If you have not already done so, obtain income statements forWAL MART FOR the last two years for the publicly traded company you are using for your course project Calculate the income statement ratios presented in Theme 3 for the company for the last two years Compare the ratios between years and analyze the results Summarize all of the above in paragraph form, showing ratio calculations in an appendix Include citations and references Fiscal year is February January All values USD millions 2009 2010 2011 2012 2013 Sales Revenue 401 09B 408 21B 421 85B 446 95B 469 16B Cost of Goods Sold (COGS) incl D A 304 06B 304 66B 315 29B 335 13B 352 49B COGS excluding D A 297 32B 297 5B 307 65B 327B 343 99B Depreciation Amortization Expense 6 74B 7 16B 7 64B 8 13B 8 5B Depreciation 7 16B 7 64B 8 13B 8 4B Amortization of Intangibles 0 0 0 101M Gross Income 97 03B 103 56B 106 56B 111 82B 116 67B 2009 2010 2011 2012 2013 SG A Expense 77 52B 78 92B 81 02B 85 27B 88 87B Research Development 0 0 0 0 0 Other SG A 77 52B 78 92B 81 02B 85 27B 88 87B Other Operating Expense 0 0 0 0 0 Unusual Expense 0 689M 0 0 EBIT after Unusual Expense 0 (689M) 0 0 Non Operating Income Expense 3 29B 0 0 0 0 Non Operating Interest Income 284M 181M 201M 162M 187M Equity in Affiliates (Pretax) Interest Expense 2 18B 2 07B 2 21B 2 32B 2 25B Gross Interest Expense 2 27B 2 15B 2 27B 2 38B 2 33B Interest Capitalized 88M 85M 63M 60M 74M Pretax Income 20 9B 22 07B 23 54B 24 4B 25 74B Income Tax 7 15B 7 14B 7 58B 7 94B 7 98B Income Tax Current Domestic 5 34B 6 4B 5 24B 5 34B 6 23B Income Tax Current Foreign 1 23B 1 25B 1 47B 1 4B 1 77B Income Tax Deferred Domestic 655M (371M) 857M 1 5B 30M Income Tax Deferred Foreign (74M) (133M) 19M (299M) (48M) Income Tax Credits 0 0 0 0 0 Equity in Affiliates 0 0 0 0 0 Other After Tax Income (Expense) 0 0 0 0 0 Consolidated Net Income 13 75B 14 93B 15 96B 16 45B 17 76B Minority Interest Expense 499M 513M 604M 688M 757M Net Income 13 25B 14 41B 15 36B 15 77B 17B Extraordinaries Discontinued Operations 146M (79M) 1 03B (67M) 0 Extra Items Gain Loss Sale Of Assets 0 0 0 0 0 Cumulative Effect Accounting Chg 0 0 0 0 0 Discontinued Operations 146M (79M) 1 03B (67M) 0 Net Income After Extraordinaries 13 4B 14 34B 16 39B 15 7B 17B Preferred Dividends 0 0 0 0 0 Net Income Available to Common 13 25B 14 41B 15 36B 15 77B 17B EPS (Basic) 3 4 3 71 4 48 4 54 5 04 Basic Shares Outstanding 3 94B 3 87B 3 66B 3 46B 3 37B EPS (Diluted) 3 39 3 7 4 47 4 52 5 02 Diluted Shares Outstanding 3 95B 3 88B 3 67B 3 47B 3 39B EBITDA 26 25B 31 8B 33 18B 34 69B 36 3B Copyright 2013 FactSet Research Systems Inc All rights reserved Source FactSet Fundamentals

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If you have not already done so, obtain income statements forWAL-MART FOR the last two years for the publicly traded company you are using for

If you have not already done so, obtain income statements forWAL-MART FOR the last two years for the publicly traded company you are using for your course project
Calculate the income statement ratios presented in Theme 3 for the company for the last two years.

Compare the ratios between years and analyze the results.

Summarize all of the above in paragraph form, showing ratio calculations in an appendix. Include citations and references

Fiscal year is February-January. All values USD millions.	2009	2010	2011	2012	2013
Sales/Revenue	401.09B	408.21B	421.85B	446.95B	469.16B
Cost of Goods Sold (COGS) incl. D&A	304.06B	304.66B	315.29B	335.13B	352.49B
COGS excluding D&A	297.32B	297.5B	307.65B	327B	343.99B
Depreciation & Amortization Expense	6.74B	7.16B	7.64B	8.13B	8.5B
Depreciation	-	7.16B	7.64B	8.13B	8.4B
Amortization of Intangibles	-	0	0	0	101M
Gross Income	97.03B	103.56B	106.56B	111.82B	116.67B
	2009	2010	2011	2012	2013
SG&A Expense	77.52B	78.92B	81.02B	85.27B	88.87B
Research & Development	0	0	0	0	0
Other SG&A	77.52B	78.92B	81.02B	85.27B	88.87B
Other Operating Expense	0	0	0	0	0
Unusual Expense	0	689M	-	0	0
EBIT after Unusual Expense	0	(689M)	-	0	0
Non Operating Income/Expense	3.29B	0	0	0	0
Non-Operating Interest Income	284M	181M	201M	162M	187M
Equity in Affiliates (Pretax)	-	-	-	-	-
Interest Expense	2.18B	2.07B	2.21B	2.32B	2.25B
Gross Interest Expense	2.27B	2.15B	2.27B	2.38B	2.33B
Interest Capitalized	88M	85M	63M	60M	74M
Pretax Income	20.9B	22.07B	23.54B	24.4B	25.74B
Income Tax	7.15B	7.14B	7.58B	7.94B	7.98B
Income Tax - Current Domestic	5.34B	6.4B	5.24B	5.34B	6.23B
Income Tax - Current Foreign	1.23B	1.25B	1.47B	1.4B	1.77B
Income Tax - Deferred Domestic	655M	(371M)	857M	1.5B	30M
Income Tax - Deferred Foreign	(74M)	(133M)	19M	(299M)	(48M)
Income Tax Credits	0	0	0	0	0
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Consolidated Net Income	13.75B	14.93B	15.96B	16.45B	17.76B
Minority Interest Expense	499M	513M	604M	688M	757M
Net Income	13.25B	14.41B	15.36B	15.77B	17B
Extraordinaries & Discontinued Operations	146M	(79M)	1.03B	(67M)	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	146M	(79M)	1.03B	(67M)	0
Net Income After Extraordinaries	13.4B	14.34B	16.39B	15.7B	17B
Preferred Dividends	0	0	0	0	0
Net Income Available to Common	13.25B	14.41B	15.36B	15.77B	17B
EPS (Basic)	3.4	3.71	4.48	4.54	5.04
Basic Shares Outstanding	3.94B	3.87B	3.66B	3.46B	3.37B
EPS (Diluted)	3.39	3.7	4.47	4.52	5.02
Diluted Shares Outstanding	3.95B	3.88B	3.67B	3.47B	3.39B
EBITDA	26.25B	31.8B	33.18B	34.69B	36.3B
Copyright 2013 FactSet Research Systems Inc. All rights reserved. Source FactSet Fundamentals.