Walmart reports Q4 EPS of $1.67, full year EPS of $5.02; Walmart U.S. gains market share, adds $4.7 billion in comp sales for

  Walmart reports Q4 EPS of $1.67, full year EPS of $5.02; Walmart U.S. gains
  market share, adds $4.7 billion in comp sales for year; Company announces FY
  14 dividend of $1.88, up 18% or $0.29 per share

  *Wal-Mart Stores, Inc. (Walmart) reported fiscal year 2013 fourth quarter
    diluted earnings per share from continuing operations (EPS) of $1.67, a
    10.6 percent increase compared to last year. Full year EPS were $5.02,
    also a 10.6 percent increase over last year. The company's quarter and
    full year performance benefited from a lower than expected effective tax
    rate. Last year's fourth quarter EPS were $1.51.
  *The company announced its annual fiscal year 2014 dividend of $1.88 per
    share, an 18 percent increase or $0.29 per share, over last year's
    dividend of $1.59 per share. [Note: Please see separate release on
    dividend dated Feb. 21, 2013.]
  *Walmart U.S. added more than $10 billion in net sales during fiscal year
    2013, including approximately $4.7 billion in comp sales. For the fourth
    quarter, Walmart U.S. reported a 1.0 percent comp sales increase. Walmart
    U.S. gained market share^1 in "food, consumables, health & wellness/OTC,"
    as well as the entertainment categories and toys.
  *Walmart International grew net sales 7.4 percent to $135.2 billion for the
    year. On a constant currency basis^2, net sales would have increased 7.8
    percent to $135.7 billion.
  *Consolidated net sales reached $466.1 billion for the year, an increase of
    more than $22 billion, or growth of 5.0 percent.
  *All three operating segments and the total company leveraged operating
    expenses for the year.
  *Consolidated operating income was $27.8 billion for the full year, an
    increase of 4.7 percent over last year.
  *Walmart reported strong free cash flow^2 of $12.7 billion for the 12
    months ended Jan. 31, 2013, an 18.1 percent increase over last year.
  *Return on investment^2 (ROI) for fiscal year ended Jan. 31, 2013 was 18.2
    percent.
  *The company returned $13.0 billion to shareholders through dividends and
    share repurchases during fiscal year 2013.

^1 Sources: The Nielsen Company, 13 weeks ended Jan. 26, 2013. The NPD Group,
three-month period ending Dec. 31, 2012.

^2 See additional information at the end of this release regarding non-GAAP
financial measures.

Business Wire

BENTONVILLE, Ark. -- February 21, 2013

Wal-Mart Stores, Inc. (NYSE: WMT) today reported financial results for the
fourth quarter and full year ended Jan. 31, 2013.

Net sales for the fourth quarter of fiscal 2013 were $127.1 billion, an
increase of 3.9 percent from $122.3 billion in last year's fourth quarter. On
a constant currency basis^1, net sales would have increased 3.7 percent to
$126.8 billion. Membership and other income decreased 7.8 percent to $815
million, due to lower other income. Total revenue for the fourth quarter was
$127.9 billion, a 3.9 percent increase over last year.

Income from continuing operations attributable to Walmart for the fourth
quarter was $5.6 billion, up 7.9 percent. Diluted earnings per share from
continuing operations attributable to Walmart (EPS) for the fourth quarter of
fiscal 2013 were $1.67. The effective tax rate for the fourth quarter was 27.7
percent, which was lower than the company's expectations, and compares to 30.9
percent last year. The fourth quarter effective tax rate benefited from a
number of discrete tax items, including positive impact from fiscal 2013
legislative changes, most notably the American Taxpayer Relief Act of 2012. In
comparison, EPS for the fourth quarter of last year were $1.51.

Fiscal 2013 results

Consolidated net sales for the full fiscal year were $466.1 billion, an
increase of 5.0 percent over fiscal 2012. Net sales included approximately
$4.0 billion from acquisitions and approximately $4.5 billion of negative
impact from currency exchange rate fluctuations. Membership and other income
was $3.0 billion, a decrease of 1.6 percent from the prior year. Total revenue
was $469.2 billion, an increase of 5.0 percent or $22.2 billion.

Income from continuing operations attributable to Walmart was $17.0 billion, a
7.8 percent increase from $15.8 billion last year. For fiscal 2013, EPS were
$5.02 versus last year's EPS of $4.54, an increase of 10.6 percent. The
effective tax rate for the full year was 31.0 percent, compared to 32.6
percent for the prior year. This rate was below the company's annual guidance
of 32.5 to 33.5 percent, primarily due to the fourth quarter discrete tax
items noted above.

Company well positioned for long term

"Walmart topped off a really good year with a solid fourth quarter, and I'm
proud of what we accomplished as a team," said Mike Duke, Wal-Mart Stores,
Inc. president and chief executive officer. "Every day, our associates around
the world deliver on our mission to help customers save money so they can live
better. Together, we added $22 billion in sales to top $466 billion. Walmart
U.S. was a key driver of our five percent net sales increase.

"Our management team is focused on a few key areas critical to Walmart's
long-term success," Duke added, as he outlined them.

  *Delivering a strong Walmart U.S. business
  *Improving returns for International
  *Driving greater efficiency through disciplined capital allocation
  *Meeting our five-year leverage goal
  *Investing in Global eCommerce, and
  *Continuing to strengthen our company's compliance organization

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

"We have high expectations for fiscal 2014, and I'm optimistic as I look
ahead," he said. "Walmart is operating in markets that offer continued
opportunity for growth, both in our stores and online. With our core Walmart
U.S. business operating so well, our investments in e-commerce and our
international markets focused on growth and improving returns, we are truly
the best positioned global retailer."

Leverage

The company leveraged operating expenses for the full year, including the $157
million of professional fees and expenses related to the ongoing Foreign
Corrupt Practices Act (FCPA) matter.

"Fiscal year 2013 was the first year of our five-year plan to reduce operating
expenses as a percentage of sales by at least 100 basis points," said Charles
Holley, executive vice president and chief financial officer. "We made
progress toward our five-year goal, reducing expenses for the year by 14 basis
points. Walmart U.S. led this effort. The entire company has rallied around
this leverage challenge, and we expect we will continue to see progress
towards this goal."

Strong returns

During the fourth quarter, the company repurchased approximately 42.3 million
shares for $2.9 billion, bringing the full year repurchases to 113.2 million
shares for $7.6 billion. In addition, the company paid $1.3 billion and $5.4
billion in dividends for the quarter and year, respectively. For the year,
Walmart returned $13.0 billion to shareholders through dividends and share
repurchases.

Walmart ended the year with free cash flow^1 of $12.7 billion, compared to
$10.7 billion in the prior year. Excellent cash flows from operations and
disciplined capital allocation helped deliver very strong free cash flow.

Return on investment^1 (ROI) for the year ended Jan. 31, 2013 was 18.2
percent, compared to 18.6 percent for the prior year. The decline was
primarily driven by acquisitions and currency exchange rate fluctuations.

Guidance

"In fiscal 2013, we reported EPS of $1.09 for the first quarter. We expect
first quarter fiscal 2014 EPS to range between $1.11 and $1.16," Holley said.
"These estimates consider current economic factors that are affecting
customers in many of our markets.

“We know there are challenges ahead, but we believe our strong financial
position, along with our EDLC and EDLP operating model, will continue to
produce strong sales and returns for our shareholders,” Holley said. “In
fiscal 2013, we reported full year EPS of $5.02. For fiscal 2014, we expect
EPS to range between $5.20 and $5.40, which includes increased fiscal 2014
costs of around $0.09 per share for our e-commerce operations. We are excited
about the opportunities these investments will provide."

Fiscal 2014 EPS guidance assumes that currency rates remain at today's levels
and takes into account the company's forecast for the annual effective tax
rate to range between 32.0 and 33.0 percent. Additionally, the company's
guidance considers the costs associated with the FCPA and compliance matters,
which are estimated to be approximately $40 to $45 million for the first
quarter of fiscal 2014.

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

Net sales results

Net sales, including fuel, were as follows:

                 Three Months Ended                     Fiscal Years Ended
                    January 31,                               January 31,
Net Sales:
                    2013         2012         Percent     2013         2012          Percent
(dollars in                                     Change                                      Change
billions)
Walmart U.S.        $ 74.665     $ 72.789     2.6  %        $ 274.490    $ 264.186     3.9  %
Walmart             37.949        35.486        6.9  %        135.201       125.873         7.4  %
International
Sam’s Club          14.490      14.010      3.4  %      56.423      53.795       4.9  %
Total Company       $ 127.104   $ 122.285   3.9  %      $ 466.114   $ 443.854    5.0  %

The following explanations provide additional context to the above table for
the three months ended Jan. 31, 2013.

  *Walmart International's net sales included approximately $200 million
    related to an acquisition and a positive impact of approximately $147
    million from currency exchange rates. On a constant currency basis,^1 net
    sales would have been $37.6 billion, an increase of 6.0 percent over last
    year.
  *Net sales for Sam's Club, excluding fuel, were $13.0 billion, an increase
    of 3.2 percent from last year.
  *Consolidated net sales, on a constant currency basis,^1 would have
    increased 3.7 percent to $126.8 billion.

The following explanations provide additional context to the table for the
fiscal years ended Jan. 31.

  *Walmart International's net sales included approximately $4.0 billion
    related to acquisitions and a negative impact of approximately $4.5
    billion from currency exchange rate fluctuations. On a constant currency
    basis,^1 net sales would have been $135.7 billion, an increase of 7.8
    percent over last year.
  *Net sales for Sam's Club, excluding fuel, were $49.8 billion, an increase
    of 4.6 percent from last year.
  *Consolidated net sales, on a constant currency basis,^1 would have
    increased 5.1 percent to $466.7 billion.

Segment operating income

Segment operating income was as follows:

                 Three Months Ended                 Fiscal Years Ended
                    January 31,                           January 31,
Segment
Operating
Income:             2013       2012       Percent     2013        2012        Percent
                                            Change                                  Change
(dollars in
billions)
Walmart U.S.        $ 6.372    $ 6.111    4.3  %        $ 21.500    $ 20.391    5.4  %
Walmart             2.436       2.297       6.1  %        6.694        6.182        8.3  %
International
Sam’s Club          0.502     0.520     (3.5 )%     1.963      1.848      6.2  %

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

The following explanations provide additional context to the above table.

  *Walmart U.S. grew operating income faster than sales for the quarter and
    full year.
  *Walmart International's operating income included a net positive impact of
    approximately $80 million related to an acquisition and currency exchange
    rate fluctuations in the fourth quarter. Full year operating income
    included a net negative impact of approximately $56 million related to
    acquisitions and currency exchange rate fluctuations.
  *On a constant currency basis,^1 Walmart International's operating income
    would have increased 2.6 percent and 9.2 percent for the fourth quarter
    and full year, respectively.
  *Operating income for Sam's Club, excluding fuel, decreased 6.0 percent for
    the quarter, due primarily to a reduction in gross profit margin from
    price investment strategies. Full year operating income, excluding fuel,
    increased 5.9 percent, growing faster than sales.
  *Consolidated operating income, on a constant currency basis,^1 would have
    increased 1.4 percent for the quarter and 4.9 percent for the year.

"The Walmart U.S. team continued to deliver results," said Bill Simon, Walmart
U.S. president and chief executive officer. "For the quarter, operating income
grew 170 basis points faster than sales, and for the year, we grew operating
income faster than sales in every quarter."

U.S. comparable store sales review and guidance

The company reported U.S. comparable store sales based on its 13-week and
52-week retail calendar for the periods ended Jan. 25, 2013 and Jan. 27, 2012,
as follows:

           Without Fuel                  With Fuel                     Fuel Impact
              Thirteen Weeks Ended            Thirteen Weeks Ended            Thirteen Weeks Ended
              1/25/2013    1/27/2012      1/25/2013    1/27/2012      1/25/2013    1/27/2012 
Walmart       1.0       %   1.5       %     1.0       %   1.5       %     0.0       %   0.0       %
U.S.
Sam’s         2.3       %     5.4       %     2.5       %     6.8       %     0.2       %     1.4       %
Club
Total         1.2       %   2.1       %     1.3       %   2.4       %     0.1       %   0.3       %
U.S.

           Without Fuel                  With Fuel                     Fuel Impact
              Fifty-Two Weeks Ended           Fifty-Two Weeks Ended           Fifty-Two Weeks Ended
              1/25/2013    1/27/2012      1/25/2013    1/27/2012      1/25/2013    1/27/2012 
Walmart       1.8       %   0.2       %     1.8       %   0.2       %     0.0       %   0.0       %
U.S.
Sam’s         3.6       %     5.1       %     3.9       %     8.4       %     0.3       %     3.3       %
Club
Total         2.1       %   0.9       %     2.2       %   1.6       %     0.1       %   0.7       %
U.S.

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

During the 13-week period, the Walmart U.S. comp was driven by an increase in
average ticket of 1.1 percent, and a traffic decline of 10 basis points.
According to the Nielsen Company, we gained 40 basis points of market share^1
in the measured category of "food, consumables and health & wellness/OTC"
during the 13 weeks ended Jan. 26, 2013. And, according to The NPD Group for
the three-month period ending Dec. 31, 2012, we also improved market share^1
in toys and the Walmart entertainment categories.

"Despite comps at the low end of the guidance, our market share^1 gains, as
noted by Nielsen and NPD, along with our two-year positive comp trend
indicates the underlying strength of Walmart's business," said Simon. "Comp
sales grew by 1.0 percent for the quarter, lapping a solid 1.5 percent comp
last year. This represented $743 million in comp growth for the quarter."

The Walmart U.S. 13-week comp for last year's first quarter 13-week period
rose 2.6 percent.

"We are confident that our low prices will continue to resonate, as families
adjust to a reduced paycheck and increased gas prices," Simon said. "We see
the underlying health of the Walmart U.S. business is sound, and sales trends
are similar to what we've demonstrated in the last few quarters. However,
February sales started slower than planned, due in large part, to the delay in
income tax refunds. We began seeing increased tax refund check activity late
last week in our stores, resulting in a more normalized weekly sales pattern
for this time of the year. Due to the slower sales rate in the first few weeks
of this year's first quarter, we are forecasting comp sales for the 13-week
period from Jan. 26 to Apr. 26, 2013 to be around flat. We continue to monitor
economic conditions that can impact our sales, such as rising fuel prices,
changes in inflation and the payroll tax increase."

The Sam's Club 13-week comp, excluding fuel, benefited from a 1.6 percent
increase in traffic and a 0.7 percent increase in average ticket.

"Overall, we are proud of the accomplishments this year at Sam's Club, but
also recognize the mounting economic concern from both small businesses and
consumers," said Rosalind Brewer, Sam's Club president and chief executive
officer. "The business member at Sam's Club is an integral part of our comp
sales. Recent traffic patterns of our business members indicate that they are
more deliberate in their spending due to macro-economic factors. Additionally,
like Walmart U.S., our Advantage members are pressured by higher payroll
income taxes, ongoing unemployment and higher gas prices. Our role at Sam's
Club is to support our members by creating value for them through price
investments."

Last year, Sam's Club comp, without fuel, for the first quarter comparable
13-week period rose 5.3 percent.

"Our primary growth for fiscal 2014 will come from comp sales," Brewer said.
Similar to Walmart U.S., the first two weeks of our first quarter comp period
were below plan, but have improved over the last week. "We expect comp club
sales, without fuel, for the current 13-week period from Jan. 26, 2013 through
Apr. 26, 2013, to range between flat and 2.0 percent."

Walmart U.S. and Sam's Club will report comparable sales for the 13-week
period ending Apr. 26 on May 16 when the company reports first quarter
results. For fiscal year 2014, Walmart will report comparable store sales on a
53-week basis, with 4-5-5 reporting for the fourth quarter. Walmart's comp
reporting first week starts with Sat., Jan. 26, 2013.

^1 Sources: The Nielsen Company, 13 weeks ended Jan. 26, 2013. The NPD Group,
three-month period ending Dec. 31, 2012.

Wal-Mart Stores, 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, more than 200 million customers and members
visit our 10,773 stores under 69 banners in 27 countries and e-commerce
websites in 10 countries. With fiscal year 2013 sales of approximately $466
billion, Walmart employs more than 2 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, and on Facebook at
http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com and
http://www.samsclub.com.

Notes

After this earnings release has been furnished to the Securities and Exchange
Commission (SEC), a pre-recorded call offering additional comments on the
quarter will be available to all investors. Please note: Walmart has a new
phone number for accessing the pre-recorded call. Callers within the U.S. and
Canada may dial 877-523-5612 and enter passcode 9256278 (Walmart). All other
callers can access the call by dialing 201-689-8483 and entering passcode
9256278. Information included in this release, including reconciliations, and
the pre-recorded phone call are available in the investor information area on
the company's website at www.stock.walmart.com.

Forward Looking Statements

This release contains statements as to Wal-Mart Stores, Inc. management's
forecasts of the company's diluted earnings per share from continuing
operations attributable to Walmart for the fiscal quarter to end Apr. 30, 2013
and the fiscal year to end Jan. 31, 2014 (and statements of certain
assumptions underlying such forecasts), management's forecasts of the
company's effective tax rate for the fiscal year to end Jan. 31, 2014, of the
company's increased costs for Global eCommerce for fiscal year 2014, of the
comparable store sales of the Walmart U.S. segment of the company and the
comparable club sales, excluding fuel, of the Sam's Club segment of the
company for the 13-week period from Jan. 26, 2013 through Apr. 26, 2013 (and
statements of assumptions underlying such forecasts) and of the costs in the
first quarter of fiscal year 2014 associated with the FCPA and compliance
matters, and management's expectations regarding the company continuing to
progress in its five-year goal to reduce operating expenses as a percentage of
sales by at least 100 basis points, that the company's strong financial
position along with its EDLC and EDLP operating model will continue to produce
strong sales and returns for the company's shareholders, that the Sam's Club
segment's primary net sales growth in fiscal year 2014 will come from
comparable club sales and that the Sam's Club segment's focus in fiscal year
2014 will be merchandising improvements and price investments that the company
believes are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These statements are
intended to enjoy the protection of the safe harbor for forward-looking
statements provided by that act. Those statements can be identified by the use
of the word or phrase "assumes," "estimated," "expect," "forecast,"
"forecasting," "guidance," "will continue," and "will come" in the statements
or relating to such statements. These forward-looking statements are subject
to risks, uncertainties and other factors, domestically and internationally,
including: general economic conditions; economic conditions affecting specific
markets in which we operate; competitive pressures; inflation and deflation;
consumer confidence, disposable income, credit availability, spending patterns
and debt levels; the seasonality of Walmart's business and seasonal buying
patterns in the United States and other markets; geo-political conditions and
events; weather conditions and events and their effects; catastrophic events
and natural disasters and their effects on Walmart's business; public health
emergencies; civil unrest and disturbances and terrorist attacks; commodity
prices; the cost of goods Walmart sells; transportation costs; the cost of
diesel fuel, gasoline, natural gas and electricity; the selling prices of
gasoline; disruption of Walmart's supply chain, including transport of goods
from foreign suppliers; trade restrictions; changes in tariff and freight
rates; labor costs; the availability of qualified labor pools in Walmart's
markets; changes in employment laws and regulations, the cost of healthcare
and other benefits; casualty and other insurance costs; accident-related
costs; the cost of construction materials; the availability of acceptable
building sites for new stores, clubs and facilities; zoning, land use and
other regulatory restrictions; adoption of or changes in tax and other laws
and regulations that affect Walmart's business, including changes in corporate
tax rates; developments in, and the outcome of, legal and regulatory
proceedings to which Walmart is a party or is subject and the costs associated
therewith; currency exchange rate fluctuations; changes in market interest
rates; conditions and events affecting domestic and global financial and
capital markets; and other risks. The accuracy of the forecast of the range of
the company's effective tax rate for fiscal year 2014 can be affected by other
factors, including changes in assessments of certain tax contingencies,
valuation allowances, outcome of administrative audits, the impact of discrete
items and the mix of earnings among the company's U.S. and international
operations. The company discusses certain of the factors described above more
fully in certain of its filings with the SEC, including its most recent annual
report on Form 10-K filed with the SEC, and this release should be read in
conjunction with that annual report on Form 10-K, together with all of the
company's other filings, including its quarterly reports on Form 10-Q and
current reports on Form 8-K, made with the SEC through the date of this
release. The company urges readers to consider all of these risks,
uncertainties and other factors carefully in evaluating the forward-looking
statements contained in this release. As a result of these matters, changes in
facts, assumptions not being realized or other circumstances, the company's
actual results may differ materially from the expected results discussed in
the forward-looking statements contained in this release. The forward-looking
statements contained in this release are as of the date of this release, and
Walmart undertakes no obligation to update these forward-looking statements to
reflect subsequent events or circumstances.


Wal-Mart Stores, Inc.

Consolidated Statements of Income

(Unaudited)
                                                              
SUBJECT TO             Three Months Ended                           Fiscal Years Ended
RECLASSIFICATION
                       January 31,                                  January 31,
(Dollars in                                            Percent                                      Percent
millions, except       2013          2012          Change       2013          2012          Change
per share data)
Revenues:
Net sales              $ 127,104       $ 122,285       3.9   %      $ 466,114       $ 443,854       5.0   %
Membership and         815            884            (7.8  )%     3,048          3,096          (1.6  )%
other income
Total revenues         127,919         123,169         3.9   %      469,162         446,950         5.0   %
Costs and
expenses:
Cost of sales          96,128          92,589          3.8   %      352,488         335,127         5.2   %
Operating,
selling, general
and                    23,191         22,179         4.6   %      88,873         85,265         4.2   %
administrative
expenses
Operating income       8,600           8,401           2.4   %      27,801          26,558          4.7   %
Interest:
Debt                   465             490             (5.1  )%     1,977           2,034           (2.8  )%
Capital leases         68              70              (2.9  )%     274             288             (4.9  )%
Interest income        (56       )     (31       )     80.6  %      (187      )     (162      )     15.4  %
Interest, net          477            529            (9.8  )%     2,064          2,160          (4.4  )%
Income from
continuing
operations             8,123           7,872           3.2   %      25,737          24,398          5.5   %
before income
taxes
Provision for          2,247          2,434          (7.7  )%     7,981          7,944          0.5   %
income taxes
Income from
continuing             5,876           5,438           8.1   %      17,756          16,454          7.9   %
operations
Loss from
discontinued           —              (31       )     100.0 %      —              (67       )     100.0 %
operations, net
of income taxes
Consolidated net       5,876           5,407           8.7   %      17,756          16,387          8.4   %
income
Less
consolidated net
income                 (270      )     (244      )     10.7  %      (757      )     (688      )     10.0  %
attributable to
noncontrolling
interest
Consolidated net
income                 $ 5,606        $ 5,163        8.6   %      $ 16,999       $ 15,699       8.3   %
attributable to
Walmart
                                                                                                    
Income from
continuing
operations
attributable to
Walmart:
Income from
continuing             $ 5,876         $ 5,438         8.1   %      $ 17,756        $ 16,454        7.9   %
operations
Less
consolidated net
income                 (270      )     (244      )     10.7  %      (757      )     (688      )     10.0  %
attributable to
noncontrolling
interest
Income from
continuing
operations             $ 5,606        $ 5,194        7.9   %      $ 16,999       $ 15,766       7.8   %
attributable to
Walmart
                                                                                                    
Basic net income
per common
share:
Basic income per
common share
from continuing        $ 1.68          $ 1.52          10.5  %      $ 5.04          $ 4.56          10.5  %
operations
attributable to
Walmart
Basic loss per
common share
from
discontinued           —              (0.01     )     100.0 %      —              (0.02     )     100.0 %
operations
attributable to
Walmart
Basic net income
per common share       $ 1.68         $ 1.51         11.3  %      $ 5.04         $ 4.54         11.0  %
attributable to
Walmart
                                                                                                    
Diluted net
income per
common share:
Diluted income
per common share
from continuing        $ 1.67          $ 1.51          10.6  %      $ 5.02          $ 4.54          10.6  %
operations
attributable to
Walmart
Diluted loss per
common share
from
discontinued           —              (0.01     )     100.0 %      —              (0.02     )     100.0 %
operations
attributable to
Walmart
Diluted net
income per
common share           $ 1.67         $ 1.50         11.3  %      $ 5.02         $ 4.52         11.1  %
attributable to
Walmart
                                                                                                    
Weighted-average
common shares
outstanding:
Basic                  3,340           3,426                        3,374           3,460
Diluted                3,355           3,442                        3,389           3,474
Dividends
declared per           $ —             $ —                          $ 1.59          $ 1.46
common share


Wal-Mart Stores, Inc.

Consolidated Balance Sheets

(Unaudited)
                                                             
SUBJECT TO RECLASSIFICATION
(Dollars in millions)                              January 31,
ASSETS                                             2013            2012
Current assets:
Cash and cash equivalents                          $ 7,781         $ 6,550
Receivables, net                                   6,768           5,937
Inventories                                        43,803          40,714
Prepaid expenses and other                         1,588          1,774     
Total current assets                               59,940          54,975
Property and equipment:
Property and equipment                             165,825         155,002
Less accumulated depreciation                      (51,896   )     (45,399   )
Property and equipment, net                        113,929         109,603
Property under capital leases:
Property under capital leases                      5,899           5,936
Less accumulated amortization                      (3,147    )     (3,215    )
Property under capital leases, net                 2,752           2,721
                                                                   
Goodwill                                           20,497          20,651
Other assets and deferred charges                  5,987          5,456     
Total assets                                       $ 203,105      $ 193,406 
                                                                   
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings                              $ 6,805         $ 4,047
Accounts payable                                   38,080          36,608
Accrued liabilities                                18,808          18,180
Accrued income taxes                               2,211           1,164
Long-term debt due within one year                 5,587           1,975
Obligations under capital leases due within        327            326       
one year
Total current liabilities                          71,818          62,300
                                                                   
Long-term debt                                     38,394          44,070
Long-term obligations under capital leases         3,023           3,009
Deferred income taxes and other                    7,613           7,862
Redeemable noncontrolling interest                 519             404
                                                                   
Commitments and contingencies
                                                                   
Equity:
Common stock                                       332             342
Capital in excess of par value                     3,620           3,692
Retained earnings                                  72,978          68,691
Accumulated other comprehensive loss               (587      )     (1,410    )
Total Walmart shareholders’ equity                 76,343          71,315
Nonredeemable noncontrolling interest              5,395          4,446     
Total equity                                       81,738         75,761    
Total liabilities and equity                       $ 203,105      $ 193,406 

                                                 
Wal-Mart Stores, Inc.

Consolidated Statements of Cash Flows

(Unaudited)
                                                     
SUBJECT TO RECLASSIFICATION                          Fiscal Years Ended
                                                     January 31,
(Dollars in millions)                                2013         2012
Cash flows from operating activities:
Consolidated net income                              $ 17,756       $ 16,387
Loss from discontinued operations, net of            —             67       
income taxes
Income from continuing operations                    17,756         16,454
Adjustments to reconcile income from
continuing operations to net cash

provided by operating activities:
Depreciation and amortization                        8,501          8,130
Deferred income taxes                                (133     )     1,050
Other operating activities                           527            398
Changes in certain assets and liabilities, net
of effects of acquisitions:
Receivables, net                                     (614     )     (796     )
Inventories                                          (2,759   )     (3,727   )
Accounts payable                                     1,061          2,687
Accrued liabilities                                  271            (935     )
Accrued income taxes                                 981           994      
Net cash provided by operating activities            25,591         24,255
                                                                    
Cash flows from investing activities:
Payments for property and equipment                  (12,898  )     (13,510  )
Proceeds from the disposal of property and           532            580
equipment
Investments and business acquisitions, net of        (316     )     (3,548   )
cash acquired
Other investing activities                           71            (131     )
Net cash used in investing activities                (12,611  )     (16,609  )
                                                                    
Cash flows from financing activities:
Net change in short-term borrowings                  2,754          3,019
Proceeds from issuance of long-term debt             211            5,050
Payments of long-term debt                           (1,478   )     (4,584   )
Dividends paid                                       (5,361   )     (5,048   )
Purchase of Company stock                            (7,600   )     (6,298   )
Other financing activities                           (498     )     (597     )
Net cash used in financing activities                (11,972  )     (8,458   )
                                                                    
Effect of exchange rates on cash and cash            223           (33      )
equivalents
Net increase (decrease) in cash and cash             1,231          (845     )
equivalents
Cash and cash equivalents at beginning of year       6,550         7,395    
Cash and cash equivalents at end of year             $ 7,781       $ 6,550  

Wal-Mart Stores, Inc.
Reconciliations of and Other Information Regarding Non-GAAP Financial Measures
(Unaudited)
(In millions, except per share data)

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 as an 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.

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. Free
cash flow was $12.7 billion and $10.7 billion for the fiscal years ended Jan.
31, 2013 and 2012, respectively. The increase in free cash flow was primarily
due to income from continuing operations outpacing the growth in capital
expenditures.

Free cash flow is considered a non-GAAP financial measure under the SEC's
rules. 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, income from continuing operations 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 entire
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 our management to calculate free cash flow may differ from the methods
other companies use to calculate their free cash flow. We urge you to
understand the methods used by another company to calculate its free cash flow
before comparing our free cash flow to that of such other company.

The following table sets forth a reconciliation of free cash flow, a non-GAAP
financial measure, to net cash provided by operating activities, a GAAP
measure, which we believe to be the GAAP financial measure most directly
comparable to free cash flow, for the fiscal years ended Jan. 31, 2013 and
2012, as well as information regarding net cash used in investing activities
and net cash used in financing activities in those periods.

                                             Fiscal Years Ended
                                                January 31,
(Dollars in millions)                           2013          2012
Net cash provided by operating activities       $ 25,591        $ 24,255
Payments for property and equipment             (12,898   )     (13,510   )
Free cash flow                                  $ 12,693       $ 10,745  
                                                                
Net cash used in investing activities^1         $ (12,611 )     $ (16,609 )
Net cash used in financing activities           $ (11,972 )     $ (8,458  )

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

Calculation of Return on Investment and Return on Assets

Management believes return on investment ("ROI") is a meaningful metric to
share with investors because it helps investors assess how effectively Walmart
is employing its assets. Trends in ROI can fluctuate over time as management
balances long-term potential strategic initiatives with any possible
short-term impacts.

ROI was 18.2 percent and 18.6 percent for the fiscal years ended Jan. 31, 2013
and 2012, respectively. The decline was primarily driven by acquisitions and
currency exchange rate fluctuations.

We define ROI as adjusted operating income (operating income plus interest
income, depreciation and amortization, and rent expense) for the fiscal year
divided by average invested capital during that period. We consider average
invested capital to be the average of our beginning and ending total assets of
continuing operations, plus accumulated depreciation and amortization less
accounts payable and accrued liabilities for that period, plus a rent factor
equal to the rent for the fiscal year multiplied by a factor of eight.

ROI is considered a non-GAAP financial measure under the SEC's rules. We
consider return on assets ("ROA") to be the financial measure computed in
accordance with GAAP that is the most directly comparable financial measure to
ROI as we calculate that financial measure. ROI differs from ROA (which is
income from continuing operations for the fiscal year divided by average total
assets of continuing operations for the period) because ROI: adjusts operating
income to exclude certain expense items and adds interest income; adjusts
total assets from continuing operations for the impact of accumulated
depreciation and amortization, accounts payable and accrued liabilities; and
incorporates a factor of rent to arrive at total invested capital.

Although ROI is a standard financial metric, numerous methods exist for
calculating a company's ROI. As a result, the method used by Walmart's
management to calculate ROI may differ from the methods other companies use to
calculate their ROI. We urge you to understand the methods used by another
company to calculate its ROI before comparing our ROI to that of such other
company.

The calculation of ROI, along with a reconciliation to the calculation of ROA,
the most comparable GAAP financial measurement, is as follows:


Wal-Mart Stores, Inc.
Return on Investment and Return on Assets
                                               Fiscal Years Ended
                                                  January 31,
(Dollars in millions)                              2013          2012
CALCULATION OF RETURN ON INVESTMENT
Numerator
Operating income                                   $ 27,801        $ 26,558
+ Interest income                                  187             162
+ Depreciation and amortization                    8,501           8,130
+ Rent                                             2,602          2,394     
Adjusted operating income                          $ 39,091       $ 37,244  
                                                                   
Denominator
Average total assets of                            $ 198,193       $ 186,984
continuing operations^1
+ Average accumulated                              51,829          47,613
depreciation and amortization^1
- Average accounts payable^1                       37,344          35,142
- Average accrued liabilities^1                    18,478          18,428
+ Rent x 8                                         20,816         19,152    
Average invested capital                           $ 215,016      $ 200,179 
Return on investment (ROI)                         18.2      %     18.6      %
                                                                   
CALCULATION OF RETURN ON ASSETS
Numerator
Income from continuing                             $ 17,756       $ 16,454  
operations
Denominator
Average total assets of                            $ 198,193      $ 186,984 
continuing operations^1
Return on assets (ROA)                             9.0       %     8.8       %
                                                                   
                                      As of January 31,
Certain Balance Sheet Data            2013         2012            2011
Total assets of continuing            $ 203,068    $ 193,317       $ 180,651
operations^2
Accumulated depreciation and          55,043       48,614          46,611
amortization
Accounts payable                      38,080       36,608          33,676
Accrued liabilities^3                 18,802       18,154          18,701

     The average is based on the addition of the account balance at the end of
    the current period to the account balance at the end of the prior period
     and dividing by 2.
     
     Total assets of continuing operations as of Jan. 31, 2013, 2012 and 2011
     in the table above exclude assets of discontinued operations of $37
     million, $89 million and $131 million, respectively, which are recorded
     in prepaid expenses and other in the company's Consolidated Balance
     Sheets.
     
     Accrued liabilities as of Jan. 31, 2013, 2012 and 2011 in the table above
^3   exclude liabilities of discontinued operations of $6 million, $26 million
     and $47 million, respectively, which are recorded in accrued liabilities
     in the company's Consolidated Balance Sheet.
     

Constant Currency

In discussing our operating results, the term currency exchange rates are
those we use to convert the operating results for all countries where the
functional currency is not the U.S. dollar. 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 and without the impact of acquisitions
until the acquisitions are included in both comparable periods. The disclosure
of constant currency amounts or results permits investors to understand better
Walmart's underlying performance without the effects of currency exchange rate
fluctuations or acquisitions.

The table below reflects the calculation of constant currency for net sales
and operating income for the three and twelve months ended Jan. 31, 2013,
respectively.

                  Three Months Ended                                   Twelve Months Ended
                     January 31, 2013                                       January 31, 2013
                     International            Consolidated                International             Consolidated
(Dollars in          2013         Percent     2013          Percent     2013          Percent     2013          Percent
millions)                           Change                      Change                      Change                      Change
Net Sales:                                                                                                     
As reported          $ 37,949       6.9  %      $ 127,104       3.9  %      $ 135,201       7.4  %      $ 466,114       5.0  %
Currency
exchange
                     (147     )              (147      )              4,515                   4,515        
rate
fluctuations^1
                     37,802                     126,957                     139,716                     470,629
Net sales
                     (200     )              (200      )              (3,974    )              (3,974    )   
from
acquisitions
Constant
currency             $ 37,602    6.0  %      $ 126,757    3.7  %      $ 135,742    7.8  %      $ 466,655    5.1  %

net sales
                                                                                                                        
Operating
Income:
As reported          $ 2,436        6.1  %      $ 8,600         2.4  %      $ 6,694         8.3  %      $ 27,801        4.7  %
Currency
exchange
                     (78      )              (78       )              111                     111          
rate
fluctuations^1
                     2,358                      8,522                       6,805                       27,912
Operating
income
                     (2       )              (2        )              (55       )              (55       )   
from
acquisitions
Constant
currency
                     $ 2,356     2.6  %      $ 8,520      1.4  %      $ 6,750      9.2  %      $ 27,857     4.9  %
operating
income

Excludes currency exchange rate fluctuations related to acquisitions until the
acquisitions are included in both comparable periods.

Contact:

Wal-Mart Stores, Inc.
Media Relations Contact
Randy Hargrove, 800-331-0085
or
Investor Relations Contact
Carol Schumacher, 479-277-1498
or
Pre-recorded conference call
877-523-5612 (U.S. and Canada)
201-689-8483 (other countries)
Passcode: 9256278