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Adjusted EPS Financial Overview

Walmart International Strong local businesses powered by Walmart Gross profit rate +12 bps • Increase primarily due to lapping higher markdowns from slower sales growth last year • Partially offset by ongoing format and channel mix changes • Operating expenses as a percentage of net sales -111 bps Leverage driven by strong sales growth driving fixed cost leverage across most markets . Strong operating efficiencies • Operating income $1.2 billion, +50.8%; $1.1 billion (cc)', +41.5% 41.5% increase driven by widespread growth as all markets improved operating income Inventory +1.7% 'See additional information at the end of this presentation regarding non-GAAP financial measures.

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