Need help Please with the following..

Calculatethe following ratios using MicrosoftExcel:

• Current Ratio
• Quick Ratio
• Debt Equity Ratio
• Inventory Turnover Ratio
• Receivables Turnover Ratio
• Total Assets Turnover Ratio
• Profit Margin (Net Margin) Ratio
• Return on Assets Ratio

I have attached the 2015 balance sheet for the retailer.. Please include the calculations on excel and include all of the calculations so I can follow how to get there.

2015 Annual Report 9:00 p.m. 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 8:00 a.m. CT United States A broad assortment that is locally relevant makes Walmart a favorite in Canada. By using Easy Reorder on SamsClub.com, business members conveniently order online and use Club Pickup to access merchandise. Click & Collect lets Asda shoppers order online and collect their groceries at various pickup points. Supercenter customers enjoy low prices and fast, friendly checkout. 2015 Annual Report 7:00 a.m. MT United States 2:00 p.m. United Kingdom 10:00 a.m. Brazil Walmartbrasil.com's expanded assortment puts a million items within reach. 8:00 a.m. Mexico Bodega Aurerra Express shoppers find low prices on favorite brands close to where they live and work. Wal-Mart Stores, Inc. (NYSE: WMT) 702 S.W. 8th Street Bentonville, Arkansas 72716 USA 479-273-4000 walmart.com Winning the future of retail One customer at a time Walmart shoppers are driven by value. We continue to expand everyday low prices to more markets globally. \"Technology-driven savers\" are a fast growing segment of our customer base. Globally, we're investing to improve mobile 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. T EN O ASS R Global Responsibility Report: of forestland preserved via managed forestry trees consumed via recycling less energy - the same used by 4.4 homes for a year 426 metric tons 45,573 kWh 417,714 fewer of greenhouse gas offset - the equivalent of taking 85.5 cars off the road for a year converted to clean renewable sources (printing plant using RECs) gallons of water consumed Savings baselines were developed using the national averages of similar coated papers and printing practices by EarthColor Printing. FSC is not responsible for any calculations on saving resources by choosing this paper. NT RI % 0 Customers want more choice, more items than they ever did before. Walmart.com increased assortment by 60% in fiscal 2015, and we'll surpass 10 million items this year. 117,618 kWh ED US IN 10 Customers want to save time and money, and have an enjoyable shopping experience. We're investing to increase associate wages and training to improve the service in our stores and clubs. 894 fewer G Every day, we offer affordable food, apparel and other merchandise to customers in 27 countries 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 associates while growing our suppliers and the economy more broadly, and that strengthens the communities where we operate. To learn more, read our GRR at corporate.walmart.com/ microsites/globalresponsibility-report-2015. 4.65 acre GY I CE The minimized environmental footprint of this report is the result of an extensive, collaborative effort of Walmart and our supply chain partners. The environmental and social impact continues to be an important consideration. It is printed on paper from well-managed forests containing recycled PCW fiber that is Elementally Chlorine Free (ECF). It is printed using 100 percent renewable wind power (RECs), along with 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. TM ER EN Our sustainable, next-generation report W R PR I SS CE EXP Customer Proposition Walmart's IR app gives shareholders anytime and anywhere access to financial and company news from their mobile devices. Find presentations, quarterly results, global footprint map and the stock price on your iPad, iPhone or Android device. Download the free app from iTunes or Google Play. P AC CE 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 customers. Also, visit this website to enroll to receive future materials electronically for our Annual Shareholders' Meetings. IND EN E Supplied by Community Energy Rainforest Alliance CertifiedTM SmartWood Program Labeling Guidelines 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 Walmart's continued growth in a changing retail environment around the world? Given the breadth of our business, strategic clarity is really important. We're thinking about the future through the lens of the customer. Customers are channel agnostic - shopping in stores, online or with their phones is more seamless than it used to be. We're thinking the same way. Walmart possesses unique assets and capabilities to serve customers with our stores, clubs, global supply chain, data and great associates. We want to enable customers to find what they want, at a value, in a convenient, enjoyable way, regardless of how they shop. Our customer proposition is focused on four areas - price, access, assortment and experience. Each dimension is important, and we take a holistic view to how they integrate with each other. Our plan provides a framework to ignite, energize and accelerate change, as we make decisions and investments. How does Walmart's everyday low price (EDLP) philosophy translate across markets globally? We serve value conscious customers, regardless of household income, all over the world. So, we'll always be aggressive on price. EDLP builds customer trust, both in stores and online. That's especially important in a digital era where there's greater price transparency. To deliver price leadership, we continue to focus on driving everyday low cost (EDLC) through improvements in supply chain, processes and other efficiencies. How are you providing greater access for customers to shop Walmart? Through our more than 11,000 stores, websites and mobile apps, customers can access Walmart in more ways than ever before. It's vital to have relevant formats in each market we serve. But the future of retail is not just in-store or online - it's putting the two together in new ways. I'm excited that we're leaders in integrating digital and physical retail in a seamless fashion. We'll continue to test and learn as we explore options for convenient merchandise pickup or delivery to save customers' time. How are you expanding the assortment with your e-commerce offering? Customers want more merchandise choices, and they expect to find almost anything when shopping Walmart. In our stores, we're focused on providing quality merchandise, desirable national brands and great private brand options. On the e-commerce front, we provide those same things through an expanded assortment of approximately 8 million items on walmart.com in the U.S. Interestingly, 75 percent of walmart.com sales come from non-store inventory, thus providing incremental sales growth beyond our stores. And, this is a global effort. In Brazil, for example, our online assortment, including from marketplace partners, grew 10-fold last year. What are your most important objectives to improve customer experience, both in stores and online? Retail has always been a people business, and we win when associates exceed customer expectations. That's why we're investing in higher wages and increased training and development for our U.S. associates. We'll also equip them with information and technology to facilitate great customer service. We're focused on running great stores and websites by improving in-stock and driving a faster checkout, both online and in stores. I'm excited about the progress we'll make for customers this year. 2015 Annual Report 1 Save Money. Live Better. Dear Shareholders, Associates and Customers: It's an exciting time for Walmart. From the U.S. to the U.K., from Mexico to China, and across all the markets we serve, retail is changing in fundamental ways. Our future is bright because we're increasing our investments in associates, stores and e-commerce capabilities to prepare for the way customers will want to shop with us in this new era of retail. Each week, we serve close to 260 million customers in our stores, in 27 countries, and through our websites globally. While language and culture may differ, remarkable similarities exist globally in what customers expect from a retailer. Whether it's a young mom in Toronto or a retired couple in Phoenix, customers everywhere want to save money and save time. They want to shop on their terms in a manner that's easy and convenient. They seek broad choices in assortment. And, regardless of how they shop, in stores or on their mobile device, they expect a great price and experience. At Walmart, our enterprise strategy guides how we fulfill those expectations and deliver on our customer proposition. We'll drive sales growth by executing well, in stores and e-commerce, every time we serve customers. Walmart U.S. team is implementing a broad range of initiatives focused on strengthening our assortment (especially the fresh offering), driving the integration of e-commerce with our stores, and improving the customer experience. For example, in February, we announced a $1 billion investment in our U.S. hourly associates to provide higher wages, more training and 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. Walmart International produced solid constant currency sales and operating income growth. On a constant currency basis, net sales surpassed $141 billion, while operating income increased to more than $6 billion. I'm pleased that we're running better stores in our International markets. Operations in Canada, Mexico and China continue to improve, leading to stronger sales and profitability. The U.K. market has become fiercely competitive, and in Brazil, we continue to work on improving performance. Across International, our commitment to a compelling fresh food offering and innovations in e-commerce, like grocery home shopping, will be important growth drivers for the future. The emphasis of the Sam's Club team on making membership more rewarding helped drive net sales of $58 billion and an increase of more than 10 percent in membership income. Members appreciate the value-added benefits offered by Sam's Club like Plus Cash Rewards and the suite of comprehensive business member services. The team is focused on bringing merchandise excitement and newness to drive sales. In addition, Sam's Club continues to strengthen digital integration with clubs through initiatives like Club Pickup. Our 22 percent growth in global e-commerce sales surpassed the overall market and was supported by enhancements to our Delivering a solid financial performance I'm encouraged that Walmart's fiscal 2015 revenue grew by more than $9 billion to nearly $486 billion and earnings per share were $4.99, a nearly 3 percent increase from the prior year. But, we have higher expectations. Our priority is to run great stores, clubs and e-commerce everywhere we operate to grow the business. Walmart U.S. delivered net sales of $288 billion, a more than 3 percent increase, and improved its sales and operating income trends each consecutive quarter during the year. I'm pleased by the positive comp sales growth, especially the strong performance from Neighborhood Markets, but we're not satisfied. The 2 2015 Annual Report Almost 260M Customers served weekly in our stores in 27 countries and through websites globally 16% $486B Fiscal 2015 total shareholder return Consolidated fiscal 2015 revenue technology, assortment and supply chain. The investments in our global technology platform provide a foundation that strengthens usability and conversion across our e-commerce websites and mobile apps. We're also investing in more fulfillment centers around the world to enable faster delivery of merchandise to customers. Each of our business segments continues to increase the integration of e-commerce and mobile assets with our stores and clubs. For example, we're testing Click & Collect pickup points in many of our key markets. Asda already has Click & Collect capabilities in all stores. Investing in customer relevance As we invest to expand our global e-commerce capabilities and build more stores, we keep customer expectations at the forefront. The type of store format or fulfillment center we build, the location of where we put a club, or the functionality of a website are all predicated on how we can better serve our customers. And, as we make these choices, we're striving to balance sales growth and profitability. We're being thoughtful with our investments, ensuring we have the infrastructure in place for sustainable growth. Walmart's strong balance sheet and robust cash flow provide a solid foundation to support these investments. While we grow, we remain focused on expense management and EDLC. When we operate and grow efficiently, we'll generate increased value for shareholders. Engaged associates fuel our success Highly motivated and engaged associates are essential to providing customers with excellent service. And, it's only through associates who are merchant-minded that we'll continue to connect customers with new items that they want and need. Although technology has transformed our business, retail is still a people business. Walmart has always provided a ladder of opportunity - one that today is available to our 2.2 million associates globally. Regardless of your background, Walmart will give you the opportunity to grow a career as far as your ability and hard work will take you. I am one of many leaders in our company who benefited from this opportunity to begin as an hourly associate and grow into roles with increased responsibility. Talent is the essential enabler to reach our objectives. I'm excited by the new initiatives we've put in place around the world to better train and equip our associates for success. For example, the steps we've taken in the U.S., China and Mexico to strengthen compensation structures and increase training opportunities give associates more ownership and accountability, so they can react faster to customers' needs. Adding new talent is also important as we work to grow digital retail and fully align our organization with a changing retail environment. Some of the brightest minds in retail are joining Walmart because they know this is an organization that's embracing innovation to deliver a better future for customers. Committed to a better world We're not only thinking differently about retail, we're thinking differently about the world. Walmart is a powerful change agent, and we're committed to global responsibility initiatives that make our world better. I'm proud of our work to advance environmental sustainability, to support women's economic empowerment, and to offer healthier food choices for our customers. We continue to look for more ways to lead and have an even greater impact on the communities that we serve. We'll also remain steadfast in our commitment to compliance, ethics and doing business the right way. I'm pleased with the enhancements we've made, including better technology, to strengthen these organizations and build world-class compliance. My career at Walmart began more than three decades ago, and I've never been more excited about our future than I am today. Walmart has a great purpose - to save people money so they can live better. We're embracing change so we can deliver that promise more effectively. As I look back over this past year, we've made great strides towards our goals. We know where our customers' expectations are going, and we're ideally positioned to deliver for them. Walmart has great assets and capabilities, but there's more we must do. We're continuing to build a Walmart that excels globally at the integration of digital and physical retail, providing our customers with a seamless experience to shop whenever, wherever and however they want. It's a great opportunity. I'm excited about the next steps in our journey. Sincerely, 2015 Annual Report 3 Delivering an improved shopping experience In scal 2015, Walmart U.S. delivered a 3.1 percent increase in net sales to $288 billion. Comp sales growth of 0.6 percent included more than 6 percent growth in our Neighborhood Market format. Operating income declined 2.1 percent to $21.3 billion, due primarily to increased health-care costs. We improved sales and operating income trends each consecutive quarter in fiscal 2015. Our new leadership team, led by Greg Foran, is focused on improving our customer experience through assortment, price and access. Enhancing the customer experience We're focused on exceeding our customers' expectations by strengthening the shopping experience. We've expanded the Checkout Promise to provide a faster checkout experience, with more lanes available during peak hours and weekends. In February, we announced an array of changes for associates and a bold new approach to our jobs. These changes to training, scheduling and pay will lead to expanded career opportunities and increased wages for hundreds of thousands of 4 2015 Annual Report and relevant, and we've refreshed our mobile app. We'll continue to test, learn and innovate as we explore initiatives, such as online grocery delivery and Walmart Grocery Pickup, to provide greater access to our brand anytime and anywhere. And, we'll accomplish all of this through investments in technology, systems and our supply chain, including our more than 4,500 stores. These investments will give our customers better access to merchandise and make the shopping experience more rewarding. full-time and part-time hourly store associates. Across the country, all entry-level associates now earn a minimum of $9.00 per hour, and by February 2016, current associates will earn at least $10.00 per hour. Our people will have more control over their schedules and access to training that provides a pathway to greater career opportunities. These investments are designed to reignite our associate pride and ownership to improve service to our customers. Focusing on a quality assortment We're an agent for our customer, driving value through improving quality and expanding key brands, at an everyday low price. Customers expect a consistent high quality fresh food experience, which is a key traffic driver to our stores. We'll continue to strengthen our fresh departments by improving quality, consistency, and presentation, especially with more locally sourced fresh fruits and vegetables. Operational enhancements, from product ow and forecasting, to associate training and development, will ensure a superior fresh oering. Additionally, by leveraging our unified physical and digital capabilities, customers have access to approximately 8 million items across our entire product offering, with more to come this year. Maintaining price leadership Customers want value and we're committed to delivering EDLP. We're focused on executing a consistent pricing strategy that will provide transparent pricing for our customers through new tools and capabilities. We'll continue to work with our supplier partners to achieve EDLC. This will allow us to invest in and strengthen our EDLP pricing strategy and offer the value our customers seek. Aligning formats and channels with customers' needs Customers want to save time and money, and Walmart has an ability to serve them anytime, anywhere. While our supercenters provide a convenient one-stop solution, we'll reinvent the format to exceed customer expectations. And, we're upgrading our Neighborhood Markets to accentuate our fresh and organic offering. Overall, we expect to add approximately 15 to 16 million total net retail square feet in scal 2016, representing between 240 and 270 units. Providing career opportunities for U.S. veterans We're proud of our five-year commitment to hire 100,000 veterans by 2018. Over the past two years, we've hired approximately 80,000 veterans to join the Walmart team. And, more than 6,000 have been promoted to roles of greater responsibility and higher pay. They possess discipline, training and a passion for service to improve our business for customers. With our extensive store base, distribution network and e-commerce capabilities, we're best-positioned to succeed at the integration of digital and physical retail. We'll continue to make the walmart.com experience more intuitive, personalized 2015 Annual Report 5 International Driving increased profitability through balanced growth In fiscal 2015, Walmart International's net sales increased 3.6 percent on a constant currency basis, to $141.4 billion. We grew operating income faster than sales, demonstrating balanced growth and improved profitability. We also added 9.4 million square feet of retail space and 183 stores, bringing our total portfolio to more than 6,200 stores and 10 e-commerce websites in 26 countries. By remaining focused on being in good businesses and being the best-in-class retailer, we're ensuring a balanced portfolio for customers with the right formats and merchandise, supported by EDLP to drive sales growth. Delivering sales through customer relevance We're passionate about driving sales wherever we operate. Customers around the world choose Walmart for our low prices, convenient access to compelling merchandise and a shopping experience that meets their expectations. EDLP, enabled by being a low-cost operator, is the foundation of our customer proposition. In fiscal 2015, we continued to make progress on the transition to EDLP in markets such as Brazil 6 2015 Annual Report and Africa. In other highly competitive markets such as the U.K. and Canada, we remained focused on price investment to drive sales. We're also leveraging best practices globally - improving our fresh and private brand assortments and driving greater operational efficiency. Our EDLC agenda had a strong year, with our 'We Operate for Less' and 'We Buy for Less' programs saving us $150 million in China, for example. We're also providing customers greater convenience by opening more small-format stores. And, when necessary, we've closed underperforming stores and divested non-core elements of our business. We'll continue to strategically optimize our global positioning across key geographies and formats to maximize future growth potential. Accelerating e-commerce and digital/physical integration In all markets, we're committed to providing customers convenient access to Walmart. We're innovating through e-commerce, mobile and various pickup sites to provide customers more shopping options than ever before. We're especially focused on grocery home shopping, with expanded operations in the U.K., Mexico and Japan. Asda doubled its Click & Collect sites, and in Japan, we automated the order picking process to fulfill Seiyu.com grocery orders more efficiently and sustainably. E-commerce sales growth has been strong. Brazil e-commerce sales in fiscal 2015 grew faster than the market despite strong competitive pressures, and in China, Yihaodian saw traffic increase more than 60 percent. No matter the shopper preference, we'll continue to strive to be the destination of choice. Building world-class talent and trust With nearly 800,000 associates serving customers in the International business, we're committed to investing in our people's success through training initiatives and opportunity, ensuring we have high performing associates in all markets. We're leveraging our global leadership talent by giving them opportunities in various markets, such as Mexico and Brazil, to lead improvements in business performance. Our leadership team is focused on a common goal to be the most trusted retailer everywhere we operate. We aim to strengthen customer trust with a strong focus on EDLP, high quality fresh food and excellent customer service. For example, in China, we've invested to improve our distribution network for fresh products and also utilized Walmart's \"Worry Free Fresh\" program to provide a money-back guarantee if our produce and meats don't meet customer expectations. Our commitment to having world-class compliance and leading on social and environmental issues also contributes to building trust with customers. In fiscal 2015, we continued to execute a comprehensive compliance-focused training program, including areas encompassing anti-corruption, food safety and other compliance areas. Our consistent focus on good corporate citizenship helps strengthen community relationships. Empowering women entrepreneurs around the world Walmart's Global Women's Economic Empowerment Initiative provides training, access to markets and career opportunities to nearly 1 million women, many on farms and in factories. We're committed to affording them economic opportunities and increasing our sourcing from women-owned businesses. 2015 Annual Report 7 Creating a more rewarding member experience In fiscal 2015, Sam's Club's commitment to creating the most valued membership organization in the U.S. contributed to growth in net sales, operating income and enhanced member engagement. Overall net sales increased 1.5 percent to $58 billion, while comp sales, excluding fuel, were up 0.6 percent. Membership income grew 10.3 percent, driving operating income growth, without fuel, of 2 percent to $1.9 billion. The most valuable card in a member's wallet Delivering exceptional value is what a Sam's Club membership is all about, and we're finding more ways to strengthen our member engagement. We expect that our increased hourly wages and additional investments in training, announced in February, will provide greater career opportunities for our club associates and allow us to continue delivering award-winning service to members. In addition, Plus members appreciate the benefits of our Cash Rewards program. Response has been strong, On the menu: smart and healthy food choices for members Whether they're millennials or boomers, Sam's Club members are seeking healthier food options - and we deliver. Last year, we more than doubled our organic portfolio. And, \"healthy for you\" items such as breakfast bars, squeezable fruit pouches and protein drinks are resonating with members as well. 8 2015 Annual Report increasing the percentage of members who choose to become Plus members. Putting money back in the pockets of Plus members after they make qualifying purchases at the club significantly enhances the value of this membership. And, all of our members are enthusiastic about our cash back credit card. This secure, chip-enabled 5-3-1 MasterCard offers the best cash-back program in the market. We've also expanded our portfolio of services to provide more convenience and value. We're helping small business members take care of back office needs by providing easy access to leading providers of affordable health insurance plans, payroll services, merchant payment processing and legal services. Our goal is to curate a suite of anywhere, anytime business member services with exclusive savings that make the Sam's Club membership the most valuable \"business card\" for these members, while supporting the small business community. We also launched a Sam's Club Travel app in December to give all members faster access to outstanding travel savings. mobile app allow members to search for products, track Instant Savings and purchase exciting merchandise whenever and wherever they want. Club Pickup, which had been aimed at our Business members, was relaunched in fiscal 2015 so both Savings and Business members can order online and then pick up their merchandise at their local club at a convenient time for them. And, the online Easy Reorder tool allows members to see past purchases and quickly add them to their current cart. Members can shop Sam's Club in a matter of minutes - no matter how big the order. As we grow, we'll also give greater access through new clubs. In fiscal 2016, Sam's Club will open 9 to 12 new and relocated clubs, and remodel at least 55 clubs, while investing in innovation at SamsClub.com. Brands and values that delight members in club and online Having great merchandise builds members' trust and loyalty. Sam's Club members look for household staples, as well as new, exciting, on-trend merchandise - from children's apparel to home dcor - at members-only prices. We're focused on infusing newness across every merchandise category - building excitement, driving traffic, enhancing engagement and increasing retention of club members. Members increasingly shop Sam's Club for healthy options, including organics, active wear and nutrition bars that support their active lifestyles. In addition, our award-winning pharmacists, free health screening services and immunizations make Sam's Club an important health-care destination for many members. Integrating digital and physical access for member convenience We're focused on giving members the choices they want by continuing to integrate digital and physical retail. Improved digital access through our investments in SamsClub.com and our 2015 Annual Report 9 Integrating digital and physical retail for Walmart customers 11 Countries with dedicated Walmart e-commerce websites blueChip_12 1.2M sq. ft. Average size of our 4 new U.S. e-commerce fulfillment centers opening in FY 16 $12.2B Global e-commerce sales in FY 15 (22% growth) 10 2015 Annual Report 60% Increase in walmart.com assortment in FY 15 (to 8 million items) 70% Approximate walmart.com traffic from mobile devices during FY 15 Q4 holidays Investing in our e-commerce capabilities Walmart's e-commerce investments around the world are focused on four priorities: a global technology platform, a next generation fulfillment network, talent and the integration of digital and physical retail. Our new technology platform makes shopping easier on any device and enables deployment of innovation to multiple markets quickly. Our new, highly automated fulfillment centers allow more orders to be shipped faster, and at a lower cost, to customers' doorsteps. We're attracting many of the industry's top engineers and scientists as we build a technology company inside the world's largest retailer. And, we continue to use our stores to test innovations like order pickup and grocery home shopping to position Walmart as the global leader in integrating digital and physical retailing. 2015 Annual Report 11 Fostering opportunities for Walmart associates globally $1B Walmart's incremental investment in higher wages, education and training for U.S. store and club associates 57% \"Walmart will continue to provide a ladder of opportunity that any associate can climb. If you work hard, develop new skills and care for our customers, there should be no limit to what you can do here.\" Doug McMillon President and Chief Executive Officer Wal-Mart Stores, Inc. 12 12 20152015 Annual Annual Report Report Of our associates are women 2.2M Dedicated associates globally $500M Bonuses earned by hourly associates in fiscal 2015 4 of 5 75% Of store operations management joined Walmart as hourly associates Are proud to work at Walmart Based on survey results from more than 2 million associates worldwide 3,600 Global eCommerce associates around the world 2015 Annual Report 13 We're delivering strong governance for shareholders. S. Robson Walton Chairman of the Board of Directors Wal-Mart Stores, Inc. Across our markets, Walmart is in a period of rapid change, and our Board of Directors is highly engaged in overseeing the development and execution of Walmart's enterprise strategy. Under Doug's leadership, management is focused on driving long-term growth and profitability. We're investing in our associates and e-commerce, and integrating our e-commerce offering with our stores and clubs to exceed customers' expectations. I'm proud that the Board fully supported a $1 billion investment in our U.S. store and club hourly associates to increase pay and provide a pathway to greater career opportunities. We also endorsed a more than $300 million incremental investment in e-commerce to continue development of fulfillment and technology capabilities in fiscal 2016. These commitments are expected to improve the store and digital experience for our customers. Walmart has an exceptional Board of Directors comprised of a diverse mix of highly qualified members committed to upholding strong governance standards and demonstrating integrity in all activities. Our Board continually reviews our composition, leadership structure, and our way of working to ensure that we're fully leveraging these talented individuals. Our Board's diversity is broad - from ethnicity 14 2015 Annual Report and gender, to business experience and tenure. The median length of service on our Board is approximately 6 years. This includes a healthy mix of directors with fresh perspectives who joined our Board over the past few years, combined with longer-serving directors with expertise in our business and broader retail acumen. Because change is inevitable, succession planning is one of our key responsibilities. Greg Penner, who has served on the Board since 2008, became the Board's Vice Chairman this past year, and he has taken a more active leadership role in Board and management interactions focused on strategy, management development and Board processes. As part of our standard refreshment, we have a rigorous Board candidate evaluation process to ensure that we maintain the right skill sets for our growing business. Two board additions in 2014, Kevin Systrom and Tom Horton, underscore the benefits of this approach and demonstrate how we're strengthening our oversight to keep pace with the changing retail dynamics. Committed to Board independence Our Board is dedicated and challenges management to grow Walmart in the best interest of our stakeholders. In fact, most directors attended all of our Board and committee meetings last year, with the overall meeting attendance for the year being 98 percent. The Walton family has a passion to see the company succeed, and we're proud to have representation on Walmart's Board. But, we also recognize the importance of having an independent board with diverse experiences and viewpoints. Today, the majority of our board members are independent. Dr. James Cash serves as our Lead Independent Director, adding exceptional value to our governance processes. And, we've had separate Chairman and CEO roles since 1988. This structure allows our management team to focus on long-term value creation for all shareholders and avoids the temptation to respond to short-term pressure that's not best for our business. Listening to our shareholders All of us believe it's important for the company to hear from shareholders and respond accordingly. Over the past year, management engaged in a proactive outreach with many of our largest shareholders to discuss Walmart's strategy, governance and compensation practices, as well as our environmental and social initiatives. These meetings were insightful, and the feedback was shared with the Board. We'll continue to evaluate and act upon the recommendations that the Board feels are in the best interest of all of our shareholders. This is an exciting time for Walmart and retail in general. Our future is bright for our customers, associates and shareholders. Despite all the change that's occurring, Walmart remains true to delivering on the purpose we've always had, to save people money so they can live better. And, we're committed to growing the company in an ethical and compliant way, endeavoring to always do the right thing. Board of Directors Pictured below from left to right: S. Robson Walton (Chairman) Mr. Walton is Chairman of the Board of Directors of Wal-Mart Stores, Inc. Kevin Y. Systrom Mr. Systrom is the Chief Executive Officer and co-founder of Instagram, a social media application. Marissa A. Mayer Ms. Mayer is the Chief Executive Officer and President and Director of Yahoo!, Inc., a digital media company. Timothy P. Flynn Mr. Flynn is the retired Chairman of KPMG International, a professional services firm. Aida M. Alvarez Ms. Alvarez is the former Administrator of the U.S. Small Business Administration and was a member of President Clinton's Cabinet from 1997 to 2001. Douglas N. Daft Mr. Daft is the retired Chairman of the Board of Directors and Chief Executive Officer of The Coca-Cola Company, a beverage manufacturer, where he served in that capacity from February 2000 until May 2004, and in various other capacities since 1969. Thomas W. Horton Mr. Horton is the former Chairman of American Airlines Group Inc. and the former Chairman of American Airlines, Inc. He also previously served as the Chairman and Chief Executive Officer of AMR Corporation and CEO of American Airlines, Inc. Michael T. Duke Mr. Duke is the former Chairman of the Executive Committee of the Board of Directors of Wal-Mart Stores, Inc., where he served in that capacity until January 31, 2015. He previously served as the President and Chief Executive Officer of Wal-Mart Stores, Inc. from February 2009 to January 2014. James I. Cash, Jr., Ph.D. (Lead Independent Director) Dr. Cash is the James E. Robison Emeritus Professor of Business Administration at Harvard Business School, where he served from July 1976 to October 2003. Board Committees: Name Audit Comp., Nominating & Governance Executive Gregory B. Penner (Vice Chairman) Mr. Penner is the Vice Chairman of the Board of Directors of Wal-Mart Stores, Inc. and a General Partner at Madrone Capital Partners, an investment firm. Linda S. Wolf Ms. Wolf is the retired Chairman of the Board of Directors and Chief Executive Officer of Leo Burnett Worldwide, Inc., an advertising agency and division of Publicis Groupe S.A. C. Douglas McMillon Mr. McMillon is the President and Chief Executive Officer of Wal-Mart Stores, Inc. Jim C. Walton Mr. Walton is the Chairman of the Board of Directors and Chief Executive Officer of Arvest Bank Group, Inc., a group of banks operating in the states of Arkansas, Kansas, Missouri and Oklahoma. Global Comp. Strategic Planning Tech & & Finance e-commerce S. Robson Walton (FE) Timothy P. Flynn Name Audit Pamela J. Craig Ms. Craig is the retired Chief Financial Officer of Accenture plc, a global management consulting, technology services, and outsourcing company. Steven S Reinemund Mr. Reinemund is the retired Dean of Business and Professor of Leadership and Strategy at Wake Forest University. He previously served as the Chairman of the Board and Chairman and Chief Executive Officer of PepsiCo, Inc. Comp., Nominating & Governance Linda S. Wolf (C) Thomas W. Horton Jim C. Walton Michael T. Duke James I. Cash, Jr., Ph.D.(FE) Marissa A. Mayer Douglas N. Daft Kevin Y. Systrom Roger C. Corbett Aida M. Alvarez Pamela J. Craig(FE) (C) Executive Steven S Reinemund (C) Committee Chair Global Comp. Strategic Planning Tech & & Finance e-commerce (C) C. Douglas McMillon (C) (FE) Gregory B. Penner Roger C. Corbett Mr. Corbett is the retired Chief Executive Officer and Group Managing Director of Woolworths Limited, the largest retail company in Australia. (FE) (C) (C) Financial Expert 2015 Annual Report 15 A solid fiscal 2015 performance; investing for a stronger future Charles M. Holley, Jr. Executive Vice President and Chief Financial Officer Wal-Mart Stores, Inc. Walmart had a solid year in fiscal 2015 as each operating segment improved its performance as the year progressed. While net sales grew nearly 2 percent and operating income increased 1 percent, our underlying performance was actually stronger. Our results were impacted by significant headwinds from currency exchange rate fluctuations. These currency headwinds may continue throughout this current year. Our top priority is to run great stores in all of our markets. That is the only way to have sustainable increases in comp sales, as well as top line growth. We're pleased that e-commerce sales rose faster than the market globally last year at approximately 22 percent. As we continue to integrate our websites and mobile apps with our stores and clubs, we'll enable customers to shop anytime and anywhere they want. Walmart is well-positioned to deliver for customers because we have the financial strength to invest in growth. Our AA credit rating, unmatched in retail, is a testament to our financial discipline and strong balance sheet. We've consistently delivered strong cash flow for many years. In fact, in fiscal 2015, Walmart generated free cash flow of more than $16 billion, the best performance in over a decade. Our return on investment was 16.9 percent, as we continue to invest in store growth and e-commerce initiatives. Retail is changing and we're investing to serve customers more effectively, which we believe will benefit shareholders over time. We know that customers expect value, a broad assortment, and various options in how and where they shop. They also want an enjoyable shopping experience, both in stores and online. Our fiscal 2016 investments in associate wages and training, as well as our stepped-up investments in global e-commerce, will strengthen our ability to deliver a great experience for customers. These important investments will make us even more relevant in the future. Investing for customers to drive growth We take a long-term view as we position our business for the future. Globally, customers will always need to shop in stores, and we will continue to serve customers with a variety of formats. That is why we will add 26-30 million net retail square feet this year with new stores and clubs around the world, to bring Walmart closer to customers. $64B* 19%* $64B* Consolidated net sales growth Earnings per share growth Returned to shareholders through dividends and share repurchases *Data reflects five-year period including fiscal 2011 through 2015. 16 2015 Annual Report Sometimes, it is more convenient for customers to shop online and have their order delivered to their doorstep. Other times, they may want to pick up their online order when they are already shopping at our store. We are building the capabilities to provide customers with best-in-class e-commerce - from user-friendly websites and mobile apps to high-tech fulfillment centers and the infrastructure required for grocery home shopping. Our incremental investments in and around e-commerce will be well over $1 billion this year, and we will continue to seek the right balance between sales growth and profitability as we grow our e-commerce business. Investing in our people and shareholders This year, we're making a $1 billion incremental investment in strategic people initiatives within our U.S. businesses. This wage restructuring and expanded training opportunities will help hourly associates earn higher pay and advance their careers. This investment will benefit our customers through a better store and club experience, leading to higher sales and returns. I'm proud of Walmart's long record of consistent returns to shareholders. After growth initiatives, we use our remaining cash flows to provide shareholder returns through dividends and share repurchases. Last year, we returned over $7 billion to shareholders. This year, we increased our annual dividend to $1.96 per share, representing 42 consecutive years of dividend increases. As I close, I encourage you to review our financial results in the next section. Walmart's business is strong, and we are confident that our strategic investments will make Walmart's future even brighter. Executive Officers Neil M. Ashe Rollin L. Ford Executive Vice President, President and Chief Executive Officer, Global eCommerce Executive Vice President and Chief Administrative Officer Daniel J. Bartlett Jeffrey J. Gearhart Executive Vice President, Corporate Affairs Executive Vice President, Global Governance and Corporate Secretary Rosalind G. Brewer Executive Vice President, President and Chief Executive Officer, Sam's Club M. Susan Chambers Executive Vice President, Global People David Cheesewright Executive Vice President, President and Chief Executive Officer, Walmart International Charles M. Holley, Jr. Executive Vice President and Chief Financial Officer C. Douglas McMillon President and Chief Executive Officer Steven P. Whaley Senior Vice President and Controller Greg S. Foran Executive Vice President, President and Chief Executive Officer, Walmart U.S. 18 Five-Year Financial Summary 40 Notes to Consolidated Financial Statements 19 Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Report of Independent Registered Public Accounting Firm 36 Consolidated Statements of Income Consolidated Statements of Comprehensive Income 37 Consolidated Balance Sheets 61\t\u0007Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting 38\t\u0007Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interest 39 Consolidated Statements of Cash Flows 62 Management's Report to Our Shareholders 63 Unit Counts as of January 31, 2015 64 Corporate and Stock Information 2015 Annual Report 17 Five-Year Financial Summary As of and for the Fiscal Years Ended January 31, (Amounts in millions, except per share and unit count data) Operating results Total revenues Percentage change in total revenues from previous fiscal year Net sales Percentage change in net sales from previous fiscal year Increase (decrease) in calendar comparable sales (1) in the United States Walmart U.S. Sam's Club Gross profit margin Operating, selling, general and administrative expenses, as a percentage of net sales Operating income Income from continuing operations attributable to Walmart Net income per common share: Diluted income per common share from continuing operations attributable to Walmart Dividends declared per common share Financial position Inventories Property, equipment and capital lease assets, net Total assets Long-term debt and long-term capital lease obligations (excluding amounts due within one year) Total Walmart shareholders' equity 2015 2014 2013 2012\t2011 $485,651\t$ 476,294\t$468,651\t$446,509\t$421,395 2.0% 1.6%\t5.0%\t6.0%\t3.4% 482,229 473,076\t465,604\t443,416\t418,500 1.9% 1.6%\t5.0%\t6.0%\t3.4% 0.5% (0.5)%\t2.4% 1.6%\t(0.6)% 0.6% (0.6)%\t2.0% 0.3%\t(1.5)% 0.0% 0.3%\t4.1%\t8.4%\t3.9% 24.3% 24.3%\t24.3%\t24.5%\t24.8% 19.4% 19.3%\t19.0%\t19.2%\t19.4% $27,147 $26,872 $27,725 $26,491 $25,508 16,182 15,918\t16,963\t15,734\t15,340 $4.99 $4.85 $5.01 $4.53 $4.18 1.92 1.88\t1.59\t1.46\t1.21 $45,141 $44,858 $43,803 $40,714 $36,437 116,655 117,907\t116,681\t112,324\t107,878 203,706 204,751\t203,105\t193,406\t180,782 43,692 44,559\t41,417\t47,079\t43,842 81,394 76,255\t76,343\t71,315\t68,542 Unit counts Walmart U.S. segment\t4,516 4,203\t4,005\t3,868\t3,804 Walmart International segment 6,290 6,107\t5,783\t5,287\t4,191 Sam's Club segment 647 632\t620\t611\t609 11,453\t10,942\t10,408\t9,766\t8,604 Total units (1) C \u0007 omparable sales include sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions, as well as e-commerce sales. Comparable store and club sales include fuel. 18 2015 Annual Report Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Wal-Mart Stores, Inc. (\"Walmart,\" the \"Company\" or \"we\") is engaged in the operation of retail, wholesale and other units in various formats around the world. Our operations consist of three reportable segments: Walmart U.S., Walmart International and Sam's Club. \u0007Walmart U.S. is our largest segment and operates retail stores in all 50 states in the United States (\"U.S.\"), Washington D.C. and Puerto Rico, with three primary store formats, as well as digital retail. Walmart U.S. generated approximately 60% of our net sales in fiscal 2015 and, of our three segments, Walmart U.S. is the largest and has historically had the highest gross profit as a percentage of net sales (\"gross profit rate\"). In addition, Walmart U.S. has historically contributed the greatest amount to the Company's net sales and operating income. \u0007Walmart International consists of operations in 26 countries outside of the U.S. and includes retail, wholesale and other businesses. These businesses consist of numerous formats, including supercenters, supermarkets, hypermarkets, warehouse clubs, including Sam's Clubs, cash & carry, home improvement, specialty electronics, restaurants, apparel stores, drug stores and convenience stores, as well as digital retail. Walmart International generated approximately 28% of our fiscal 2015 net sales. The overall gross profit rate for Walmart International is lower than that of Walmart U.S. because of its merchandise mix. Walmart International is our second largest segment and has grown through acquisitions, as well as by adding retail, wholesale and other units. \u0007Sam's Club consists of membership-only warehouse clubs and operates in 48 states in the U.S. and in Puerto Rico, as well as digital retail. Sam's Club accounted for approximately 12% of our fiscal 2015 net sales. As a membership-only warehouse club, membership income is a significant component of the segment's operating income. As a result, Sam's Club operates with a lower gross profit rate and lower operating expenses as a percentage of net sales than our other segments. Each of our segments contributes to the Company's operating results differently, but each has generally maintained a consistent contribution rate to the Company's net sales and operating income in recent years. Through the operations in each of our segments, we help people around the world save money and live better - anytime and anywhere - in retail stores or through our e-commerce and mobile capabilities. Through innovation, we are striving to create a customer-centric experience that seamlessly integrates digital and physical shopping. Physical retail encompasses our brick and mortar presence in each of the markets we operate. Digital retail is comprised of our e-commerce websites and mobile commerce applications. Each week, we serve nearly 260 million customers who visit our over 11,000 stores under 72 banners in 27 countries and e-commerce websites in 11 countries. Our strategy is to lead on price, invest to differentiate on access, be competitive on assortment and deliver a great experience. By leading on price we earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at everyday low prices (\"EDLP\"), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. EDLP is our pricing philosophy under which we price items at a low price every day so our customers trust that our prices will not change under frequent promotional activity. Price leadership is core to who we are. Everyday low cost (\"EDLC\") is our commitment to control expenses so those cost savings can be passed along to our customers. Our digital and physical presence provides customers access to our broad assortment anytime and anywhere. We strive to give our customers and members a great digital and physical shopping experience. Our fiscal year ends on January 31 for our U.S. and Canadian operations. We consolidate all other operations generally using a one-month lag and on a calendar year basis. Our business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as weather patterns. Historically, our highest sales volume and operating income have occurred in the fiscal quarter ending January 31. This discussion, which presents our results for the fiscal years ended January 31, 2015 (\"fiscal 2015\"), January 31, 2014 (\"fiscal 2014\") and January 31, 2013 (\"fiscal 2013\"), should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from period to period and the primary factors that accounted for those changes. We also discuss certain performance metrics that management uses to assess the Company's performance. Additionally, the discussion provides information about the financial results of the three segments of our business to provide a better understanding of how each of those segments and its results of operations affect the financial condition and results of operations of the Company as a whole. Throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations, we discuss segment operating income, comparable store and club sales and other measures. Management measures the results of the Company's segments using each segment's operating income, including certain corporate overhead allocations, as well as other measures. From time to time, we revise the measurement of each segment's operating income, including certain corporate overhead allocations, and other measures as determined by the information regularly reviewed by our chief operating decision maker. When we do so, the previous period amounts and balances are reclassified to conform to the current period's presentation. The amounts disclosed for \"Corporate and support\" in the leverage discussion of the Company's performance metrics consist of corporate overhead and other items not allocated to any of the Company's segments. Comparable store and club sales is a metric that indicates the performance of our existing U.S. stores and clubs by measuring the change in sales for such stores and clubs, including e-commerce sales, for a particular period from the corresponding period in the previous year. Walmart's definition of comparable store and club sales includes sales from stores and clubs open for the previous 12 months, including remodels, relocations, expansions and conversions, as well as e-commerce sales. We measure the e-commerce sales impact by including those sales initiated through our websites and fulfilled through our e-commerce distribution facilities, as well as an estimate for sales initiated online, but fulfilled through our stores and clubs. Changes in format are excluded from comparable store and club sales when the conversion is accompanied by a relocation or expansion that results in a change in retail square feet of more than five percent. Comparable store and club sales are also referred to as \"same-store\" sales by others within the retail industry. The method of calculating comparable store and club sales 2015 Annual Report 19 Management's Discussion and Analysis of Financial Condition and Results of Operations v aries across the retail industry. As a result, our calculation of comparable store and club sales is not necessarily comparable to similarly titled measures reported by other companies. In discussing our operating results, the term currency exchange rates refers to the currency exchange rates 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, we are referring to our 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. Volatility in currency exchange rates may impact the results, including net sales and operating income, of the Company and the Walmart International segment in the future. We made certain reclassifications to prior period amounts or balances to conform to the presentation in the current fiscal year. These reclassifications did not impact the Company's operating income or consolidated net income. Additionally, certain prior period segment asset and expense allocations have been reclassified among segments to be comparable with the current period presentation. The Retail Industry We operate in the highly competitive retail industry in all of the markets we serve. We face strong sales competition from other discount, department, drug, dollar, variety and specialty stores, warehouse clubs and supermarkets, as well as e-commerce and catalog businesses. Many of these competitors are national, regional or international chains or have a national or international online presence. We compete with a number of companies for prime retail site locations, as well as in attracting and retaining quality employees (whom we call \"associates\"). We, along with other retail companies, are influenced by a number of factors including, but not limited to: catastrophic events, weather, competitive pressures, consumer disposable income, consumer debt levels and buying patterns, consumer credit availability, cost of goods, currency exchange rate fluctuations, customer preferences, deflation, inflation, fuel and energy prices, general economic conditions, insurance costs, interest rates, labor costs, tax rates, cybersecurity attacks and unemployment. Further information on the factors that can affect our operating results and on certain risks to our Company and an investment in its securities can be located in \"Item 1A. Risk Factors\" in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, and in the discussion under \"Cautionary Statement Regarding Forward-Looking Statements and Information\" in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015. Company Performance Metrics Our performance metrics emphasize three priorities for improving shareholder value: growth, leverage and returns. Our priority of growth focuses on sales through growth in net sales, comparable store and club sales, including e-commerce sales, and unit square feet growth; the priority of leverage encompasses our objective to increase our operating income at the same rate as or a faster rate than the growth in net sales by growing our operating, selling, general and administrative expenses (\"operating expenses\") at a slower rate than the growth of our net sales; and the priority of returns focuses on how efficiently we employ assets through return on investment and how effectively we manage working capital through free cash flow. While all three priorities are important, our top priority is growth, with increased investment in digital retail and our associates. Sales growth will contribute to improving leverage and returns over time. Growth Net Sales Fiscal Years Ended January 31, (Amounts in millions) 2015 2014 Net Sales 2013 Percent\tPercent Percent Percent Percent of Total Change Net Sales of Total Change Net Sales of Total Walmart U.S. Walmart International Sam's Club $288,049 59.8%\t3.1% $279,406 59.0%\t1.8% 136,160 28.2%\t(0.3)% 136,513 28.9%\t1.3% 58,020 12.0%\t1.5% 57,157 12.1%\t1.3% $274,433 59.0% 134,748 28.9% 56,423 12.1% Net sales $482,229\t100.0% 1.9% $473,076 100.0% 1.6% $465,604\t100.0% Our consolidated net sales increased 1.9% and 1.6% for fiscal 2015 and 2014, respectively, when compared to the previous fiscal year. The increase in net sales for fiscal 2015 was primarily due to 3.0% year-over-year growth in retail square feet, positive comparable sales in the U.S. and higher e-commerce sales across the Company. The increase was partially offset by $5.3 billion of negative impact from fluctuations in currency exchange rates for fiscal 2015. The increase in net sales for fiscal 2014 was due to 3.1% growth in retail square feet, higher e-commerce sales, the impact of fiscal 2013 acquisitions and positive comparable club sales at Sam's Club. The increase in net sales for fiscal 2014 was partially offset by $5.1 billion of negative impact from fluctuations in currency exchange rates. 20 2015 Annual Report Management's Discussion and Analysis of Financial Condition and Results of Operations Calendar Comparable Store and Club Sales Comparable store and club sales is a metric which indicates the performance of our existing U.S. stores and clubs by measuring the change in sales for such stores and clubs, including e-commerce sales, for a particular period over the corresponding period in the previous year. The retail industry generally reports comparable store and club sales using the retail calendar (also known as the 4-5-4 calendar). To be consistent with the retail industry, we provide comparable store and club sales using the retail calendar in our quarterly earnings releases. However, when we discuss our comparable store and club sales below, we are referring to our calendar comparable store and club sales calculated using our fiscal calendar. As our fiscal calendar differs from the retail calendar, our calendar comparable store and club sales also differ from the retail calendar comparable store and club sales provided in our quarterly earnings releases. Calendar comparable store and club sales, as well as the impact of fuel, for fiscal 2015 and 2014, were as follows: Fiscal Years Ended January31, 2015 2014 With Fuel 2015\t2014 Fuel Impact Walmart U.S. Sam's Club 0.6%\t(0.6)% 0.0%\t0.0% 0.0%\t0.3% (0.6)%\t(0.3)% Total U.S. 0.5%\t(0.5)% (0.1)%\t(0.1)% Comparable store and club sales in the U.S., including fuel, increased 0.5% in fiscal 2015 and decreased 0.5% in fiscal 2014, when compared to the previous fiscal year. The fiscal 2015 total U.S. comparable store and club sales were positively impacted by higher traffic and lower gas prices during the end of the fiscal year. E-commerce sales positively impacted comparable sales approximately 0.3% and 0.2% for Walmart U.S. and Sam's Club, respectively, for the fiscal year ended January 31, 2015. For fiscal 2014, the total U.S. comparable store and club sales were negatively impacted by lower consumer spending primarily due to the slow recovery in general economic conditions, the 2% increase in the 2013 payroll tax rate, and the reduction in government food benefits and severe winter storms that occurred during the fourth quarter. These factors were partially offset by increased member traffic at Sam's Club primarily coming from Savings Members. Additionally, e-commerce sales positively impacted the Walmart U.S. comparable store and Sam's Club comparable club sales percentages by approximately 0.3% for fiscal 2014. As we continue to add new stores and clubs in the U.S., we do so with an understanding that additional stores and clubs may take sales away from existing units. We estimate the negative impact on comparable store and club sales as a result of opening new stores and clubs was approximately 0.9% and 0.8% in fiscal 2015 and 2014, respectively. Our estimate is calculated primarily by comparing the sales trends of the impacted stores and clubs, which are identified based on their proximity to the new stores and clubs, to those of nearby non-impacted stores and clubs, in each case, as measured after the new stores and clubs are opened. Leverage Operating Income Fiscal Years Ended January31, (Amounts in millions) 2015 2014 2013 Operating\tPercent\tPercent Income of Total Change Operating\tPercent Income of Total Walmart U.S. Walmart International Sam's Club Corporate and support $21,336 78.6%\t(2.1)%\t$21,787\t81.0%\t3.2% $21,103\t76.1% 6,171 22.7%\t19.8% 5,153\t19.2% (19.0)% 6,365\t23.0% 1,976 7.3%\t7.2% 1,843\t6.9% (0.9)% 1,859\t6.7% (2,336) (8.6)%\t(22.2)% (1,911)\t(7.1)% (19.3)% (1,602)\t(5.8)% Operating income $27,147\t100.0% 1.0% $26,872\t100.0%\t(3.1)% $27,725\t100.0% Operating\tPercent\tPercent Income ofTotal Change We believe comparing