Investor Presentaiton

Gross profit rate +40 bps . • • The lapping of last year's elevated markdowns and supply chain costs benefited margins Benefited from managing prices to reflect elevated levels of cost inflation Partly offset by unfavorable product mix shifts as grocery and health & wellness increased nearly 240 bps as a portion of sales mix, while general merchandise sales declined Growth initiatives like marketplace and advertising contributed to margin improvement Operating expenses as a percentage of net sales +28 bps • Reflects higher variable pay relative to last year when we were below our planned performance, as well as technology investments Store remodel costs increased as we continue rollout of an elevated store experience Operating income $6.1 billion, +7.6% • Reflects increased gross margins and Walmart+membership income, partially offset by expense deleverage Inventory -7.6% • . In-stock levels and the composition of inventory mix has improved Maintaining discipline in buying general merchandise due to macro uncertainty Walmart U.S. Store Remodels: 165 Pickup: ~4,600 stores Delivery from Store: >4,000

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