Segments

The Company is engaged in the operations of retail stores located in the U.S., 12 countries in Africa, Argentina, Brazil, Canada, 5 countries in Central America, Chile, China, India, Japan, Mexico, and the United Kingdom. The Company’s operations are conducted in three reportable business segments: Walmart U.S., Walmart International, and Sam’s Club. The Company defines its segments as those business units whose operating results its chief operating decision maker (“CODM”) regularly reviews to analyze performance and allocate resources. The Company sells similar individual products and services in each of its segments. It is impractical to segregate and identify revenue for each of these individual products and services.

The Walmart U.S. segment includes the Company’s mass merchant concept in the United States operating under the “Walmart” or “Wal-Mart” brands, as well as walmart.com. The Walmart International segment consists of the Company’s operations outside of the United States, including various websites. The Sam’s Club segment includes the warehouse membership clubs in the United States, as well as samsclub.com. Other unallocated consists of corporate overhead and other items not allocated to any of the Company’s segments.

The Company measures the results of its segments using, among other measures, each segment’s net sales and operating income, which includes certain corporate overhead allocations. From time to time, the Company revises the measurement of each segment’s operating income, including any corporate overhead allocations, as dictated by the information regularly reviewed by its CODM. When the measurement of a segment changes, previous period amounts and balances are reclassified to be comparable to the current period’s presentation.

Net sales by segment are as follows:



	Three Months Ended October 31,				Nine Months Ended October 31,
(Amounts in millions)	2012		2011		2012		2011
Net sales:
Walmart U.S.	$	66,127	$	63,835	$	199,825	$	191,397
Walmart International	33,159		32,383		97,252		90,387
Sam’s Club	13,918		13,298		41,933		39,785
Net sales	$	113,204	$	109,516	$	339,010	$	321,569

Operating income by segment, other unallocated operating income and interest, net, are as follows:



	Three Months Ended October 31,						Nine Months Ended October 31,
(Amounts in millions)	2012			2011			2012			2011
Segment operating income:
Walmart U.S.	$	4,844		$	4,634		$	15,128		$	14,280
Walmart International	1,455			1,389			4,258			3,885
Sam’s Club	435			386			1,461			1,328
Other unallocated operating income	(618		)	(531		)	(1,646		)	(1,336		)
Operating income	6,116			5,878			19,201			18,157
Interest, net	547			535			1,587			1,631
Income from continuing operations before income taxes	$	5,569		$	5,343		$	17,614		$	16,526