(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 $138.3 billion, an increase of $3.7 billion, or 2.7%. Revenue was negatively affected by approximately $4.2 billion related to recent divestitures in Walmart International. Excluding currency2, total revenue would have increased 2.1% to reach $137.4 billion. | “This was a strong quarter. Every segment performed well, and we’re encouraged by traffic and grocery market share trends. Our optimism is higher than it was at the beginning of the year. In the U.S., customers clearly want to get out and shop. We have a strong position as our store environment improves and eCommerce continues to grow. Stimulus in the U.S. had an impact, and the second half has more uncertainty than a typical year. We anticipate continued pent-up demand throughout 2021. Our results reflect the continued hard work and commitment our associates have shown throughout the pandemic — serving others and helping provide vaccines — and we’re grateful to them.” Doug McMillon President and CEO, Walmart | ||||||||||||
![]() | Walmart U.S. comp sales1 increased 6.0% with market share gains in grocery. Operating income increased 26.8%. | |||||||||||||
![]() | Walmart U.S. eCommerce sales grew 37% with strong results across all channels, contributing approximately 360 basis points to comp sales. Sales more than doubled over the last two years. | |||||||||||||
![]() | Sam’s Club comp sales1 increased 7.2%, and eCommerce sales grew 47%. Reduced tobacco sales negatively affected comp sales by approximately 340 basis points. Membership income increased 12.7%, and total member count reached an all-time high. | |||||||||||||
![]() | Walmart International net sales were $27.3 billion, a decrease of $2.5 billion, or 8.3%, and eCommerce sales increased 49%. Net sales were negatively affected by $4.2 billion, or 14.1%, related to recent divestitures, and changes in currency exchange rates positively affected net sales by approximately $0.9 billion. | |||||||||||||
![]() | Consolidated gross profit rate increased 104 basis points, led by strength in Walmart U.S., while consolidated operating expenses as a percentage of net sales was relatively flat. | |||||||||||||
![]() | Consolidated operating income was $6.9 billion, an increase of 32.3%, with strength across the company. Recently divested businesses in the U.K. and Japan contributed operating income of $289 million, or $0.07 of EPS. | |||||||||||||
![]() | Adjusted EPS2 excludes the effects, net of tax, of: •net losses on equity investments of $0.57; and •an incremental loss on the sale of our operations in the U.K. and Japan of $0.15 |
NYSE: WMT | May 18, 2021 | stock.walmart.com |
![]() | Q1 FY22 | Q1 FY21 | Change | |||||||||||
Revenue | $138.3 | $134.6 | $3.7 | 2.7% | ||||||||||
Revenue (constant currency)1 | $137.4 | $134.6 | $2.8 | 2.1% | ||||||||||
Operating income | $6.9 | $5.2 | $1.7 | 32.3% | ||||||||||
Operating income (constant currency)1 | $6.9 | $5.2 | $1.6 | 31.3% | ||||||||||
Free Cash Flow1 | Q1 FY22 | $ Change | Returns to Shareholders | Q1 FY22 | % Change | |||||||||||||||
Operating cash flow | $2.9 | -$4.2 | Dividends | $1.5 | 1.3% | |||||||||||||||
Capital expenditures | $2.2 | $0.5 | Share repurchases2 | $2.8 | 288.4% | |||||||||||||||
Free cash flow1 | $0.6 | -$4.6 | Total | $4.4 | 93.5% |
![]() | Q1 FY22 | Q1 FY21 | Change | ||||||||||||||
Net sales | $93.2 | $88.7 | $4.4 | 5.0% | |||||||||||||
Comp sales (ex. fuel)3 | 6.0% | 10.0% | NP | NP | |||||||||||||
![]() | Transactions | -3.2% | -5.6% | NP | NP | ||||||||||||
![]() | Average ticket | 9.5% | 16.5% | NP | NP | ||||||||||||
![]() | eCommerce contribution | ~360 bps | ~390 bps | NP | NP | ||||||||||||
Operating income | $5.5 | $4.3 | $1.2 | 26.8% | |||||||||||||
![]() | Q1 FY22 | Q1 FY21 | Change | |||||||||||
Net sales | $27.3 | $29.8 | -$2.5 | -8.3% | ||||||||||
Net sales (constant currency)1 | $26.4 | $29.8 | -$3.4 | -11.4% | ||||||||||
Operating income | $1.2 | $0.8 | $0.4 | 48.1% | ||||||||||
Operating income (constant currency)1 | $1.1 | $0.8 | $0.3 | 41.8% | ||||||||||
![]() | Q1 FY22 | Q1 FY21 | Change | ||||||||||||||
Net sales | $16.7 | $15.2 | $1.5 | 10.1% | |||||||||||||
Comp sales (ex. fuel)3 | 7.2% | 12.0% | NP | NP | |||||||||||||
![]() | Transactions | 2.2% | 11.9% | NP | NP | ||||||||||||
![]() | Average ticket | 4.9% | 0.1% | NP | NP | ||||||||||||
![]() | eCommerce contribution | ~310 bps | ~170 bps | NP | NP | ||||||||||||
Operating income | $0.6 | $0.5 | $0.1 | 16.4% | |||||||||||||
NYSE: WMT | May 18, 2021 | stock.walmart.com |
Metric | Prior FY22 Guidance | Updated FY22 Guidance | ||||||
Consolidated net sales | Decline in constant currency •Excluding divestitures1, consolidated net sales growth up low single-digits | Decline low single-digits in constant currency •Excluding divestitures1, consolidated net sales growth up low-to-mid single-digits | ||||||
Comp sales growth | •Walmart U.S., up low single-digits, ex. fuel •Sam’s Club, up low single-digits, ex. fuel and tobacco | No change | ||||||
Walmart International net sales | Decline in constant currency •Higher growth percentage than U.S., excluding divestitures1 | Decline 20-25% in constant currency due to divestitures1 •Increase mid single-digits, excluding divestitures1 | ||||||
Consolidated expense leverage | Maintain rate, or slightly deleverage | Maintain rate, or slightly leverage | ||||||
Consolidated operating income | Decline slightly in constant currency •Flat to up slightly, excluding divestitures1 | Increase mid single-digits in constant currency •Increase high single-digits, excluding divestitures1 in constant currency | ||||||
Walmart U.S. operating income | Increase slightly | Increase high single-digits | ||||||
Effective tax rate | 24.5% to 25.5% | No change | ||||||
EPS | Decline slightly •Flat to up slightly, excluding divestitures1 | Increase high single-digits •Increase low double-digits, excluding divestitures1 | ||||||
Capital expenditures | Around $14 billion with a focus on supply chain, automation, customer-facing initiatives and technology | No change | ||||||
Metric | Prior Q2 FY22 Guidance | Updated Q2 FY22 Guidance | ||||||
Comp sales growth | N/A | Walmart U.S., up low single-digits, excluding fuel | ||||||
Consolidated operating income | Decline mid-to-high single-digits | Decline low-to-mid single-digits •Up slightly, excluding divestitures1 | ||||||
EPS | Decline mid-to-high single-digits | Decline low single-digits •Up low single-digits, excluding divestitures1 |
NYSE: WMT | May 18, 2021 | stock.walmart.com |
Investor Relations contact Dan Binder, CFA (479) 258-7172 | Media Relations contact Randy Hargrove (800) 331-0085 |
NYSE: WMT | May 18, 2021 | stock.walmart.com |
Three Months Ended | ||||||||||||||||||||
April 30, | ||||||||||||||||||||
(Amounts in millions, except per share data) | 2021 | 2020 | Percent Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Net sales | $ | 137,159 | $ | 133,672 | 2.6 | % | ||||||||||||||
Membership and other income | 1,151 | 950 | 21.2 | % | ||||||||||||||||
Total revenues | 138,310 | 134,622 | 2.7 | % | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | 103,272 | 102,026 | 1.2 | % | ||||||||||||||||
Operating, selling, general and administrative expenses | 28,129 | 27,372 | 2.8 | % | ||||||||||||||||
Operating income | 6,909 | 5,224 | 32.3 | % | ||||||||||||||||
Interest: | ||||||||||||||||||||
Debt | 481 | 510 | (5.7) | % | ||||||||||||||||
Finance lease obligations | 85 | 82 | 3.7 | % | ||||||||||||||||
Interest income | (30) | (43) | (30.2) | % | ||||||||||||||||
Interest, net | 536 | 549 | (2.4) | % | ||||||||||||||||
Other (gains) and losses | 2,529 | (721) | (450.8) | % | ||||||||||||||||
Income before income taxes | 3,844 | 5,396 | (28.8) | % | ||||||||||||||||
Provision for income taxes | 1,033 | 1,322 | (21.9) | % | ||||||||||||||||
Consolidated net income | 2,811 | 4,074 | (31.0) | % | ||||||||||||||||
Consolidated net income attributable to noncontrolling interest | (81) | (84) | (3.6) | % | ||||||||||||||||
Consolidated net income attributable to Walmart | $ | 2,730 | $ | 3,990 | (31.6) | % | ||||||||||||||
Net income per common share: | ||||||||||||||||||||
Basic net income per common share attributable to Walmart | $ | 0.97 | $ | 1.41 | (31.2) | % | ||||||||||||||
Diluted net income per common share attributable to Walmart | $ | 0.97 | $ | 1.40 | (30.7) | % | ||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||
Basic | 2,815 | 2,831 | ||||||||||||||||||
Diluted | 2,829 | 2,849 | ||||||||||||||||||
Dividends declared per common share | $ | 2.20 | $ | 2.16 |
April 30, | January 31, | April 30, | ||||||||||||||||||
(Amounts in millions) | 2021 | 2021 | 2020 | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 22,846 | $ | 17,741 | $ | 14,930 | ||||||||||||||
Receivables, net | 5,797 | 6,516 | 5,029 | |||||||||||||||||
Inventories | 46,383 | 44,949 | 41,217 | |||||||||||||||||
Prepaid expenses and other (1) | 1,565 | 20,861 | 2,152 | |||||||||||||||||
Total current assets | 76,591 | 90,067 | 63,328 | |||||||||||||||||
Property and equipment, net | 90,996 | 92,201 | 101,872 | |||||||||||||||||
Operating lease right-of-use assets | 13,650 | 13,642 | 16,895 | |||||||||||||||||
Finance lease right-of-use assets, net | 3,979 | 4,005 | 4,611 | |||||||||||||||||
Goodwill | 28,872 | 28,983 | 29,416 | |||||||||||||||||
Other long-term assets | 22,493 | 23,598 | 16,770 | |||||||||||||||||
Total assets | $ | 236,581 | $ | 252,496 | $ | 232,892 | ||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Short-term borrowings | $ | 362 | $ | 224 | $ | 4,048 | ||||||||||||||
Accounts payable | 48,151 | 49,141 | 44,096 | |||||||||||||||||
Dividends payable | 4,651 | — | 4,588 | |||||||||||||||||
Accrued liabilities (1) | 21,371 | 37,966 | 20,377 | |||||||||||||||||
Accrued income taxes | 851 | 242 | 1,303 | |||||||||||||||||
Long-term debt due within one year | 3,500 | 3,115 | 5,983 | |||||||||||||||||
Operating lease obligations due within one year | 1,448 | 1,466 | 1,729 | |||||||||||||||||
Finance lease obligations due within one year | 507 | 491 | 523 | |||||||||||||||||
Total current liabilities | 80,841 | 92,645 | 82,647 | |||||||||||||||||
Long-term debt | 40,273 | 41,194 | 43,006 | |||||||||||||||||
Long-term operating lease obligations | 12,930 | 12,909 | 15,669 | |||||||||||||||||
Long-term finance lease obligations | 3,802 | 3,847 | 4,474 | |||||||||||||||||
Deferred income taxes and other | 14,143 | 14,370 | 12,986 | |||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 280 | 282 | 284 | |||||||||||||||||
Capital in excess of par value | 3,424 | 3,646 | 2,983 | |||||||||||||||||
Retained earnings | 82,577 | 88,763 | 81,141 | |||||||||||||||||
Accumulated other comprehensive loss | (7,946) | (11,766) | (16,168) | |||||||||||||||||
Total Walmart shareholders’ equity | 78,335 | 80,925 | 68,240 | |||||||||||||||||
Noncontrolling interest | 6,257 | 6,606 | 5,870 | |||||||||||||||||
Total equity | 84,592 | 87,531 | 74,110 | |||||||||||||||||
Total liabilities and equity | $ | 236,581 | $ | 252,496 | $ | 232,892 |
Three Months Ended | ||||||||||||||
April 30, | ||||||||||||||
(Amounts in millions) | 2021 | 2020 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Consolidated net income | $ | 2,811 | $ | 4,074 | ||||||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 2,661 | 2,791 | ||||||||||||
Net unrealized and realized (gains) and losses | 2,077 | (783) | ||||||||||||
Losses on disposal of business operations | 433 | — | ||||||||||||
Deferred income taxes | (155) | 84 | ||||||||||||
Other operating activities | 270 | (51) | ||||||||||||
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||
Receivables, net | 828 | 924 | ||||||||||||
Inventories | (1,487) | 2,221 | ||||||||||||
Accounts payable | (1,004) | (1,183) | ||||||||||||
Accrued liabilities | (4,004) | (2,109) | ||||||||||||
Accrued income taxes | 428 | 1,049 | ||||||||||||
Net cash provided by operating activities | 2,858 | 7,017 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Payments for property and equipment | (2,214) | (1,752) | ||||||||||||
Proceeds from the disposal of property and equipment | 72 | 60 | ||||||||||||
Proceeds from disposal of certain operations, net of divested cash | 7,935 | — | ||||||||||||
Payments for business acquisitions, net of cash acquired | — | (10) | ||||||||||||
Other investing activities | 57 | 6 | ||||||||||||
Net cash provided by (used in) investing activities | 5,850 | (1,696) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net change in short-term borrowings | 138 | 3,542 | ||||||||||||
Repayments of long-term debt | (510) | — | ||||||||||||
Dividends paid | (1,549) | (1,529) | ||||||||||||
Purchase of Company stock | (2,809) | (723) | ||||||||||||
Other financing activities | (669) | (725) | ||||||||||||
Net cash (used in) provided by financing activities | (5,399) | 565 | ||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (51) | (415) | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | 3,258 | 5,471 | ||||||||||||
Change in cash and cash equivalents classified as held for sale | 1,848 | — | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 17,788 | 9,514 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 22,894 | $ | 14,985 |
Net Sales | Operating Income | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
April 30, | April 30, | ||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | Percent Change | 2021 | 2020 | Percent Change | |||||||||||||||||
Walmart U.S. | $ | 93,167 | $ | 88,743 | 5.0% | $ | 5,455 | $ | 4,302 | 26.8% | |||||||||||||
Walmart International | 27,300 | 29,766 | -8.3% | 1,194 | 806 | 48.1% | |||||||||||||||||
Sam’s Club | 16,692 | 15,163 | 10.1% | 575 | 494 | 16.4% | |||||||||||||||||
Corporate and support | — | — | — | (315) | (378) | -16.7% | |||||||||||||||||
Consolidated | $ | 137,159 | $ | 133,672 | 2.6% | $ | 6,909 | $ | 5,224 | 32.3% | |||||||||||||
With Fuel | Without Fuel | Fuel Impact | ||||||||||||||||||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | ||||||||||||||||||||||||||||||||||||
4/30/2021 | 5/1/2020 | 4/30/2021 | 5/1/2020 | 4/30/2021 | 5/1/2020 | |||||||||||||||||||||||||||||||||
Walmart U.S. | 6.2% | 9.9% | 6.0% | 10.0% | 0.2% | -0.1% | ||||||||||||||||||||||||||||||||
Sam’s Club | 11.1% | 8.5% | 7.2% | 12.0% | 3.9% | -3.5% | ||||||||||||||||||||||||||||||||
Total U.S. | 6.9% | 9.7% | 6.2% | 10.3% | 0.7% | -0.6% | ||||||||||||||||||||||||||||||||
Three Months Ended April 30, 2021 | |||||||||||||||||
Walmart International | Consolidated | ||||||||||||||||
(Dollars in millions) | 2021 | Percent Change1 | 2021 | Percent Change1 | |||||||||||||
Total revenues: | |||||||||||||||||
As reported | $ | 27,669 | (7.9) | % | $ | 138,310 | 2.7 | % | |||||||||
Currency exchange rate fluctuations | (928) | N/A | (928) | N/A | |||||||||||||
Constant currency total revenues | $ | 26,741 | (11.0) | % | $ | 137,382 | 2.1 | % | |||||||||
Net sales: | |||||||||||||||||
As reported | $ | 27,300 | (8.3) | % | $ | 137,159 | 2.6 | % | |||||||||
Currency exchange rate fluctuations | (913) | N/A | (913) | N/A | |||||||||||||
Constant currency net sales | $ | 26,387 | (11.4) | % | $ | 136,246 | 1.9 | % | |||||||||
Operating income: | |||||||||||||||||
As reported | $ | 1,194 | 48.1 | % | $ | 6,909 | 32.3 | % | |||||||||
Currency exchange rate fluctuations | (51) | N/A | (51) | N/A | |||||||||||||
Constant currency operating income | $ | 1,143 | 41.8 | % | $ | 6,858 | 31.3 | % |
Three Months Ended | ||||||||||||||
April 30, | ||||||||||||||
(Dollars in millions) | 2021 | 2020 | ||||||||||||
Net cash provided by operating activities | $ | 2,858 | $ | 7,017 | ||||||||||
Payments for property and equipment (capital expenditures) | (2,214) | (1,752) | ||||||||||||
Free cash flow | $ | 644 | $ | 5,265 | ||||||||||
Net cash provided by (used in) investing activities1 | $ | 5,850 | $ | (1,696) | ||||||||||
Net cash (used in) provided by financing activities | (5,399) | 565 |
Three Months Ended April 30, 2021 | ||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Reported EPS | $ | 0.97 | ||||||||||||||||||
Adjustments: | Pre-Tax Impact | Tax Impact1, 2 | Net Impact | |||||||||||||||||
Unrealized and realized (gains) and losses on equity investments | $ | 0.74 | $ | (0.17) | $ | 0.57 | ||||||||||||||
Incremental loss on sale of our operations in the U.K. and Japan | 0.15 | — | 0.15 | |||||||||||||||||
Net adjustments | $ | 0.72 | ||||||||||||||||||
Adjusted EPS | $ | 1.69 |
Three Months Ended April 30, 2020 | ||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Reported EPS | $ | 1.40 | ||||||||||||||||||
Adjustments: | Pre-Tax Impact | Tax Impact1 | Net Impact | |||||||||||||||||
Unrealized (gains) and losses on JD.com investment | $ | (0.27) | $ | 0.05 | $ | (0.22) | ||||||||||||||
Net adjustments | $ | (0.22) | ||||||||||||||||||
Adjusted EPS | $ | 1.18 |
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