9:00 p.m. 2015 Annual Report China With 24 new stores in FY 15, Walmart customers have more access to quality food they can trust. 9:00 a.m. ET Canada 2:00 p.m. A broad assortment 8:00 a.m. CT United Kingdom that is locally relevant Click & Collect lets Asda makes Walmart a United States shoppers order online and favorite in Canada. Supercenter customers collect their groceries at enjoy low prices and various pickup points. fast, friendly checkout. 2015 Annual Report2015 Annual 7:00 a.m. MT United States By using Easy Reorder on SamsClub.com, 10:00 a.m. business members conveniently order online and use Club Pickup Brazil to access merchandise. Walmartbrasil.com’s expanded assortment puts a million items within reach. 8:00 a.m. Mexico Bodega Aurerra Express shoppers find low prices on Winning the future of retail favorite brands close to where they live and work. One customer at a time Wal-Mart Stores, Inc. (NYSE: WMT) 702 S.W. 8th Street Bentonville, Arkansas 72716 USA 479-273-4000 walmart.com “Technology-driven savers” are a fast growing segment of our Walmart shoppers are driven by value. We continue to customer base. Globally, we’re investing to improve mobile expand everyday low prices to more markets globally. capabilities and to test alternative access points. For example, Asda now has Click & Collect at all stores. Walmart’s investor relations app: our company at your fingertips Walmart’s enhanced digital annual report has expanded content. We’re driving innovation and sustainability – and reducing costs – with our enhanced digital annual report. Visit www.stock.walmart.com to hear directly from our leaders, associates and AC Walmart’s IR app gives shareholders anytime and customers. Also, visit this website to enroll to E C anywhere access to financial and company news from receive future materials electronically for our IC E R S their mobile devices. Find presentations, quarterly Annual Shareholders’ Meetings. P S results, global footprint map and the stock price on your iPad, iPhone or Android device. Download the free app from iTunes or Google Play. Customer E Our sustainable, next-generation report X T P Proposition N The minimized environmental footprint of this report is the result of an extensive, E E collaborative effort of Walmart and our supply chain partners. The environmental and R M IE T social impact continues to be an important consideration. It is printed on paper from N R C O well-managed forests containing recycled PCW fiber that is Elementally Chlorine Free E SS (ECF). It is printed using 100 percent renewable wind power (RECs), along with A environmental manufacturing principles that were utilized in the printing process. These practices include environmentally responsible procurement, lean manufacturing, green chemistry principles, the recycling of residual materials and reduced volatile organic compound inks and coatings. Global Responsibility Report: 4.65 acre 894 fewer 117,618 kWh Every day, we offer affordable food, apparel and of forestland preserved via trees consumed less energy – the same other merchandise to customers in 27 countries managed forestry via recycling used by 4.4 homes for a year globally. We believe it is our responsibility to operate in a way that is sustainable for the planet and people who work all along our supply chains, that creates economic opportunity for our 426 metric tons 45,573 kWh 417,714 fewer associates while growing our suppliers and the of greenhouse gas offset – converted to clean renewable gallons of water economy more broadly, and that strengthens the equivalent of taking 85.5 sources (printing plant consumed cars off the road for a year using RECs) the communities where we operate. To learn ED U more, read our GRR at corporate.walmart.com/ Savings baselines were developed using the NT SI I N R G P national averages of similar coated papers and microsites/globalresponsibility-report-2015. printing practices by EarthColor Printing. FSC® 1 0 Y 0 % G R is not responsible for any calculations on saving W E IND EN Customers want to save time and money, and have an Customers want more choice, more items than they ever did resources by choosing this paper. Supplied by Community Energy Rainforest Alliance CertifiedTM SmartWood Program Labeling Guidelines enjoyable shopping experience. We’re investing to before. Walmart.com increased assortment by 60% in fiscal increase associate wages and training to improve the 2015, and we’ll surpass 10 million items this year. service in our stores and clubs. We’re investing to win in retail by providing our customers what they want, when they want it, at unrivaled prices. Doug McMillon President and Chief Executive Officer Wal-Mart Stores, Inc. Our framework for growth What is the strategic plan to drive price. EDLP builds customer trust, both in brands and great private brand options. Walmart’s continued growth in stores and online. That’s especially important On the e-commerce front, we provide a changing retail environment in a digital era where there’s greater price those same things through an expanded around the world? transparency. To deliver price leadership, we assortment of approximately 8 million Given the breadth of our business, strategic continue to focus on driving everyday low items on walmart.com in the U.S. clarity is really important. We’re thinking cost (EDLC) through improvements in supply Interestingly, 75 percent of walmart.com about the future through the lens of the chain, processes and other efficiencies. sales come from non-store inventory, customer. Customers are channel agnostic thus providing incremental sales growth – shopping in stores, online or with their How are you providing greater beyond our stores. And, this is a global phones is more seamless than it used to access for customers to shop Walmart? effort. In Brazil, for example, our online be. We’re thinking the same way. Walmart Through our more than 11,000 stores, assortment, including from marketplace possesses unique assets and capabilities websites and mobile apps, customers can partners, grew 10-fold last year. to serve customers with our stores, clubs, access Walmart in more ways than ever global supply chain, data and great associ- before. It’s vital to have relevant formats What are your most important ates. We want to enable customers to find in each market we serve. But the future of objectives to improve customer what they want, at a value, in a convenient, retail is not just in-store or online – it’s put- experience, both in stores and online? enjoyable way, regardless of how they ting the two together in new ways. I’m Retail has always been a people business, shop. Our customer proposition is focused excited that we’re leaders in integrating and we win when associates exceed on four areas – price, access, assortment digital and physical retail in a seamless customer expectations. That’s why we’re and experience. Each dimension is fashion. We’ll continue to test and learn investing in higher wages and increased important, and we take a holistic view as we explore options for convenient training and development for our U.S. to how they integrate with each other. merchandise pickup or delivery to save associates. We’ll also equip them with Our plan provides a framework to ignite, customers’ time. information and technology to facilitate energize and accelerate change, as we great customer service. We’re focused make decisions and investments. How are you expanding on running great stores and websites by the assortment with your improving in-stock and driving a faster How does Walmart’s everyday low e-commerce offering? checkout, both online and in stores. I’m price (EDLP) philosophy translate Customers want more merchandise excited about the progress we’ll make for across markets globally? choices, and they expect to find almost customers this year. We serve value conscious customers, anything when shopping Walmart. In regardless of household income, all over our stores, we’re focused on providing the world. So, we’ll always be aggressive on quality merchandise, desirable national 2015 Annual Report 1 Walmart U.S. team is implementing a broad range of initiatives focused on strengthening our assortment (especially the fresh offering), Save driving the integration of e-commerce with our stores, and improving the customer experience. Money. For example, in February, we announced a Live $1 billion investment in our U.S. hourly associates to provide higher wages, more training and Better. increased opportunities to build a career with Walmart. These are strategic investments in our people to reignite the sense of ownership they have in our stores and foster an improved customer experience to drive sales growth. Dear Shareholders, Walmart International produced solid constant currency sales and operating income growth. On a constant currency basis, net sales Associates and Customers: surpassed $141 billion, while operating income increased to more than $6 billion. I’m pleased that we’re running better stores in our It’s an exciting time for Walmart. From the U.S. to the U.K., from International markets. Operations in Canada, Mexico and China Mexico to China, and across all the markets we serve, retail is continue to improve, leading to stronger sales and profitability. changing in fundamental ways. Our future is bright because The U.K. market has become fiercely competitive, and in Brazil, we we’re increasing our investments in associates, stores and continue to work on improving performance. Across International, e-commerce capabilities to prepare for the way customers will our commitment to a compelling fresh food offering and innova- want to shop with us in this new era of retail.