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Walmart Inc. Annual Report (Amendment), Year Ended Jan 31, 2001

Filing Date
Filed April 17, 2001
Period End
January 31, 2001
Security
WMT
In the record · 2016–202610-K1110-Q328-K158

WMT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 158 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Mar ’19Mar ’19
  2. Leadership change8-K · Nov ’21Nov ’21
  3. Leadership change8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K/A filed April 17, 2001. Cited figures are marked; the original filing is the authoritative source.

Wal-Mart Stores, Inc. (WMT) reported its fiscal 2001 results (year ended January 31, 2001) in this amended 10-K/A, which was filed to include the full consolidated financial statements that were inadvertently omitted from the original filing.

The company reported net sales of $191.3 billiona, up 16% from $165.0 billion in fiscal 2000, driven by domestic and international expansion and a 5% domestic comparative store sales increase. Net income rose 17% to $6.3 billion, and diluted EPS increased to $1.40 from $1.20 (fiscal 2000 included a $0.04 cumulative accounting charge). Return on shareholders' equity was 22.0%, and the Company's quarterly dividend rose to $0.24 for the year, with a 17% increase to $0.28 announced for fiscal 2002.

Growth was broad-based. The Wal-Mart Stores segment generated $121.9 billionb in sales with operating income of $9.7 billion, while International sales reached $32.1 billion (about 17% of the total), reflecting the full-year contribution of ASDA in the UK and the acquisition of an additional 6% of Wal-Mart de Mexico. SAM'S Club sales were $26.8 billion, with a modest operating margin of 3.5%.

Cash flow from operations rose to $9.6 billionc, while capital spending was $8.0 billion and the Company planned about $9 billion in fiscal 2002 capex. The balance sheet expanded substantially after the ASDA acquisition: total assets reached $78.1 billion and shareholders' equity rose to $31.3 billion.

Debt-to-total-capitalization was 41.6%d versus a management target of about 40%, and the current ratio was 0.9. Key risks include foreign currency exposure from the international business, the increase in interest costs tied to acquisition borrowings, a 2001 gross margin that was held back by price rollbacks and a mix shift toward lower-margin food and international sales, and pending environmental and regulatory matters, though none is described as material.

02—Key points

Key Highlights

  1. Net sales of $191.3 billion in fiscal 2001, up 16% year over year, with domestic comparative store sales up 5%
  2. Net income of $6.3 billion (up 17%), with diluted EPS of $1.40 versus $1.20 in fiscal 2000
  3. International segment sales reached $32.1 billion (about 17% of total), boosted by the ASDA acquisition and the additional 6% stake in Wal-Mart de Mexico
  4. Return on shareholders' equity of 22.0%; total assets of $78.1 billion and shareholders' equity of $31.3 billion
  5. Operating cash flow of $9.6 billion funded $8.0 billion of capital expenditures and $1.1 billion of dividends
  6. Dividend increased 17% to $0.28 per share for fiscal 2002, extending a multi-decade streak of annual increases
  7. Debt-to-total-capitalization of 41.6% versus a target of about 40%, with the company planning roughly $9 billion of fiscal 2002 capex and 100-110 new international units

03—Questions

Frequently Asked Questions

  1. How did Wal-Mart perform financially in fiscal 2001?

    Wal-Mart grew net sales 16% to $191.3 billion and net income 17% to $6.3 billion, with diluted EPS of $1.40. Growth came from new store openings, a 5% domestic comparative store sales increase, and the full-year effect of the ASDA acquisition in the UK.

  2. What drove the growth in the International segment?

    International sales rose to $32.1 billion from $22.7 billion, largely because of the ASDA acquisition completed in fiscal 2000 and the additional 6% stake in Wal-Mart de Mexico. Segment operating margin declined slightly, mainly due to remodeling costs and start-up expenses in Germany.

  3. Is Wal-Mart's debt level a concern for investors?

    Debt rose after the ASDA acquisition, with long-term debt of $12.5 billion and commercial paper of $2.3 billion. The debt-to-total-capitalization ratio of 41.6% is slightly above management's roughly 40% target, and the company said it expects to refinance maturing debt and fund its expansion mainly from operating cash flow and commercial paper.

  4. What are the main legal or regulatory risks disclosed?

    The company disclosed several environmental matters, including a Connecticut state suit over storm water permits at 12 stores, an EPA threat of litigation with penalty calculations of $5.6 million, and a negotiated settlement with the Army Corps of Engineers. Management said none of the pending proceedings is expected to be material.

  5. Why was this 10-K/A filed?

    The amendment was filed to include the full consolidated financial statements required by Item 8, which were inadvertently omitted from the original 10-K filing. The amended filing contains the complete audited income statement, balance sheet, cash flow statement, and notes.

04—Continue

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