Delaware | 001-06991 | 71-0415188 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(d) | Exhibits |
The following documents are furnished as exhibits to this Current Report on Form 8-K: | |
99.1 | |
99.2 |
WALMART INC. | |
By: | /s/ M. Brett Biggs |
Name: | M. Brett Biggs |
Title: | Executive Vice President and Chief Financial Officer |
Total revenue was $128.0 billion, an increase of $4.7 billion, or 3.8%. Excluding currency2, total revenue was $127.8 billion, an increase of $4.4 billion, or 3.6%. | "Thanks to the hard work of our associates, we had a great quarter with strong results and momentum across the business. We’re pleased with how customers are responding to the way we're leveraging stores and eCommerce to make shopping faster and more convenient. We're continuing to aggressively roll out grocery pickup and delivery in the U.S., and we recently announced expanded omni-channel initiatives in China and Mexico. Customers have choices and we're making it easier than ever for them to choose Walmart." Doug McMillon President and CEO, Walmart | |||
Walmart U.S. comp sales1 increased 4.5%, the strongest growth in more than ten years led by the performance of grocery, apparel and seasonal. Strong comp sales were supported by traffic and ticket growth as each exceeded 2.0%. | ||||
Walmart U.S. omni-channel saw significant progress with an expanded online assortment, including 1,100 popular new brands. Grocery pickup is now in more than 1,800 locations, and the company is on track to reach about 40% of the U.S. population by year-end with grocery delivery. | ||||
Sam's Club comp sales1 increased 5.0%4, the strongest growth in six years. | ||||
Net sales at Walmart International were $29.5 billion, an increase of 4.0%. Excluding currency2, net sales were $29.2 billion, an increase of 3.1%. Comp sales were positive in the four largest markets. | ||||
Adjusted EPS2 excludes the impact of three items: • Charge of $1.51 related to the sale of a majority stake in Walmart Brazil• Negative impact of $0.04 due to an adjustment in the provisional amount related to Tax Reform• Unrealized loss of $0.03 on the company's equity investment in JD.com |
Q2 FY19 | Q2 FY18 | Change | |||
Revenue | $128.0 | $123.4 | $4.7 | 3.8% | |
Revenue (constant currency)2 | $127.8 | $123.4 | $4.4 | 3.6% | |
Operating income | $5.8 | $6.0 | -$0.2 | -3.7% | |
Operating income (constant currency)2 | $5.7 | $6.0 | -$0.2 | -4.0% |
Free Cash Flow | YTD FY19 | $ Change | Returns to Shareholders | Q2 FY19 | % Change | |
Operating cash flow | $11.1 | -$0.3 | Dividends | $1.5 | -0.3% | |
Capital expenditures | $4.3 | -$0.1 | Share repurchases5 | $1.3 | -42.3% | |
Free cash flow2 | $6.8 | -$0.1 | Total | $2.8 | -25.3% |
NYSE: WMT | August 16, 2018 | stock.walmart.com |
Metric | Updated FY19 Guidance | Original FY19 Guidance |
Consolidated net sales | About 2% in constant currency, impacted by: • Sale of a majority stake in Walmart Brazil• Sam’s Club closures and tobacco actions • Wind-down of first-party Brazil eCommerce • Divestiture of SuburbiaCombined impact: -180 bps | +1.5 to +2% in constant currency, impacted by: • Sam’s Club closures and tobacco actions• Wind-down of first party Brazil eCommerce • Divestiture of SuburbiaCombined impact: -140 bps |
Comp sales (ex. fuel) | • Walmart U.S.: around +3%• Sam's Club: around +3%, with negative impact from tobacco of 200 bps | • Walmart U.S.: at least 2%• Sam's Club: -1% to flat, with negative impact from tobacco of 400 bps |
Walmart U.S. eCommerce net sales | Approximately 40% | Approximately 40% |
Walmart International net sales | About 0.7% in constant currency, impacted by: • Sale of a majority stake in Walmart Brazil• Wind-down of first-party Brazil eCommerce • Divestiture of SuburbiaCombined impact: -330 bps | +3% in constant currency, impacted by: • Wind-down of first-party Brazil eCommerce • Divestiture of SuburbiaCombined impact: -63 bps |
Consolidated operating income, adjusted3 | Flat to slight percentage decrease3 | Low single-digit percentage decrease3 |
Consolidated operating income margin | Around 4.4% in constant currency | 4.3% to 4.4% in constant currency |
GAAP EPS1 | $2.90 to $3.05 | $4.75 to $5.00 |
Adjusted EPS1,2 | $4.90 to $5.05, excluding: • Sale of a majority stake in Walmart Brazil• Unrealized losses on JD.com investment • Tax Reform adjustments | $4.75 to $5.00 |
Effective tax rate | • 31% - 33%, impacted +700 bps due to the combined impact of unrealized losses on JD.com investment, sale of a majority stake in Walmart Brazil and Tax Reform adjustments• For adjusted EPS, 24% to 26% | 24% to 26% |
NYSE: WMT | August 16, 2018 | stock.walmart.com |
• | On Aug. 8, 2018, the Competition Commission of India issued an unconditional approval for the company's investment in Flipkart, which satisfies one of the conditions to the closing of the company's investment in Flipkart. The transaction is expected to close as soon as reasonably practicable after the satisfaction or waiver of the remaining closing conditions. |
• | On Aug. 1, 2018, the company completed the sale of an 80 percent stake in Walmart Brazil. |
• | The previously announced proposed combination of Sainsbury's and Asda is pending regulatory review. |
Segment results |
U.S. | Q2 FY19 | Q2 FY18 | Change | |||
Net sales | $82.8 | $78.7 | $4.1 | 5.2% | ||
Comp sales (ex. fuel)1 | 4.5% | 1.8% | 270 bps | N/A | ||
Traffic | 2.2% | 1.3% | 90 bps | N/A | ||
Ticket | 2.3% | 0.5% | 180 bps | N/A | ||
eCommerce | ~100 bps | ~70 bps | ~30 bps | N/A | ||
Operating income | $4.5 | $4.4 | $0.1 | 1.4% |
Q2 FY19 | Q2 FY18 | Change | |||
Net sales | $29.5 | $28.3 | $1.1 | 4.0% | |
Net sales (constant currency)2 | $29.2 | $28.3 | $0.9 | 3.1% | |
Operating income | $1.3 | $1.6 | -$0.3 | -19.1% | |
Operating income (constant currency)2 | $1.2 | $1.6 | -$0.3 | -20.4% |
Q2 FY19 | Q2 FY18 | Change | |||||
Net sales | $14.8 | $14.9 | -$0.1 | -0.6% | |||
Comp sales (ex. fuel)1 | 5.0% | 1.2% | 380 bps | N/A | |||
Traffic | 6.7% | 2.1% | 460 bps | N/A | |||
Ticket | -1.7% | -0.9% | -80 bps | N/A | |||
eCommerce | ~110 bps | ~80 bps | ~30 bps | N/A | |||
Operating income | $0.4 | $0.4 | $— | 2.8% |
NYSE: WMT | August 16, 2018 | stock.walmart.com |
Investor Relations contact Dan Binder (479) 258-7172 | Media Relations contact Randy Hargrove (800) 331-0085 |
• | economic, geo-political, capital markets and business conditions, trends and events around the world and in the markets in which Walmart operates; |
• | currency exchange rate fluctuations, changes in market interest rates and commodity prices; |
• | unemployment levels; competitive pressures; inflation or deflation, generally and in particular product categories; |
• | consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels and demand for certain merchandise; |
• | consumer enrollment in health and drug insurance programs and such programs' reimbursement rates; |
• | the amount of Walmart's net sales denominated in the U.S. dollar and various foreign currencies; |
• | the impact of acquisitions, investments, divestitures, store or club closures, and other strategic decisions; |
• | Walmart's ability to successfully integrate acquired businesses, including within the eCommerce space; |
• | Walmart's effective tax rate and the factors affecting Walmart's effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law, administrative audit outcomes, impact of discrete items and the mix of earnings between the U.S. and Walmart's international operations; |
• | changes in existing tax, labor and other laws and regulations and changes in tax rates, trade agreements, trade restrictions and tariff rates; |
• | customer traffic and average ticket in Walmart's stores and clubs and on its eCommerce websites; |
• | the mix of merchandise Walmart sells, the cost of goods it sells and the shrinkage it experiences; |
• | the amount of Walmart's total sales and operating expenses in the various markets in which it operates; |
• | transportation, energy and utility costs and the selling prices of gasoline and diesel fuel; |
• | supply chain disruptions and disruptions in seasonal buying patterns; |
• | consumer acceptance of and response to Walmart's stores, clubs, digital platforms, programs, merchandise offerings and delivery methods; |
• | cyber security events affecting Walmart and related costs; |
• | developments in, outcomes of, and costs incurred in legal or regulatory proceedings to which Walmart is a party; |
• | casualty and accident-related costs and insurance costs; |
• | the turnover in Walmart's workforce and labor costs, including healthcare and other benefit costs; |
• | changes in accounting estimates or judgments; |
• | the level of public assistance payments; |
• | natural disasters, public health emergencies, civil disturbances, and terrorist attacks; and |
• | Walmart's expenditures for Foreign Corrupt Practices Act "FCPA" and other compliance related costs, including the adequacy of the accrual with respect to this matter. |
NYSE: WMT | August 16, 2018 | stock.walmart.com |
Three Months Ended | Six Months Ended | |||||||||||||||||||||
July 31, | July 31, | |||||||||||||||||||||
(Amounts in millions, except per share data) | 2018 | 2017 | Percent Change | 2018 | 2017 | Percent Change | ||||||||||||||||
Revenues: | ||||||||||||||||||||||
Net sales | $ | 127,059 | $ | 121,949 | 4.2 | % | $ | 248,689 | $ | 238,475 | 4.3 | % | ||||||||||
Membership and other income | 969 | 1,406 | (31.1 | )% | 2,029 | 2,422 | (16.2 | )% | ||||||||||||||
Total revenues | 128,028 | 123,355 | 3.8 | % | 250,718 | 240,897 | 4.1 | % | ||||||||||||||
Costs and expenses: | ||||||||||||||||||||||
Cost of sales | 95,571 | 91,521 | 4.4 | % | 187,278 | 179,209 | 4.5 | % | ||||||||||||||
Operating, selling, general and administrative expenses | 26,707 | 25,865 | 3.3 | % | 52,536 | 50,482 | 4.1 | % | ||||||||||||||
Operating income | 5,750 | 5,969 | (3.7 | )% | 10,904 | 11,206 | (2.7 | )% | ||||||||||||||
Interest: | ||||||||||||||||||||||
Debt | 460 | 522 | (11.9 | )% | 897 | 1,028 | (12.7 | )% | ||||||||||||||
Capital lease and financing obligations | 94 | 91 | 3.3 | % | 187 | 183 | 2.2 | % | ||||||||||||||
Interest income | (51 | ) | (38 | ) | 34.2 | % | (94 | ) | (73 | ) | 28.8 | % | ||||||||||
Interest, net | 503 | 575 | (12.5 | )% | 990 | 1,138 | (13.0 | )% | ||||||||||||||
Loss on extinguishment of debt | — | 788 | (100.0 | )% | — | 788 | (100.0 | )% | ||||||||||||||
Other (gains) and losses | 4,849 | — | N/A | 6,694 | — | N/A | ||||||||||||||||
Income before income taxes | 398 | 4,606 | (91.4 | )% | 3,220 | 9,280 | (65.3 | )% | ||||||||||||||
Provision for income taxes | 1,125 | 1,502 | (25.1 | )% | 1,671 | 3,024 | (44.7 | )% | ||||||||||||||
Consolidated net income (loss) | (727 | ) | 3,104 | (123.4 | )% | 1,549 | 6,256 | (75.2 | )% | |||||||||||||
Consolidated net income attributable to noncontrolling interest | (134 | ) | (205 | ) | (34.6 | )% | (276 | ) | (318 | ) | (13.2 | )% | ||||||||||
Consolidated net income (loss) attributable to Walmart | $ | (861 | ) | $ | 2,899 | (129.7 | )% | $ | 1,273 | $ | 5,938 | (78.6 | )% | |||||||||
Net income (loss) per common share: | ||||||||||||||||||||||
Basic net income (loss) per common share attributable to Walmart | $ | (0.29 | ) | $ | 0.96 | (130.2 | )% | $ | 0.43 | $ | 1.97 | (78.2 | )% | |||||||||
Diluted net income (loss) per common share attributable to Walmart | $ | (0.29 | ) | $ | 0.96 | (130.2 | )% | $ | 0.43 | $ | 1.96 | (78.1 | )% | |||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||||
Basic | 2,946 | 3,008 | 2,948 | 3,021 | ||||||||||||||||||
Diluted | 2,960 | 3,021 | 2,963 | 3,034 | ||||||||||||||||||
Dividends declared per common share | $ | — | $ | — | $ | 2.08 | $ | 2.04 |
July 31, | January 31, | July 31, | ||||||||||
(Amounts in millions) | 2018 | 2018 | 2017 | |||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 15,840 | $ | 6,756 | $ | 6,469 | ||||||
Receivables, net | 5,002 | 5,614 | 5,395 | |||||||||
Inventories | 41,985 | 43,783 | 43,442 | |||||||||
Prepaid expenses and other | 3,543 | 3,511 | 1,457 | |||||||||
Total current assets | 66,370 | 59,664 | 56,763 | |||||||||
Property and equipment: | ||||||||||||
Property and equipment | 182,524 | 185,154 | 183,545 | |||||||||
Less accumulated depreciation | (78,505 | ) | (77,479 | ) | (75,375 | ) | ||||||
Property and equipment, net | 104,019 | 107,675 | 108,170 | |||||||||
Property under capital lease and financing obligations: | ||||||||||||
Property under capital lease and financing obligations | 12,545 | 12,703 | 12,581 | |||||||||
Less accumulated amortization | (5,547 | ) | (5,560 | ) | (5,398 | ) | ||||||
Property under capital lease and financing obligations, net | 6,998 | 7,143 | 7,183 | |||||||||
Goodwill | 17,840 | 18,242 | 18,037 | |||||||||
Other long-term assets | 10,835 | 11,798 | 11,413 | |||||||||
Total assets | $ | 206,062 | $ | 204,522 | $ | 201,566 | ||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Short-term borrowings | $ | 444 | $ | 5,257 | $ | 3,262 | ||||||
Accounts payable | 43,128 | 46,092 | 42,389 | |||||||||
Dividends payable | 3,057 | — | 3,057 | |||||||||
Accrued liabilities | 22,846 | 22,122 | 19,686 | |||||||||
Accrued income taxes | 424 | 645 | 505 | |||||||||
Long-term debt due within one year | 1,090 | 3,738 | 3,254 | |||||||||
Capital lease and financing obligations due within one year | 694 | 667 | 658 | |||||||||
Total current liabilities | 71,683 | 78,521 | 72,811 | |||||||||
Long-term debt | 44,958 | 30,045 | 33,706 | |||||||||
Long-term capital lease and financing obligations | 6,610 | 6,780 | 6,763 | |||||||||
Deferred income taxes and other | 8,999 | 8,354 | 9,240 | |||||||||
Commitments and contingencies | ||||||||||||
Equity: | ||||||||||||
Common stock | 294 | 295 | 299 | |||||||||
Capital in excess of par value | 2,710 | 2,648 | 2,352 | |||||||||
Retained earnings | 80,810 | 85,107 | 84,838 | |||||||||
Accumulated other comprehensive loss | (12,629 | ) | (10,181 | ) | (11,100 | ) | ||||||
Total Walmart shareholders’ equity | 71,185 | 77,869 | 76,389 | |||||||||
Noncontrolling interest | 2,627 | 2,953 | 2,657 | |||||||||
Total equity | 73,812 | 80,822 | 79,046 | |||||||||
Total liabilities and equity | $ | 206,062 | $ | 204,522 | $ | 201,566 |
Six Months Ended | ||||||||
July 31, | ||||||||
(Amounts in millions) | 2018 | 2017 | ||||||
Cash flows from operating activities: | ||||||||
Consolidated net income | $ | 1,549 | $ | 6,256 | ||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 5,332 | 5,169 | ||||||
Unrealized (gains) and losses | 1,939 | — | ||||||
(Gains) and losses for disposal of business operations | 4,755 | — | ||||||
Deferred income taxes | (117 | ) | 94 | |||||
Loss on extinguishment of debt | — | 788 | ||||||
Other operating activities | 469 | (16 | ) | |||||
Changes in certain assets and liabilities, net of effects of acquisitions: | ||||||||
Receivables, net | 257 | 585 | ||||||
Inventories | 441 | 233 | ||||||
Accounts payable | (1,588 | ) | 535 | |||||
Accrued liabilities | (1,702 | ) | (1,720 | ) | ||||
Accrued income taxes | (240 | ) | (564 | ) | ||||
Net cash provided by operating activities | 11,095 | 11,360 | ||||||
Cash flows from investing activities: | ||||||||
Payments for property and equipment | (4,282 | ) | (4,423 | ) | ||||
Proceeds from the disposal of property and equipment | 205 | 212 | ||||||
Proceeds from disposal of certain operations | — | 1,012 | ||||||
Payments for business acquisitions, net of cash acquired | — | (363 | ) | |||||
Other investing activities | (351 | ) | 20 | |||||
Net cash used in investing activities | (4,428 | ) | (3,542 | ) | ||||
Cash flows from financing activities: | ||||||||
Net change in short-term borrowings | (4,761 | ) | 2,144 | |||||
Proceeds from issuance of long-term debt | 15,851 | 1,503 | ||||||
Repayments of long-term debt | (3,050 | ) | (3,400 | ) | ||||
Premiums paid to extinguish debt | — | (777 | ) | |||||
Dividends paid | (3,067 | ) | (3,088 | ) | ||||
Purchase of Company stock | (1,844 | ) | (4,447 | ) | ||||
Dividends paid to noncontrolling interest | (171 | ) | (473 | ) | ||||
Purchase of noncontrolling interest | — | (8 | ) | |||||
Other financing activities | (478 | ) | (85 | ) | ||||
Net cash provided by (used in) financing activities | 2,480 | (8,631 | ) | |||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (299 | ) | 432 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 8,848 | (381 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of year | 7,014 | 7,144 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 15,862 | $ | 6,763 |
Net Sales | Operating Income | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
July 31, | July 31, | ||||||||||||||||
(dollars in millions) | 2018 | 2017 | Percent Change | 2018 | 2017 | Percent Change | |||||||||||
Walmart U.S. | $ | 82,815 | $ | 78,738 | 5.2 | % | $ | 4,479 | $ | 4,417 | 1.4 | % | |||||
Walmart International | 29,454 | 28,331 | 4.0 | % | 1,269 | 1,568 | -19.1 | % | |||||||||
Sam's Club | 14,790 | 14,880 | -0.6 | % | 402 | 391 | 2.8 | % | |||||||||
Corporate and support | — | — | N/A | -400 | -407 | -1.7 | % | ||||||||||
Consolidated | $ | 127,059 | $ | 121,949 | 4.2 | % | $ | 5,750 | $ | 5,969 | -3.7 | % | |||||
With Fuel | Without Fuel | Fuel Impact | ||||||||||
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | ||||||||||
7/27/2018 | 7/28/2017 | 7/27/2018 | 7/28/2017 | 7/27/2018 | 7/28/2017 | |||||||
Walmart U.S. | 4.7% | 1.9% | 4.5% | 1.8% | 0.2% | 0.1% | ||||||
Sam's Club | 7.7% | 1.4% | 5.0% | 1.2% | 2.7% | 0.2% | ||||||
Total U.S. | 5.2% | 1.8% | 4.6% | 1.7% | 0.6% | 0.1% | ||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
Walmart International | Consolidated | Walmart International | Consolidated | ||||||||||||||||||||
(Dollars in millions) | 2018 | Percent Change1 | 2018 | Percent Change1 | 2018 | Percent Change1 | 2018 | Percent Change1 | |||||||||||||||
Total revenues: | |||||||||||||||||||||||
As reported | $ | 29,769 | 2.7 | % | $ | 128,028 | 3.8 | % | $ | 60,403 | 7.0 | % | $ | 250,718 | 4.1 | % | |||||||
Currency exchange rate fluctuations | -248 | N/A | -248 | N/A | -2,218 | N/A | -2,218 | N/A | |||||||||||||||
Constant currency total revenues | $ | 29,521 | 1.8 | % | $ | 127,780 | 3.6 | % | $ | 58,185 | 3.1 | % | $ | 248,500 | 3.2 | % | |||||||
Net sales: | |||||||||||||||||||||||
As reported | $ | 29,454 | 4.0 | % | $ | 127,059 | 4.2 | % | $ | 59,714 | 7.7 | % | $ | 248,689 | 4.3 | % | |||||||
Currency exchange rate fluctuations | -242 | N/A | -242 | N/A | -2,189 | N/A | -2,189 | N/A | |||||||||||||||
Constant currency net sales | $ | 29,212 | 3.1 | % | $ | 126,817 | 4.0 | % | $ | 57,525 | 3.8 | % | $ | 246,500 | 3.4 | % | |||||||
Operating income: | |||||||||||||||||||||||
As reported | $ | 1,269 | -19.1 | % | $ | 5,750 | -3.7 | % | $ | 2,534 | -6.4 | % | $ | 10,904 | -2.7 | % | |||||||
Currency exchange rate fluctuations | -21 | N/A | -21 | N/A | -146 | N/A | -146 | N/A | |||||||||||||||
Constant currency operating income | $ | 1,248 | -20.4 | % | $ | 5,729 | -4.0 | % | $ | 2,388 | -11.8 | % | $ | 10,758 | -4.0 | % |
Six Months Ended | ||||||||
July 31, | ||||||||
(Dollars in millions) | 2018 | 2017 | ||||||
Net cash provided by operating activities | $ | 11,095 | $ | 11,360 | ||||
Payments for property and equipment (capital expenditures) | -4,282 | -4,423 | ||||||
Free cash flow | $ | 6,813 | $ | 6,937 | ||||
Net cash used in investing activities1 | $ | -4,428 | $ | -3,542 | ||||
Net cash provided by (used in) financing activities | 2,480 | -8,631 |
• | Tax Reform - The SEC allows companies to record provisional amounts during a one year measurement period from the U.S. Tax Reform enactment date. While the company recorded provisional amounts as of January 31, 2018, the company adjusts such provisional amounts during fiscal 2019. As the company adjusted EPS in fiscal 2018 for the impact of Tax Reform, for consistency, management adjusts EPS for any fiscal 2019 changes to the provisional amounts. |
• | Unrealized gains and losses - Beginning in fiscal 2019, due to a change in U.S. accounting principles, Walmart is required to include unrealized gains/losses of certain equity investments within net income. The company's unrealized gains/losses primarily relate to Walmart's equity investment in JD.com. While the company's investment in JD.com was a strategic decision for the company's retail operations in China, management's measurement of that strategy is primarily focused on the Walmart China financial results rather than the investment value of JD.com. Accordingly, management adjusts EPS for the unrealized JD.com investment gains/losses. |
Three Months Ended July 31, 2018 | ||||||
Diluted earnings per share: | ||||||
Reported net loss per share | -$0.29 | |||||
Adjustments: | Pre-Tax Impact | Tax Impact1 | Net Impact | |||
Loss on sale of majority stake in Walmart Brazil | $1.61 | -$0.10 | $1.51 | |||
Adjustment to provisional amount for Tax Reform | — | 0.04 | 0.04 | |||
Unrealized (gains) and losses on JD.com investment | 0.03 | — | 0.03 | |||
Net adjustments | $1.58 | |||||
Adjusted EPS | $1.29 |
Three Months Ended July 31, 2017 | ||||||||
Diluted earnings per share: | ||||||||
Reported EPS | $0.96 | |||||||
Adjustments: | Pre-Tax Impact | Tax Impact1 | NCI Impact2 | Net Impact | ||||
Loss on early extinguishment of debt | $0.26 | -$0.09 | - | $0.17 | ||||
Gain on sale of Suburbia | -0.13 | 0.04 | 0.04 | -0.05 | ||||
Net adjustments | $0.12 | |||||||
Adjusted EPS | $1.08 |
Fiscal 2019 | ||||||
Diluted earnings per share: | ||||||
Forecasted EPS1 | $2.90 to $3.05 | |||||
Adjustments: | Pre-Tax Impact | Tax Impact2 | Net Impact | |||
Loss on sale of majority stake in Walmart Brazil | $1.61 | -$0.10 | $1.51 | |||
Adjustment to provisional amount for Tax Reform | — | (0.01) | (0.01) | |||
Unrealized (gains) and losses on JD.com investment | 0.65 | (0.15) | 0.50 | |||
Net adjustments | $2.00 | |||||
Adjusted EPS guidance | $4.90 to $5.05 |
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