Note: Walmart

Annual report 2011

Mission "Save money. Live better"
"We save people money so they can live better"
Sales $421, 849 mil (COGS 315,287/ 74.74%)
operating income $ 25,542 mil
Net income $16,389

<--! Inventories 36,318 (DSI: 42days) --!>
Receivables,net 5,089 (DSO: 4.40days)

Cash Flow Analysis

• Accruals/ TA = {16389 - (23643 - 12699 +489)} / 180663 = 2.74%
• Operating Accruals to Current Assets {(23538 + 7461) - (23643+6984+ 2163)} / 51893 = -3.10%
• CAPEX to depreciation     (12699 - 489)/ 7641 = 1.60

EPS ratios

• EGR 8.20 %
• PEf　11.16
• PEG 1.33

Increase in Inventories (3086)??

Inventory/receivable system
(corporate site)
http://walmartstores.com/AboutUs/7794.aspx
(Supply chain management)
RFID(radio frequency identification), Vendor-managed inventory
http://money.howstuffworks.com/how-inventory-management-systems-work.htm


Increase in DTL　804
(P&E 833)
Tax paid in the U.S.  $17705 => 18398. Thus, its income is proven by tax pa