Based on the disclosed information of reportable segments of Walmart, conduct a trend analysis and comment on the performance metrics of the segments. 1. Calculate operating income margin (OI margin) for each segment as operating income/total sales. 2. Calculate the ratio of proportion of capital expenditure(CE) to proportion of total assets(TA) for each segment: Divide segmental CE to total CE(proportion of capital expenditure), divide segmental TA to total TA(proportion of total assets), and divide the above two to get the ratio of proportion of capital expenditure to proportion of total assets. Examine this final product from the above three steps carefully: does higher capital investment bring higher profitability? Did Walmart invest its capital in the more profitable segment (investment efficiency)? If not, any policy recommendation?

Segments (Segment Reporting Information) (Details) - USD ($) $ in Millions Jan. 31, 2018 Jan. 31, 2017 Jan. 31, 2016 Jan. 31, 2015 Jan. 31, 2014 Walmart in total Net sales Operating income (loss) Interest, net Gain (loss) on extinguishment of debt Income before income taxes Total assets Depreciation and amortization Capital expenditures $ 495,761 20,437 (2,178) (3,136) 15,123 204,522 10,529 10,051 $ 481,317 22,764 (2,267) 0 20,497 198,825 10,080 10,619 $ 478,614 24,105 (2,467) 0 21,638 199,581 9,454 11,477 $482,229 27,147 (2,348) 0 24,799 203,706 9,173 12,174 $ 473,076 26,872 (2,216) 0 24,656 204,751 8,870 13,115 Walmart U.S. Net sales Operating income (loss) Total assets Depreciation and amortization Capital expenditures 318,477 17,869 104,347 3,655 5,680 307,833 17,745 104,262 3,298 6,090 298,378 19,087 103,109 2,800 6,728 288,049 21,336 101,381 2,665 6,286 279,406 21,787 98,745 2,640 6,378 Walmart International Net sales Operating income (loss) Total assets Depreciation and amortization Capital expenditures 118,068 5,352 81,549 2,601 2,607 116,119 5,758 74,508 2,629 2,697 123,408 5,346 73,720 2,549 2,930 136,160 6,171 80,505 2,665 3,936 136,513 5,153 85,370 2,658 4,463 Sam's Club Net sales Operating income (loss) Total assets Depreciation and amortization Capital expenditures 59,216 982 13,418 466 57,365 1,671 14,125 487 639 56,828 1,820 13,998 472 58,020 1,976 13,995 57,157 1,843 14,053 437 1,071 473 626 695 753 Corporate and support Net sales Operating income (loss) Total assets Depreciation and amortization Capital expenditures 0 (3,766) 5,208 3,807 1,138 0 (2,410) 5,930 3,666 1,193 0 (2,148) 8,754 3,633 1,124 0 (2,336) 7,825 3,370 1,199 0 (1,911) 6,583 3,135 1,203 12 Months Ended Segments (Segment Revenues and Long-Lived Assets) (Details) - USD ($) $ in Millions Jan. 31, 2018 Jan. 31, 2017 Jan. 31, 2016 Jan. 31, 2015 Jan. 31, 2014 Walmart in total Total revenues Long-lived assets $ 500,343 114,818 $ 485,873 114,178 $ 482,130 116,516 $ 485,651 116,655 $ 476,294 117,907 United States Total revenues Long-lived assets 380,580 81,478 367,784 82,746 357,559 82,475 348,227 80,879 338,681 79,644 Walmart International Total revenues Long-lived assets 119,763 33,340 118,089 31,432 124,571 34,041 137,424 35,776 137,613 38,263