Walmarts 2023 sales are projected to grow by 5%. All its costs, expenses, current assets, and current liabilities will grow proportionately. Noncurrent assets, noncurrent liabilities, and all elements of equity, except for retained earnings, will remain constant. Advice Walmart whether it will need any additional external financing in 2023 and if so, how much? Assume that Walmart intends to maintain constant profit margin and dividend payout ratios.

Advice Walmarts CEO of the maximum growth in sales at which point the company would not need any additional external financing.

Advice Walmarts CEO of the maximum sales dollars at which the companys financial leverage would remain constant.

Walmart Inc. engages in the operation of retail, wholesale, and other units worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, and discount stores; membership-only warehouse clubs; ecommerce websites, such as walmart.com, walmart.com.mx, walmart.ca, flipkart.com, and samsclub.com; and mobile commerce applications. The company offers grocery products, including dry grocery, snacks, dairy, meat, produce, deli and bakery, frozen foods, and alcoholic and nonalcoholic beverages, as well as consumables, such as health and beauty aids, pet supplies, household chemicals, paper goods, and baby products; and health and wellness products covering pharmacy, over-the-counter drugs and other medical products, and optical and clinical services. It also provides gasoline stations and tobacco; home improvement, outdoor living, gardening, furniture, apparel, and jewelry, as well as tools and power equipment, housewares, toys, seasonal items, mattresses, and tire and battery centers; and consumer electronics and accessories, software, video games, office supplies, appliances, and third-party gift cards. In addition, the company offers fuel and financial services and related products, including money orders, prepaid cards, money transfers, and check cashing and bill payment.

Source: https://finance.yahoo.com/quote/WMT/profile?p=WMT

Additional Information:

1. Earnings per share (EPS) are $4.90 FYE 2022 and $4.77 FYE 2021.
2. Book values per share are $32.86 as of January 31, 2022, and $30.91 as January 31, 2021.
3. Stock prices are $138.77 for January 31, 2021, and $139.36 for January 31, 2021.
4. Dividends of $6,152 was declared FYE 2021 and $6,116 FYE 2021.

Walmart Inc. Consolidated Statement of Income (all $ are in millions) Sales Membership fees Total Revenues Cost of Sales Operating expenses Operating income Interest expense Income before taxes Tax expense Net Income Fiscal Years Ended January 31: 2022 2021 2020 567,762 555,233 519,926 4,992 3,918 4,038 572,754 559,151 523,964 429,000 420,315 394,605 123,222 116,078 106,833 20,532 22,758 22,526 1,836 2,194 2,410 18,696 20,564 20,116 4,756 6,858 4,915 13,940 13,706 15,201 Walmart Inc. Consolidated Balance Sheets (all $ are in millions) Current Assets: Cash Accounts receivable Inventories Other Total current assets Noncurrent Assets: Property and Equipment Leased Assets Goodwill Other Total noncurrent assets Total Assets Current Liabilities: Accounts payable Other Total current liabilities Noncurrent Liabilities Long term debt Other Total noncurrent liabilities Shareholders' Equity: Common stock Additional paid in capital Retained earnings Accumulated other comprehensive income Noncontrolling interest Total shareholders' equity Total Liabilities and Equity As of January 31: 2022 2021 14,760 8,280 56,511 1,519 81,070 94,515 18,109 29,014 22,152 163,790 244,860 55,261 32,118 87,379 34,864 30,726 65,590 276 4,839 86,904 (8,766) 8,638 91,891 244,860 17,741 6,516 44,949 20,861 90,067 92,201 17,647 28,983 23,598 162,429 252,496 49,141 43,504 92,645 41,194 31,126 72,320 282 3,646 88,763 (11,766) 6,606 87,531 252,496 Walmart Inc. Consolidated Statement of Income (all $ are in millions) Sales Membership fees Total Revenues Cost of Sales Operating expenses Operating income Interest expense Income before taxes Tax expense Net Income Fiscal Years Ended January 31: 2022 2021 2020 567,762 555,233 519,926 4,992 3,918 4,038 572,754 559,151 523,964 429,000 420,315 394,605 123,222 116,078 106,833 20,532 22,758 22,526 1,836 2,194 2,410 18,696 20,564 20,116 4,756 6,858 4,915 13,940 13,706 15,201 Walmart Inc. Consolidated Balance Sheets (all $ are in millions) Current Assets: Cash Accounts receivable Inventories Other Total current assets Noncurrent Assets: Property and Equipment Leased Assets Goodwill Other Total noncurrent assets Total Assets Current Liabilities: Accounts payable Other Total current liabilities Noncurrent Liabilities Long term debt Other Total noncurrent liabilities Shareholders' Equity: Common stock Additional paid in capital Retained earnings Accumulated other comprehensive income Noncontrolling interest Total shareholders' equity Total Liabilities and Equity As of January 31: 2022 2021 14,760 8,280 56,511 1,519 81,070 94,515 18,109 29,014 22,152 163,790 244,860 55,261 32,118 87,379 34,864 30,726 65,590 276 4,839 86,904 (8,766) 8,638 91,891 244,860 17,741 6,516 44,949 20,861 90,067 92,201 17,647 28,983 23,598 162,429 252,496 49,141 43,504 92,645 41,194 31,126 72,320 282 3,646 88,763 (11,766) 6,606 87,531 252,496