h b b v . Pu h

p n u h z n pu h h h n b n ng g -n . h pu p h b , n u b g n pu h g v n g n h n b ng y b n ng n h p y gn n , n u ng: x n u qu n b pu h ; x , n u v b p

p v n ; n h pp x ng h n n. ou pu h b n u u n nv n y n n u by u

upp w h n h p . W n n n u u v ; h w v , h b g n un h n

n gn n n h n g n y n n u w ng n n w h u gn n p n y.

th xp ng p y n h b g n u b b n u n n n. t ng p y n n

u un p w h p un n un y b n p n ng n h ng p g

v h ng g -up n un b g

in n h un h wn n h b b v , $1.0 b n un gn z x b n n un n x p n b n b . th ng h p y n

h b un n. r N 8 h c ns n n u n n un gn z x b n

We paid dividends of $1.09 per share in fiscal

2010, representing a 15% increase over fiscal2009. The fiscal 2009 dividend of $0.95 pershare represented an 8% increase over fiscal2008. We have increased our dividend everyyear since the first dividend was declaredin March 1974.


28/60

O Balance Sheet Arrangementsin n h un n u b g n u np n b v , h p ny h n gu n ub w wh h h ng p y n , ny, unkn wn.

in nn n w h n b n n ng, w u b b y n n p y n n un k y v n w u .

a J nu y 31, 2010, h gg g n n p y n w u h vb n $109 n. th w ng n pu u n wh h hp y n u b w xp n 2011 n 2019.

in nn n w h h v p n u g y bu n n w kn h Un s , w h v g n w h h p wh h w u

qu u pu h u h n n un qu qu p nn h v n h g n n . th g n , wh h

n b n by h p y w , v up v -y pn b g h p ny p y up pp x y $41 n up n

n n h g n .

th p ny h p n u u n n nbu ng pp x y 348 u u n . th -

n h v ng ng 1 40 y n p v nn u n . i x u , p y n un p ng w u

n by $59 n 2011, b n u n .

Market Risk in n h k nh n n u p n , w xp

n k k , n u ng h ng n n n h ng nu n y x h ng .

th n y p n h u k k n v n u n b n 10% h ng n n u n y x h ng . th

h ng hyp h n u b p n k n n p n u v w u u k h ng . a h hyp h

gu u b w n , h ng n v u b n h uh ng n g n y nn b x p b u h n h p

h h ng n u p n h h ng n v u y n b n .th v n n p u u p n u w h u

h ng ng ny h u p n. in y, h ng n n y un h ng n n h , wh h y gn y un h n v .

a J nu y 31, 2010 n 2009, w h $37.3 b n n $37.2 b n,p v y, ng- b u n ng. ou w gh - v g

v n n ng- b , n ng h n w p , w 4.5% n 4.4% J nu y 31, 2010 n 2009,

p v y. a hyp h 10% n n n n

J nu y 31, 2010 n 2009 w u h v n nnu nxp n n b w ng u n ng h by $9 n n

$16 n, p v y.

a J nu y 31, 2010 n 2009, w h $523 n n $1.5 b n,p v y, u n ng p p n h - b

b g n . th w gh - v g n , n u ng , nb g n J nu y 31, 2010 n 2009 w 1.8% n 0.9%, p v

a hyp h 10% n n h n J nu y 31, 202009 w u h v n h nnu n xp n h p

u n ng b n by $1 n.

W n n n w p n z h k n w h n n ng v , w n n n pp p

x - n f ng- b . ou p n n n b w n 40n 60% u b p , n u ng n w p , n f

b . th w p g n n x h ng x - v b - v b - x - n p y n p

v h h n u n . th gg g v u hp n g n $240 n n $304 n J nu y 31, 20

n 2009, p v y. a hyp h n 10%n h v n J nu y 31, 2010, w u h

u n g n n v u h w p $25 n n$24 n, p v y. a hyp h n

n n h v n J nu y 31, 2009, w uh v u n g n n v u h w p $17

W h u n y w p h g h u n y x h ng p n n u n nv n n h Un K ng . in 2010, w nn u n y w p h g h u n y x h ng fu u nxp u w h h p y n p n p n

n n-U.s. n n b . th gg g v u h w p J nu y 31, 2010 n 2009 p n g n $475 n n

$526 n, p v y. a hyp h 10% n h u n y x h ng un y ng h w p h k

w u h v u n g n n h v u h w p

$58 n n $150 n J nu y 31, 2010 n J nu y 31, 2009,p v y. a hyp h 10% h ng n n un y

h w p h k n J nu y 31, 2010 w uh v u n g n n v u h w p $11 n $30 n, p v y, n h v u h w p .

in n u n y w p , w h v gn b pp x3.0 b n J nu y 31, 2010 n 2009, h g u n

nv n n h Un K ng . a J nu y 31, 2010, hyp h10% n n v u h U.s. v h p un w u h v u n g n n h v u h b $480 n. a J nu y 31, 2009, hyp h 10% n

n v u h U.s. v h B h p un w u hu n g n n h v u h b $440 n

n, w h v gn b pp x y 437.4 b n J nu y 31, 2010 n 2009, h g u n nv n n J p n.a J nu y 31, 2010, hyp h 10% n n v u

h U.s. v h J p n y n w u h v u g n n h v u h b $485 n. a J nu y 31, 200

hyp h 10% n n v u h U.s. v h J p n y n w u h v u n g n n h h b $443 n.




29/60

Summary o Critical Accounting Policiesm n g n v p h n n u h p ny n

n un n b nn , h ugh n un ngn u u p x n qu u u hn -

n gy. in p p ng u c n n n s n , w wun ng p n p g n y p n h Un s . th

p n p qu u k n n pp y ju g nh u n n p n n u p n f nu n n n . th ju g n n b n

p v n n xp n u u u . a u u y u .

m n g n n nu y v w u un ng p , h w h y pp n h w h y p n n u n n n .

w ng u y u gn n un ng p nh w h y pp n p p n h n n n .

Inventories

W v u u nv n h w k np y by h h un ng, u ng h - n, - u(li o) h ub n y u W U.s. g n -

h n . s c ub h n n h n n u bu nw h u v u b n w gh - v g u ng h li o

h . inv n n n n p n p y v uby h h un ng n u ng h - n,

- u ( i o) h .

Un h h , nv n y , wh h nby pp y ng - - h h n g up ng v u . th i o - - b n h n g n b g nn ng nv n y p u h y pu h v y. th - -

u ng ny li o v b n h n g n

h y pu h v y h p ny k wn .th h qu n g n k n ju g n n

h y gn n y p h n ng nv n y v u n w h un g p gn z . Ju g n

n u ng k wn u h ugh nv n y nh nk g . Wh n n g n n h b y nv n y h

n h , k wn n v y n h p h h p h ng n . n -

n h n n k wn n u u n n n pn , u p n n g h n , w n

n h n n . ch ng n w h p n n u p n h n n u u h ng n h un n

ng k wn y y .

Wh n n y, h p ny li o p v n qu h nnu nf n, n h ju

u u n y - n . ou li o p v n u- b n nv n y v , kup n n n y g n

p n . a J nu y 31, 2010 n 2009, u nv n v u li o pp x h nv n h y w v u i o.

th p ny p v nv n y ( h nk g b w n phy nv n y un n h b p n g th p v n ju nnu y f h h n

u phy nv n y un u .

Impairment o Assets W v u ng- v h h n g w n

n n v n p n wh n v v n n u n n h y ng un y n b v

m n g n ju g n g ng h x n p n n b n k n n n u p n p

u h p ng n n h f w . th v u n ng- v p h w v n b h f w

g n y h n v u v , n n uh k g up v . th v b y h p n

nu b n n , n u ng un n y b u u u v n h ng n g ph . thu u un ng y h ng

p p . th u u n g n

u h p n n x n qu h pb p , wh h u u n n g n n ng h v u ng- v p , u ng n w - w

ng- v .

G w n h n n - v qu n ng b z , bu v u p n nnu y wh n v

h ng n u n n h h v u n b p . th v u n qu n g n k ju g n

ng u u h f w , g w h , n n n kn n . th v u n b n n ng h v p ng un u ng v u n h u h

h f w v , k -b pp h. H y, h h g n u n u n v h g w

n n - v qu n ng b . B u h n u u n h , n n n u n u

u u p ng u u b y p .

Income Taxes th n n u p v n n x qu gn

ju g n , h u , n h n p n n pp p x x w . s gn n ju g n qu n ng

ng n un u b n x b n h p b b u n ng un n x p n . th b n un n

p n n u n n n n y - k y- h n-n p b b y h h un n x p

w h n h ng , ny, x ng u h . Wh n u n h ng , w h p b b n

h ng n h n n n pp p . W un un n x p n by n ng h n u gn n h

h x p n qu b b ng gn zn n n . th n n qu h u ju gn ng h ng n un u b n x b




30/60

Sel -Insurance W u b n n n u n , - n u n n n -

n u n nu b k , n u ng, bu n , w k p n n, g n b y, v h b y, n h p ny

b g n p y - h h b n . l b w h h k h w n by n ng h

xp n , n u ng qu n y, v y, g ph nh u u p n . in u ng u b y, w n yz u

h n , n u ng v p n , n pp y pp p v p n h n u w h h

g n u - n u p g . th u hb u b gn n y u u u n

v p n h u p n . x p , u w k p n n n g n b y u , 1% n

h u p n v p n w un u - n u n u by $26 n.

in 2008, u u y n u w

u p y u 2004 h ugh 2007 w k p n -n n g n b y . th u n n u u p y p v h n ng xp n , wh h

p v p n n h u u p n . du h b n h ng n u u , u b

g n b y n w k p n n w u by$298 n, $196 n x, u ng n n n n n

n p b n u n h $0.05 h nqu y 2008.

Forward-Looking Statementsth annu r p n n n h W b v w - k ng n w h n h n ng h P v s ul g n r a 1995, n . th n n n

nj y h p n h h b w - k ng np v by h a . th w - k ng n n u n

n m n g n d u n n an y n n c n n nr u op n : u n h p n c p ny P nm Growth Net Sales n r u op n Consolidated Results o Operations w h p h v y u n y x h ng

p b y n nu ng u in n n g n n ;un h p n c p ny P n m Growth Comparable Store Sales g ng h h p n ng n w n -p b b z ng v ; un h p n l qu y

n c p r u Capital Resources w h p u b y n n n bu -up n nv n n h hqu n w h h f w p n n h - b w ng ,

u b y un n h f w h by h - b w ng

n ng- b , u p n n n ng- b u ,u n p un ng ny h n h p y v n n k

p xp n u h ugh h - b w ng n ng-

b , u p n n n x ng ng- b u , nb y u ng- u ; un h p n l qu

c p r u Global Expansion Activities w h p u p xp n u n 2011, h w w w n n xp n n

ny qu n u ng 2011, h n p nu b n n ub b p n n h Un s n n n n

n h n p n p xp n u n un h p n l qu y n c p r u Common StockDividends, w n N 1 u c n n n s

g ng h p y n v n n 2011; n un h pl qu y n c p r u O Balance Sheet Arrangements w h

p h un n n p y n un p ng n x u . th w - k ng n

n u n n N 8 u c n n n sg ng h p b u n U.s. x b y n u u

bu un bu n ng u n n-U.s. ub , h z n x , p b u n un gn

b n , h n u h u n n h gn u h

p n u u p n n n n n n, h png h u n n x n h w h u

w b , n h p b y h h u n n n-U.s. n x u u n

u . in n, h n n u n n h n ou n n P ng W n nu

g w un h w . th u P n n ch ex u vo pp ng n h a nnu r p n u w - k ng

n h : W n nu ng xp n n nh nn u n h p n xp n W wh n, whn h w h y w n ; W g w ng p ng xp n w h

n p ng n h n ; W ng v n v g h z , , xp n n xp h

W n nu ng k nv n n hn gy; W

p nn n g v qu k y n b ng nn v v p ny;W xp n ng u n n u n n p v ng

pp un ; W bu ng n u ng n ub y h ugh n nu w k n su n b P u in x n

n w n u g nh u g n ; W vn uph ng u u u , h w ng h w p n v u p p

pu ng u n v ng h ng n b n v n bp ny, n W k ng h b u u pp un y

, p ny n p p . w - k ng pp wh n h annu r p : un h p n W

U.s. Saving Customers Money So They Can Live Better n n g n xp n h g w h w n

p n n n p n k , w n w n ng n g n w h u n n bu n n g b

u ng n v ng h n u W U.s. g n v wn h g n p h v ng n u

m v , w - k ng n pp un h p n




31/60

W in n n Growing Globally To Serve More Customers n n g n xp n u in n n g n

n nu n gg v p h ugh qu n n ng g ng w h n g w n u in n n g n un by w n-n ng y. in n, w - k ng n pp un

h p n W Helping People Live Better Worldwide g ngv ng p u nn v n, n ng upp y h n n p n y n

ng ng u p u u n b y. th w - k ngn b b v n by h u n u h n

n h w ph n p , u u , xp , g w, xp , y b u , y n nu ,p n, w w y pu , w b , w b n u , w b p ,w b , w b v , w bu , w , w

n nu , w , w v , w xp n , w g w, wv n uph , w h w, w ng h n, w u n , nh w ph . s y, p n u bj v ,

g , p n , g g w - k ng n .th n u , ng h h ng , xp g w h, u u

v nu , u u h f w , u u p xp n u , u u p -n , u u n v n h n p n n xp n W

n n g n u u u n n n .

th w - k ng n n u n h annu r p nh w k wh ubj n , n h Un

s n n n n y, h u u bu n p n ,n n p n , bu n gy, p n , g n bj v .

th n u , bu n : g n n n -n , n u ng h u n n wn u n n up n n h

n n k , un p y n v , n u v b y,v n u p b n , n u p n ng p n nb v , nf n, f n, h h g w , b ,

n p n , h u , g n , n u g n

y, h h h b n , n , u u y nh n u n , n n u y , h n u n

, v b y p b bu ng n w , ubn h , p v p u , n - , w h

p n , ph v n , n h g u nbu n n , h ng , w h - ng ,

v b y n n p g n gn upp ,u n y x h ng fu u n n v y, n , h ngn n gh , p n h ng n x n h wn gu n h u bu n , p n w h wn gu n , h u g p ng wh h w

p y, n fu u n , h ng n p y n g n nh p k , n n g -p n n n v n ,

n u ng v un n k . m v , w yp y n

p p n p u nnu p ng n n h u hqu u h n buy ng p n . th buy ng p n

u w h n y. th g ng h

y u p n n x u v . o h n up v n u v y u bu n p

n n p n . W u n h w n k h y u bu n p

n n n n, u p n n qu y n hng w h h s u n ex h ng c n ( h sec),

n u ng u annu r p n 10-K. W u annur p n 10-K h y n J nu y 31, 2010, w h hsec n m h 30, 2010. th w - k ng n b

b v b n kn w g u bu n n h nv n-n n wh h w p . H w v , b u h b

n b v , w h , u h ngu p n n b ng z h u n , u

y n p u b pw - k ng n . W nn u h h h

v p n xp n p by u w b z ub n y z , h h u v p n w

n h xp n qu n u u , u bu n

p n n h w y w xp . Y u u g n h k , un n n h u y n v u

w - k ng n n n p un u n n uw - k ng n . th w - k ng n n

n h annu r p p k n y h h p , n wun k n b g n up h w - k ng

f ub qu n v n u n , x p y b quby pp b w.




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Y en J nu y 31,

(a un n n x p p h ) 2010 2009 2008

Revenues:

N $405,046 $401,087 $373,821m b h p n h n 3,168 3,287 3,202

408,214 404,374 377,023

Costs and expenses:c 304,657 304,056 284,137op ng, ng, g n n n v xp n 79,607 77,520 70,934

Operating income 23,950 22,798 21,952

Interest:d b 1,787 1,896 1,863c p 278 288 240in n (181) (284) (309)

in , n 1,884 1,900 1,794

Income rom continuing operations be ore income taxes 22,066 20,898 20,158

Provision or income taxes:cu n 7,643 6,564 6,897d (504) 581 (8)

7,139 7,145 6,889

Income rom continuing operations 14,927 13,753 13,269Income (loss) rom discontinued operations, net o tax (79) 146 (132)

Consolidated net income 14,848 13,899 13,137Less consolidated net income attr ibutable to noncontrolling interest (513) (499) (406)

Consolidated net income attr ibutable to Walmart $ 14,335 $ 13,400 $ 12,731

Basic net income per common share:B n p n h n nu ng p n bu b W $ 3.73 $ 3.36 $ 3.16B n ( ) p n h n nu p n bu b W(0.02) 0.04 (0.03)

Basic net income per common share attr ibutable to Walmart $ 3.71 $ 3.40 $ 3.13

Diluted net income per common share:d u n p n h n nu ng p n bu b W $ 3.72 $ 3.35 $ 3.16d u n ( ) p n h n nu p n bu b W(0.02) 0.04 (0.03)

Diluted net income per common share attributable to Walmart $ 3.70 $ 3.39 $ 3.13

Weighted-average number o common shares:B 3,866 3,939 4,066d u 3,877 3,951 4,072

Dividends declared per common share $ 1.09 $ 0.95 $ 0.88

See accompanying notes.

c n s n in



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J nu y 31,

(a un n n x p p h ) 2010 2009

ASSETS

Current assets:c h n h qu v n $ 7,907 $ 7,275r v b , n 4,144 3,905inv n 33,160 34,511P p xp n n h 2,980 3,063cu n n nu p n 140 195

t u n 48,331 48,949Property and equipment:

l n 22,591 19,852Bu ng n p v n 77,452 73,810

x u n qu p n 35,450 29,851t n p n qu p n 2,355 2,307

P p y n qu p n 137,848 125,820

l u u p n (38,304) (32,964)P p y n qu p n , n 99,544 92,856

Property under capital leases:P p y un p 5,669 5,341l u u z n (2,906) (2,544)

P p y un p , n 2,763 2,797G w 16,126 15,260o h n h g 3,942 3,567

Total assets $170,706 $163,429

LIABILITIES AND EqUITYCurrent liabilities:

sh - b w ng $ 523 $ 1,506

a un p y b 30,451 28,849a u b 18,734 18,112a u n x 1,365 677l ng- b u w h n n y 4,050 5,848ob g n un p u w h n n y 346 315cu n b n nu p n 92 83

t u n b 55,561 55,390

l ng- b 33,231 31,349l ng- b g n un p 3,170 3,200d n x n h 5,508 6,014r b n n n ng n 307 397

c n n n ng n

Equity:P k ($0.10 p v u ; 100 h u h z , n n u ) c n k ($0.10 p v u ; 11,000 h u h z , 3,786 n 3,925 u

n u n ng J nu y 31, 2010 n J nu y 31, 2009, p v y) 378 393c p n x p v u 3,803 3,920r n n ng 66,638 63,660a u u h p h n v (70) (2,688)

t W h h qu y 70,749 65,285N n n ng n 2,180 1,794

t qu y 72,929 67,079

Total liabilities and e uity $170,706 $163,429


c n B n sh



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Y en J nu y 31,

(a un n n ) 2010 2009 2008

Cash ows rom operating activities:

c n n n $ 14,848 $ 13,899 $ 13,137l ( n ) n nu p n , n x 79 (146) 132

in n nu ng p n 14,927 13,753 13,269a ju n n n n nu ng p n n h

p v by p ng v :d p n n z n 7,157 6,739 6,317d n x (504) 581 (8)o h p ng v 301 769 504ch ng n n n b , n qu n :

in n un v b (297) (101) (564)d ( n ) n nv n 2,265 (220) (775)in ( ) n un p y b 1,052 (410) 865in n u b 1,348 2,036 1,034

N h p v by p ng v 26,249 23,147 20,642

Cash ows rom investing activities:P y n p p y n qu p n (12,184) (11,499) (14,937)P p p p y n qu p n 1,002 714 957P (p y n ) p n n n n p n , n 838 (257)inv n n n n n p n , n h qu (1,576) (1,338)o h nv ng v (438) 781 (95)

N h u n nv ng v (11,620) (10,742) (15,670)

Cash ows rom fnancing activities:in ( ) n h - b w ng , n (1,033) (3,745) 2,376P u n ng- b 5,546 6,566 11,167P y n ng- b (6,033) (5,387) (8,723)

d v n p (4,217) (3,746) (3,586)Pu h p ny k (7,276) (3,521) (7,691)Pu h b n n n ng n (436) P y n p b g n (346) (352) (343)o h n n ng v (396) 267 (622)

N h u n n n ng v (14,191) (9,918) (7,422)

e x h ng n h n h qu v n 194 (781) 252

N n ( ) n h n h qu v n 632 1,706 (2,198)c h n h qu v n b g nn ng y (1) 7,275 5,569 7,767

c h n h qu v n n y (2) $ 7,907 $ 7,275 $ 5,569

Supplemental disclosure o cash ow in ormationin x p $ 7,389 $ 6,596 $ 6,299in p 2,141 1,787 1,622c p b g n n u 61 284 447

(1) Includes cash and cash equivalents o discontinued operations o $51 million at February 1, 2007.

(2) Includes ca sh and cash equivalents o discontinued operations o $77 million at January 31, 2008.


c n s n c h f w



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1 Summary o Signifcant Accounting PoliciesGeneral W -m s , in . ( W , h p ny w ) p

n v u un h w n v ng p p n y h y n v b . W n h u u

u v y y by p v ng b n qu y h n- n v v y y w p (edlP) wh ng

u u h w n b u u p , n g y n v y.edlP u p ng ph phy un wh h w p w p

v y y u u u h u p w n h ng un qu n p n v y. ou y n n J nu y 31.

Consolidation th c n n n s n n u h un W -ms , in . n ub . in p ny n n h v b n

n n n n. inv n n wh h h p ny h 20% 50% v ng n n wh h p ny x gn n

nfu n v h nv un u ng h qu y h .th nv n u p ny.

th p ny p n n a g n n , B z , ch , ch n , c r ,e s v , Gu , H n u , in , J p n, m x , N gu n

h Un K ng n u ng d b 31 y -n , g n y u u y p ng qu n . th w n

gn n n v n ng v n n J nu y 2010 wh h y h n n n . th p ny p n n c n n Pu

r n u ng J nu y 31 y - n .

th p ny n h un n v b n nwh h b n n h W h p y b n y

h n p n . th , b n u p n h n n h p ny.

Cash and Cash Equivalents th p ny n nv n w h u y h n h

wh n pu h b h qu v n . th j y p y nu b nk h -p y , b n n

b n n n (eBt) p w h n 24-48 h u , x p n n u ng n y, wh h g n y p h

w ng m n y. a , b n eBt n n hp n h n v n y h n h qu v n .th un u b nk h n n h

$2.6 b n n $2.0 b n J nu y 31, 2010 n 2009, p -v y. in n, h n h qu v n n u h

h h ng v u un p qu

by n v v n u g n $469 n n $577n J nu y 31, 2010 n 2009, p v y.

Receivables r v b n p y un u : n u n p n u ng u ph y ; b nk u , b n eBt n n h

k n x v n y p ; upp k ng n n v p g ; n u n n ng p g n n n n n ub ; n n n .

W b h v un b v b b n hn n n p u un n w - h y. ou

v un b v b , wh h p y n u n n ng p g , w $298 n n $188 n

J nu y 31, 2010 n 2009, p v y.

Inventories th p ny v u nv n h w k

n p y by h h un ng, u ng - n, - u (li o) h ub n y h W

U.s. g n h n nv n . s c ub h n nh n n u bu n w h u v u b n h

w gh - v g u ng h li o h . inv n in n -n p n p y v u by h h

u ng h - n, - u ( i o) h . a J nu y 31, 2010 n2009, u nv n v u li o pp x h nv n

h y w v u i o.

Capitalized Interest in p z n n u n p j w $85 $88 n n $150 n n 2010, 2009 n 2008, p v

Long-Lived Assets l ng- v . m n g n v w ng- v

n p n wh n v v n h ng n un h h y ng un y n b v b . th v u

n p h w v n b h f w , wh h n v u v n n u n k

. Un un h f w xp b g n by h v h u u b n up

n . i h v u n n h h y ng un h y n b v b , ny p n p n u b

up n h v u h g up nn pp p k pp h v u n hn qu . i ph g w $429 n, $262 n n $210 n y

2010, 2009 n 2008, p v y, n n p ng, g n n n v xp n n h p ny ng c ns n in . s N 15 u h n n g n

h p n h g n 2010.

Goodwill and Other Acquired Intangible Assets G w p n h x pu h p v v u

qu , n h pp p g n wh n o h qu n ng b h v u qu

n by v u n hn qu n u w h h n nu h . G w n n n - v h qu

n ng b n z ; h h y v u n nnu y u ng u u h qu , wh n v v n

h ng n u n n h h v u h p . d n - v h qu n ng b nng- v n z n gh - n b v h

h xp n b n w b p v .

N c n f n n s n



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in n - v h qu n ng b n u n h n h g n h p ny ng c n B n

sh . th v u p n b n h v uu ng v u n hn qu wh h up nnu y b n h

n v b n u p n . th w n p n h g n n - v n ng b u ng h

y n J nu y 31, 2010, 2009 n 2008.

G w v u p n by n ng h v u h p ng un . v u u b n un

h f w h n v k -b pp h . th n yqu gn n n g n ju g n v u h p y

n qu bu n p w h n p j n . th p ny hn v p n h g g w .

th w ng b f g w v y y 2010 n 2009:

(a un n n ) in n n s c ub t

February 1, 2008 $ 15,574 $ 305 $ 15,879cu n y n n (2,020) (2,020)a qu n 1,500 1,500o h (99) (99)

January 31, 2009 $14,955 $305 $15,260Currency translation 970 970Other (104) (104)

January 31, 2010 $15,821 $305 $16,126

du ng 2010, h in n n g n g w b n n$970 n u n y x h ng fu u n . o h g w

v y $104 n n u ju n n n z ng h

n h pu h p d bu n y s v (d&s).du ng 2009, h in n n g n g w b n $619 n, p y h ng h n ng h U.s.

g n j u n , p y by g w n nn n w h h qu n j y n n d&s nh pu h h n ng n y h th s yu l . th

qu n n p u n u h n N 9.

Leases th p ny h xp by u ng h

x n w p n wh n n p n y x h w up u h b n n n h h n h n n n-

n b n h x u h n w h n h p ny. th xp u n h n n

wh h p p ng n n h u n gh - n n xp n . a n y, h u u hp v n by h xp h n h , wh h v h . i gn n xp n u

h p v n n h xp n n w n b y u , h u u h h p v n

h n h n w p n h ,wh h v h .

r n b n n n n n h un u p y n n h p ny p n

n ng g h - n n xp n p ng .

Currency Translation th n b n n n ub

h p v u n y h U.s. u ng x h n h b n h . th n n n n

ub n h p v u n y u ng v g x h ng h p . r n

ju n p n n u u h p h n v n ( ).

Revenue Recognition th p ny gn z v nu n x n

u n h h n h u . cpu h h pp ng n gn z v nu un

n h u pu h h n by u n

h h pp ng . th p ny gn z v nu vn n h h v p . G n y,

v p n n n n u nn n .

Sams Club Membership Fee Revenue Recognition th p ny gn z s c ub b h p v nu b h n

h Un s n n n n y v h h bwh h 12 n h . th w ng b v nu

b h p v b n h un v nugn z n n ng h h y 2010, 2009 n 2

dm b h p

(a un n n ) r v nu

Balance at February 1, 2007 $ 535m b h p v 1,054m b h p v nu gn z (1,038)

Balance at January 31, 2008 $ 551m b h p v 1,044m b h p v nu gn z (1,054)

Balance at January 31, 2009 $ 541Membership ees received 1,048Membership ee revenue recognized (1,057)

Balance at January 31, 2010 $ 532

s c ub b h p v nu n u n b h p nh n n h v nu n h p ny ng c n

s n in . th b h p n u nu b n h p ny ng c n B n sh

Cost o Sales c n u u p u , h n p

h p ny w h u , n ub upp , h n p n h p ny w h u h n

n h w h u ng u s c ub g n .

N c n f n n s n



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Payments rom Suppliers W v n y upp v u p g , p yv u n n v , w h u w n n bu n p -

p g u h k wn , g n p n n v ng.sub n y p y n upp un u n

pu h n gn z n u c n s n inwh n h nv n y .

Operating, Selling, General and Administrative Expenses op ng, ng, g n n n v xp n n u

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