Art Interpretation: The Arnolfini Portrait

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xznegva1972

Humanities

Description

Reflect back on your interpretation of The Arnolfini Portrait, by Jan van Eyck, circa 1434 in the “Post Your Introduction” discussion.

Watch the video “Van Eyck, Portrait of Giovanni Arnolfini and his Wife, 1434 (Links to an external site.)Links to an external site..” After watching the video, respond to the following in your discussion post:

  1. What key components of the work of art were discussed in the interpretation?
  2. What were some details shared regarding the method, tools, subjects, and social implications of the work of art?
  3. What was one example of symbolism identified in the work of art?

Now that you’ve explored an example of an in-depth analysis of a work of art, how did this analysis differ from your own initial interpretation? What components of the analysis were absent from your own initial interpretation?

Your initial post must at least 200 words in length and apa format

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Good luck in your study and if you need any further help in your assignments, please let me know.Goodbye.

Running head: ANALYSIS OF THE VIDEO ON ART

1

VIDEO ART ANALYSIS

NAME

INSTITUTION AFFILIATION

VIDEO ANALYSIS

2
Video Analysis

One of the things that the video alludes to is the use of light. The main role of color in artistic
representation is that it creates an interest in the artistic work and the depicting the various
moods that are used in a painting. The implication being that when the interpretation describes
the coloring and light of the painting as being diversified and the use of translucent light on the
faces of the two figures that are used in the painting. There is also the discussion of the space that
is used in the painting. There is the highlight of aspects like how the figures in the painting are in
contact with each other, and what space could tell about their relationship.
The method that was used in the art is the use of a mirror, which helps to form a foundation of
the environment and extend the subject of the painting. It could also be said to be a way of trying
to show the various themes that the painting is trying to bring into perspective. There is also the
use of clothes sand mats to try and place a period of the painting.
There is a lot of symbolism, and it must be argued that art is all about forming a figurative
language that people can relate to. For example, the male figure depicts a trader from an Italian
town. The presence of a single lit candle, the removing of the shoes and the cross all try to show
that the place could be a place of worship. It could also offer insight on some of the tools,
objects, and content in the painting.

VIDEO ANALYSIS

3
References

https://www.youtube.com/watch?v=U38V_XwaRxM


2015 Annual Report

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We’re investing to win in retail by
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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.
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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 fiscal 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
flow and forecasting, to associate training
and development, will ensure a superior
fresh offering. 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 fiscal 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 décor – 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 6½ 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 Report of Independent Registered Public
Accounting Firm on Internal Control over
Financial Reporting

38 Consolidated 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
Unit counts
Walmart U.S. segment
Walmart International segment
Sam’s Club segment
Total units

2015

2014

2013

2012

2011

$485,651
2.0%
482,229
1.9%

$ 476,294
1.6%
473,076
1.6%

$468,651
5.0%
465,604
5.0%

$446,509
6.0%
443,416
6.0%

$421,395
3.4%
418,500
3.4%

0.5%
0.6%
0.0%
24.3%

(0.5)%
(0.6)%
0.3%
24.3%

2.4%
2.0%
4.1%
24.3%

1.6%
0.3%
8.4%
24.5%

(0.6)%
(1.5)%
3.9%
24.8%

19.4%
$ 27,147
16,182

19.3%
$ 26,872
15,918

19.0%
$ 27,725
16,963

19.2%
$ 26,491
15,734

19.4%
$ 25,508
15,340

$   4.99
1.92

$   4.85
1.88

$   5.01
1.59

$   4.53
1.46

$   4.18
1.21

$ 45,141
116,655
203,706

$ 44,858
117,907
204,751

$ 43,803
116,681
203,105

$ 40,714
112,324
193,406

$ 36,437
107,878
180,782

43,692
81,394

44,559
76,255

41,417
76,343

47,079
71,315

43,842
68,542

4,516
6,290
647

4,203
6,107
632

4,005
5,783
620

3,868
5,287
611

3,804
4,191
609

11,453

10,942

10,408

9,766

8,604

(1) C
 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.
• Walmart 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.
• Walmart 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.
• Sam’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 ou...


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