image40a02a01a16.jpg
Walmart U.S. Q1 comps1,2 grew 2.1% and Walmart U.S. eCommerce sales grew 33%,
Company reports Q1 GAAP EPS of $0.72; Adjusted EPS2 of $1.14

image9a15.jpg
Total revenue was $122.7 billion, an increase of $5.1 billion, or 4.4%. Excluding currency2, total revenue was $120.7 billion, an increase of $3.2 billion, or 2.7%.
 
"We delivered a solid first quarter, and we're encouraged by the continued momentum across the business. We're transforming to better serve customers. We are changing from within to be faster and more digital, while shaping our portfolio of businesses for the future. Our strong cash flow and balance sheet provide flexibility to do so. I want to thank our associates and our leadership team for the choices they're making, their strong sense of urgency and the actions they're taking. Our people make the difference, and I'm proud to work with them."

Doug McMillon
President and CEO, Walmart
 
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GAAP EPS declined 28% and Adjusted EPS2 increased 14%.
 
 
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Walmart U.S. comp sales1,2 increased 2.1%, and comp traffic increased 0.8%.
 
 
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Sam's Club comp sales1,2 increased 3.8% led by comp traffic growth of 5.6%. Tobacco sales negatively impacted comp sales by approximately 140 basis points.
 
 
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Net sales at Walmart International were $30.3 billion, an increase of 11.7%. Excluding currency2, net sales were $28.3 billion, an increase of 4.5%. Eight of eleven markets posted positive comp sales, including our four largest markets.
 
 
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The company generated $5.2 billion in operating cash flow.
 
 
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Adjusted EPS2 excludes the impact of two items. The first item is an unrealized loss of $0.47 on the company's equity investment in JD.com due to a change in accounting principles. The second item benefited EPS by $0.05 due to an adjustment in the provisional amount recorded in Q4 fiscal 2018 related to Tax Reform.
 
 

Key results
(Amounts in billions, except as noted. Dollar and percentage changes may not recalculate due to rounding.)
 
image40a02a01a16.jpg
Q1 FY19
Q1 FY18
Change
 
 
Revenue
$122.7
$117.5
$5.1
4.4%
 
Revenue (constant currency)2
$120.7
$117.5
$3.2
2.7%
 
Operating income
$5.2
$5.2
-$0.1
-1.6%
 
Operating income (constant currency)2
$5.0
$5.2
-$0.2
-4.0%

Free Cash Flow
Q1 FY19
$ Change
 
Returns to Shareholders
Q1 FY19
% Change
Operating cash flow
$5.2
-$0.2
 
Dividends
$1.5
-1.0%
Capital expenditures
$1.8
-$0.2
 
Share repurchases3
$0.5
-75.3%
Free cash flow2
$3.3
-$0.1
 
Total
$2.1
-44.5%




1 13-week period ended Apr. 27, 2018, compared to 13-week period ended Apr. 28, 2017, and excludes fuel. Including fuel, Walmart US and Sam's Club comparable sales grew 2.2% and 5.3%, respectively, for Q1.
2 See additional information at the end of this release regarding non-GAAP financial measures.
3 $18.3 billion remaining of $20 billion authorization approved in October 2017. The company repurchased approximately 6 million shares in Q1 fiscal 2019.
NYSE: WMT
May 17, 2018
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2

Portfolio Repositioning
Thoughtful and deliberate consideration of the company's portfolio of businesses is a key enabler of its strategic framework. Following is a summary of recently announced transactions.

Investment in Flipkart Group
On May 9, 2018, Walmart signed definitive agreements to become the largest shareholder in Flipkart, India's innovative eCommerce company. The investment will help accelerate Flipkart's customer-focused mission to transform commerce in India. Subject to regulatory approval in India, the company will pay approximately $16 billion for an initial stake of approximately 77 percent.
Walmart's investment includes $2 billion of new equity funding, which will help Flipkart accelerate growth in the future. Walmart and Flipkart are also in discussions with additional potential investors.

Combination of Sainsbury and Asda, Walmart's U.K. subsidiary
On April 30, 2018, Walmart and Sainsbury's announced the proposed combination of these two businesses. Under the terms of the combination, Walmart would receive cash and approximately 42 percent of the combined business.

Sale of Banking Operations
Walmart recently reached agreements to divest banking operations in Walmart Canada and Walmart Chile. The proposed actions are consistent with the company's focus on core retail capabilities.

Guidance
The company's investment in Flipkart, summarized in this release, is expected to negatively impact fiscal year 2019 EPS by approximately $0.25 to $0.30 if the transaction closes at the end of the second quarter. As in past years, Walmart will update certain full year guidance with the second quarter release.

Unrealized gains and losses
Since taking an initial stake in JD.com, the market value of the company's investment had increased $3.7 billion as of January 31, 2018. In prior periods, the company was not required to include unrealized gains/losses within net income. Beginning in fiscal year 2019, due to a change in U.S. accounting principles, Walmart is now required to include unrealized gains/losses of certain equity investments within net income. This quarter, the company recorded an unrealized loss of $1.8 billion due to a decline in the JD.com stock price during the quarter.

Segment results
 
(Amounts in billions, except as noted. Dollar and percentage changes may not recalculate due to rounding.)
This quarter, the company revised its corporate overhead allocations to the operating segments. Accordingly, previous segment operating income was recast to be comparable to the current period's presentation.
image55.jpg U.S.
Q1 FY19
Q1 FY18
Change
Net sales
$77.7
$75.4
$2.3
3.1%
Comp sales (ex. fuel)1,2
2.1%
1.4%
70 bps
N/A
image9a15.jpg
Traffic
0.8%
1.5%
-70 bps
N/A
image9a15.jpg
Ticket
1.3%
-0.1%
140 bps
N/A
image9a15.jpg
eCommerce
~100 bps
~80 bps
~20 bps
N/A
Operating income
$3.9
$4.1
-$0.1
-3.1%
 



1 See additional information at the end of this release regarding non-GAAP financial measures.
2 13-week period ended Apr. 27, 2018, compared to 13-week period ended Apr. 28, 2017, and excludes fuel.
NYSE: WMT
May 17, 2018
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3

 
image54.jpg
Q1 FY19
Q1 FY18
Change
 
 
Net sales
$30.3
$27.1
$3.2
11.7%
 
Net sales (constant currency)1
$28.3
$27.1
$1.2
4.5%
 
Operating income
$1.3
$1.1
$0.1
11.1%
 
Operating income (constant currency)1
$1.1
$1.1
$—
0.2%
 
image53.jpg
Q1 FY19
Q1 FY18
Change
 
 
Net sales
$13.6
$14.0
-$0.4
-2.7%
 
Comp sales (ex. fuel)1,2
3.8%
1.6%
220 bps
N/A
 
image9a15.jpg
Traffic
5.6%
1.1%
450 bps
N/A
 
image9a15.jpg
Ticket
-1.8%
0.5%
-230 bps
N/A
 
image9a15.jpg
eCommerce
~100 bps
~80 bps
~20 bps
N/A
 
Operating income
$0.3
$0.4
-$0.1
-18.5%

About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, nearly 270 million customers and members visit our more than 11,700 stores under 65 banners in 28 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.

Investor Relations contact
Kary Brunner (479) 277-8782

Media Relations contact
Randy Hargrove (800) 331-0085

Forward-Looking Statements
This release contains statements as to Walmart management's guidance regarding the impact of Walmart’s investment in Flipkart on earnings per share for the fiscal year ending January 31, 2019. Walmart believes such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to enjoy the protection of the safe harbor for forward-looking statements created thereunder. Assumptions on which such forward-looking statements are based are also forward-looking statements. Walmart's actual results may differ materially from the guidance provided as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and other factors, including: the closing date for Walmart’s investment in Flipkart; the level of Walmart’s investment in Flipkart from time to time; currency exchange rate fluctuations; changes in market interest rates; competitive pressures and other economic, geopolitical, capital markets and business conditions, trends and events; changes in existing rules and regulations regarding foreign direct investment in the retail business in India; other changes in existing tax, labor or other law or regulations; and other risks, uncertainties and factors relating to Walmart’s operations and financial performance discussed in its filings with the SEC. Walmart cannot assure you that the future results reflected in or implied by any such forward-looking statement will be realized or, even if substantially realized, will have the forecasted or expected consequences and effects for or on our operations or financial performance. Such forward-looking statements are made as of the date of this release, and Walmart undertakes no obligation to update such statements to reflect subsequent events or circumstances.

1 See additional information at the end of this release regarding non-GAAP financial measures.
2 13-week period ended Apr. 27, 2018, compared to 13-week period ended Apr. 28, 2017, and excludes fuel.
NYSE: WMT
May 17, 2018
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4

Walmart Inc.
Condensed Consolidated Statements of Income
(Unaudited)
 
 
Three Months Ended
 
 
April 30,
(Amounts in millions, except per share data)
 
2018

2017
 
Percent Change
Revenues:
 
 
 
 
 
 
Net sales
 
$
121,630


$
116,526

 
4.4
 %
Membership and other income
 
1,060


1,016

 
4.3
 %
Total revenues
 
122,690


117,542

 
4.4
 %
Costs and expenses:
 
 
 
 
 
 
Cost of sales
 
91,707


87,688

 
4.6
 %
Operating, selling, general and administrative expenses
 
25,829


24,617

 
4.9
 %
Operating income
 
5,154


5,237

 
(1.6
)%
Interest:
 
 
 
 
 
 
Debt
 
437


506

 
(13.6
)%
Capital lease and financing obligations
 
93


92

 
1.1
 %
Interest income
 
(43
)

(35
)
 
22.9
 %
Interest, net
 
487


563

 
(13.5
)%
Unrealized (gains) and losses
 
1,845

 

 
N/A

Income before income taxes
 
2,822


4,674

 
(39.6
)%
Provision for income taxes
 
546


1,522

 
(64.1
)%
Consolidated net income
 
2,276


3,152

 
(27.8
)%
Consolidated net income attributable to noncontrolling interest
 
(142
)

(113
)
 
25.7
 %
Consolidated net income attributable to Walmart
 
$
2,134


$
3,039

 
(29.8
)%
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
Basic net income per common share attributable to Walmart
 
$
0.72


$
1.00

 
(28.0
)%
Diluted net income per common share attributable to Walmart
 
$
0.72


$
1.00

 
(28.0
)%
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
Basic
 
2,950


3,035

 
 
Diluted
 
2,967


3,047

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
2.08

 
$
2.04

 
 




5

Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
 
 
 
 
 
 
 
 
April 30,
 
January 31,
 
April 30,
(Amounts in millions)
 
2018
 
2018
 
2017
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
7,885

 
$
6,756

 
$
6,545

Receivables, net
 
4,568

 
5,614

 
5,252

Inventories
 
43,303

 
43,783

 
43,361

Prepaid expenses and other
 
3,486

 
3,511

 
2,178

Total current assets
 
59,242

 
59,664

 
57,336

Property and equipment:
 
 
 
 
 
 
Property and equipment
 
187,029

 
185,154

 
181,075

Less accumulated depreciation
 
(79,407
)
 
(77,479
)
 
(73,625
)
Property and equipment, net
 
107,622

 
107,675

 
107,450

Property under capital lease and financing obligations:
 
 
 
 
 
 
Property under capital lease and financing obligations
 
12,735

 
12,703

 
11,854

Less accumulated amortization
 
(5,557
)
 
(5,560
)
 
(5,135
)
Property under capital lease and financing obligations, net
 
7,178

 
7,143

 
6,719

 
 
 
 
 
 
 
Goodwill
 
18,850

 
18,242

 
17,575

Other long-term assets
 
12,035

 
11,798

 
10,638

Total assets
 
$
204,927

 
$
204,522

 
$
199,718

 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Short-term borrowings
 
$
7,762

 
$
5,257

 
$
2,617

Accounts payable
 
44,612

 
46,092

 
41,367

Dividends payable
 
4,607

 

 
4,628

Accrued liabilities
 
20,782

 
22,122

 
19,708

Accrued income taxes
 
718

 
645

 
2,018

Long-term debt due within one year
 
1,576

 
3,738

 
3,256

Capital lease and financing obligations due within one year
 
700

 
667

 
599

Total current liabilities
 
80,757

 
78,521

 
74,193

 
 
 
 
 
 
 
Long-term debt
 
29,477

 
30,045

 
33,774

Long-term capital lease and financing obligations
 
6,828

 
6,780

 
6,251

Deferred income taxes and other
 
9,541

 
8,354

 
9,386

 
 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
Common stock
 
294

 
295

 
302

Capital in excess of par value
 
2,557

 
2,648

 
2,223

Retained earnings
 
82,982

 
85,107

 
84,120

Accumulated other comprehensive loss
 
(10,281
)
 
(10,181
)
 
(12,954
)
Total Walmart shareholders’ equity
 
75,552

 
77,869

 
73,691

Noncontrolling interest
 
2,772

 
2,953

 
2,423

Total equity
 
78,324

 
80,822

 
76,114

Total liabilities and equity
 
$
204,927

 
$
204,522

 
$
199,718





6

Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited) 

 
Three Months Ended

 
April 30,
(Amounts in millions)
 
2018

2017
Cash flows from operating activities:
 
 
 
 
Consolidated net income
 
$
2,276


$
3,152

Adjustments to reconcile consolidated net income to net cash provided by operating activities:
 



Depreciation and amortization
 
2,678


2,551

Deferred income taxes
 
(50
)

2

Unrealized (gains) and losses
 
1,845

 

Other operating activities
 
265


(170
)
Changes in certain assets and liabilities, net of effects of acquisitions:
 



Receivables, net
 
1,134


726

Inventories
 
547


66

Accounts payable
 
(1,770
)

(155
)
Accrued liabilities
 
(1,813
)

(1,838
)
Accrued income taxes
 
49


1,051

Net cash provided by operating activities
 
5,161


5,385

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Payments for property and equipment
 
(1,818
)

(1,990
)
Proceeds from the disposal of property and equipment
 
198


196

Business acquisitions, net of cash acquired
 

 
(88
)
Other investing activities
 
(62
)

21

Net cash used in investing activities
 
(1,682
)

(1,861
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Net change in short-term borrowings
 
2,501


1,482

Repayments of long-term debt
 
(2,521
)

(1,513
)
Dividends paid
 
(1,533
)

(1,549
)
Purchase of Company stock
 
(539
)

(2,185
)
Dividends paid to noncontrolling interest
 
(66
)

(54
)
Purchase of noncontrolling interest
 


(8
)
Other financing activities
 
(328
)

(145
)
Net cash used in financing activities
 
(2,486
)

(3,972
)
 
 





Effect of exchange rates on cash, cash equivalents and restricted cash
 
143


139

 
 





Net increase (decrease) in cash, cash equivalents and restricted cash
 
1,136

 
(309
)
Cash, cash equivalents and restricted cash at beginning of year
 
7,014

 
7,144

Cash, cash equivalents and restricted cash at end of period
 
$
8,150

 
$
6,835

















Note: Due to the adoption of ASU 2016-18, Statement of Cash Flows-Restricted Cash (Topic 230), on February 1, 2018, restricted cash is now included with cash and cash equivalents when reconciling the beginning and ending period amounts for both fiscal 2019 and 2018.




7

Walmart Inc.
Supplemental Financial Information
(Unaudited)

Net sales and operating income
 
Net Sales
 
Operating Income
 
Three Months Ended
 
Three Months Ended
 
April 30,
 
April 30,
(dollars in millions)
2018
2017
Percent Change
 
2018
2017
Percent Change
Walmart U.S.
$
77,748

$
75,436

3.1
 %
 
$
3,927

$
4,052

-3.1
 %
Walmart International
30,260

27,097

11.7
 %
 
1,265

1,139

11.1
 %
Sam's Club
13,622

13,993

-2.7
 %
 
325

399

-18.5
 %
Corporate and support


N/A

 
-363

-353

2.8
 %
Consolidated
$
121,630

$
116,526

4.4
 %
 
$
5,154

$
5,237

-1.6
 %
 
 
 
 
 
 
 
 
U.S. comparable sales results
 
 
With Fuel
 
Without Fuel1
 
Fuel Impact
 
 
13 Weeks Ended
 
13 Weeks Ended
 
13 Weeks Ended
 
 
4/27/2018
 
4/28/2017
 
4/27/2018
 
4/28/2017
 
4/27/2018
 
4/28/2017
Walmart U.S.
 
2.2%
 
1.5%
 
2.1%
 
1.4%
 
0.1%
 
0.1%
Sam's Club
 
5.3%
 
3.0%
 
3.8%
 
1.6%
 
1.5%
 
1.4%
Total U.S.
 
2.6%
 
1.7%
 
2.3%
 
1.4%
 
0.3%
 
0.3%
 
 
 
 
 
 
 
 
 
 
 
 
 



1 See additional information at the end of this release regarding non-GAAP financial measures.




8

Walmart Inc.
Reconciliations of and Other Information Regarding Non-GAAP Financial Measures
(Unaudited)

The following information provides reconciliations of certain non-GAAP financial measures presented in the press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The company has provided the non-GAAP financial information presented in the press release, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in the press release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the press release. The non-GAAP financial measures in the press release may differ from similar measures used by other companies.
Constant Currency
In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for all countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of changes in currency exchange rates as the difference between current period activity translated using the current period's currency exchange rates, and the comparable prior year period's currency exchange rates. Throughout our discussion, we refer to the results of this calculation as the impact of currency exchange rate fluctuations. When we refer to constant currency operating results, this means operating results without the impact of the currency exchange rate fluctuations. The disclosure of constant currency amounts or results permits investors to better understand Walmart's underlying performance without the effects of currency exchange rate fluctuations.
The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the three months ended April 30, 2018.
 
Three Months Ended April 30,
 
Walmart International
 
Consolidated
(Dollars in millions)
2018
Percent Change1
 
2018
Percent Change1
Total revenues:

 
 

 
As reported
$
30,634

11.7
%
 
$
122,690

4.4
 %
Currency exchange rate fluctuations
-1,970

N/A

 
-1,970

N/A

Constant currency total revenues
$
28,664

4.5
%
 
$
120,720

2.7
 %
 


 




Net sales:


 




As reported
$
30,260

11.7
%
 
$
121,630

4.4
 %
Currency exchange rate fluctuations
-1,947

N/A

 
-1,947

N/A

Constant currency net sales
$
28,313

4.5
%
 
$
119,683

2.7
 %
 


 




Operating income:


 




As reported
$
1,265

11.1
%
 
$
5,154

-1.6
 %
Currency exchange rate fluctuations
-124

N/A

 
-124

N/A

Constant currency operating income
$
1,141

0.2
%
 
$
5,030

-4.0
 %
1 Change versus prior year comparable period.





9

Free Cash Flow
We define free cash flow as net cash provided by operating activities in a period minus payments for property and equipment made in that period. We had net cash provided by operating activities of $5.2 billion and $5.4 billion for the three months ended April 30, 2018 and 2017, respectively. We generated free cash flow of $3.3 billion for the three months ended April 30, 2018, which was relatively flat compared to $3.4 billion for the three months ended April 30, 2017.
Free cash flow is considered a non-GAAP financial measure. Management believes, however, that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating the company's financial performance. Free cash flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity.
Additionally, Walmart's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our Consolidated Statements of Cash Flows.
Although other companies report their free cash flow, numerous methods may exist for calculating a company's free cash flow. As a result, the method used by Walmart's management to calculate our free cash flow may differ from the methods used by other companies to calculate their free cash flow.
The following table sets forth a reconciliation of free cash flow, a non-GAAP financial measure, to net cash provided by operating activities, which we believe to be the GAAP financial measure most directly comparable to free cash flow, as well as information regarding net cash used in investing activities and net cash used in financing activities.
 
 
Three Months Ended
 
 
April 30,
(Dollars in millions)
 
2018

2017
Net cash provided by operating activities
 
$
5,161


$
5,385

Payments for property and equipment (capital expenditures)
 
-1,818


-1,990

Free cash flow
 
$
3,343


$
3,395

 
 





Net cash used in investing activities1
 
$
-1,682


$
-1,861

Net cash used in financing activities
 
-2,486


-3,972

1 "Net cash used in investing activities" includes payments for property and equipment, which is also included in our computation of free cash flow.







10

Adjusted EPS
Adjusted diluted earnings per share from continuing operations attributable to Walmart (Adjusted EPS) for the three months ended April 30, 2018 is considered a non-GAAP financial measure under the SEC's rules because it excludes certain amounts not excluded in the diluted earnings per share from continuing operations attributable to Walmart calculated in accordance with GAAP (EPS) for such period. Management believes that Adjusted EPS is a meaningful measure to share with investors because it best allows comparison of the performance for the comparable period. In addition, Adjusted EPS affords investors a view of what management considers Walmart's core earnings performance and the ability to make a more informed assessment of such core earnings performance.

Unrealized gains and losses - Beginning in fiscal year 2019, due to a change in U.S. accounting principles, Walmart is now required to include unrealized gains and/or 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 excludes the unrealized JD.com investment gains/losses when reporting adjusted EPS.
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 also excludes any fiscal 2019 adjustments to the provisional amounts.
We have calculated Adjusted EPS for the three months ended April 30, 2018 by adjusting EPS for the following: (1) unrealized gains and losses on JD.com, and (2) adjustment to the provisional amount recorded in Q4 fiscal 2018 related to Tax Reform. The most directly comparable financial measure calculated in accordance with GAAP is EPS for the three months ended April 30, 2018.

 
Three Months Ended April 30, 2018
 
Percent Change2
Diluted earnings per share:
 
 
 
 
 

 
 
Reported EPS
 
 
 
 
 
$0.72
 
-28%

 
 
 
 
 

 
 
Adjustments:
 
Pre-Tax Impact

Tax Impact1

Net Impact
 
 
Unrealized (gains) and losses on JD.com investment
 
0.62

-0.15

0.47
 
 
Adjustment to provisional amount for Tax Reform
 

-0.05

-0.05
 
 
Net adjustments
 




$0.42
 
 

 





 
 
Adjusted EPS
 




$1.14
 
14%
1 Calculated based on nature of item and statutory rate in effect for relevant jurisdiction.
2 Change versus prior year comparable period.




11

Non-GAAP Comparable Sales Measures
The comparable sales of the company's Walmart U.S. and Sam's Club operating segments for the 13-week period ended April 27, 2018 and April 28, 2017, in each case calculated by excluding fuel sales for such periods (collectively the "Non-GAAP Comparable Sales Measures"), are non-GAAP financial measures as defined by the SEC's rules. We believe the most directly comparable financial measures computed in accordance with GAAP are the comparable sales calculated by including fuel for the corresponding periods.

We believe that the presentation of the Non-GAAP Comparable Sales Measures provides useful information to investors regarding the company's financial condition and results of operations because that information permits investors to understand the impact of fuel sales, which are affected by the volatility of fuel prices, on Walmart U.S. and Sam's Club's comparable sales for the periods presented.
###



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