Item million while in 2017, it declined to $13,643

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESWalmart’s common stock is mainly traded in the United States on the New York Stock Exchange. As of March 29, 2017, there were 236,471 common stock shareholders of record. In 2017, the price of common stock for the 1st Quarter was $70.08 (High) and $62.35 (Low), the 2nd Quarter was $74.35 (High) and $62.72 (Low), the 3rd Quarter was $75.19 (High) and $67.07 (Low) and the 4th Quarter was $72.48 (High) and $65.28 (Low).According to the 2017 Annual Report, for each of the three months in the quarter ended January 31, 2017, the average price per share was $70.33 by November 30, 2016. Then it slightly increased by December 31, 2016 to $70.57, and then decreased by January 31, 2017 to $67.68. Walmart often repurchases shares of its common stock under share repurchase programs. The $20.0 billion share repurchase program has no expiry date or any other restrictions that limit the period over which it can repurchase shares. The share repurchase programs is authorised by the Company’s Board of Directors. Item 6. SELECTED FINANCIAL DATAThis section demonstrates the financial situation of the company for the past 5 years. Overall, the company performance increased in 2017 compared to 2013. In 2013, net sales were $465,604 where in 2017, sales slightly increased to $481,317. The company’s income decreased in 2017 compared to 2013. In 2013, it was $16,963 million while in 2017, it declined to $13,643 million. This led to a fall in the net income per common share from $5.01 in 2013 to $4.38 in 2017. Furthermore, the total assets declined from 202,910 in 2013 to 198,825 in 2017.The consolidated net sales increased $2.7 billion or 0.6% for fiscal 2017 and declined $3.6 billion or 0.7% for fiscal 2016. Net sales for year 2017 were affected in a positive way by overall positive comparable sales and e-commerce sales. Comparable store sales is a measure that shows the performance of the current stores by determining the growth in sales for such stores for a specific period over the corresponding period in the preceding year. Comparable store sales in the U.S. increased 1.4% and 0.3% in fiscal 2017 and 2016, respectively, when compared to the prior fiscal year. Operating income growth greater than net sales growth is a meaningful measure since it indicates how effectively the company manages costs and leverage expenses. Operating income was $5.8 billion in 2017, $5.3 billion in 2016 and $6.2 billion in 2015. Fluctuations in currency exchange rates negatively affected operating income by $642 million, $765 million and $225 million in fiscal 2017, 2016 and 2015, respectively.Management believes that return on investment is a significant metric to share with investors as it aids investors to assess how efficiently Walmart is deploying its assets. ROI was 15.2% and 15.5% for the fiscal years endedJanuary 31, 2017 and 2016, respectively. The drop in ROI was mainly because of the decline in operating income over these periods.Free cash flow is regarded a non-GAAP financial measure. Management believes that free cash flow, which measures the company’s capacity to generate extra cash from its business operations, is a key financial measure for use in evaluating the Company’s financial performance. Walmart had net cash provided by operating activities of $31.5 billion on 2017,$27.4 billion in 2016 and $28.6 billion in 2015. The company generated free cash flow of $20.9 billion for fiscal year 2017, $15.9 billion for fiscal year 2016 and $16.4 billion for fiscal year 2015. The increase in net cash that was provided by operating activities and free cash flow in year 2017 as compared to that of 2016 was mainly due to enhanced working capital management.Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKThe company is exposed to some market risks, including changes in interest rates and oscillations in currency exchange rates. The company is exposed to fluctuations in interest rates due to its short-term borrowings and long-term debt issuances. The company limits a share of its interest rate risk by managing the mix of fixed and variable rate debt as well as by entering into interest rate swaps. For fiscal year 2017, the net fair value of the interest rate swaps fell about $177 million principally due to variabilities in market interest rates.In addition, the company is also exposed to fluctuations in foreign currency exchange rates because of its net investments and operations in countries other than the United States. Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAWalmart made $482,229 million on sales in 2015, that number decreased in 2016 as it was $478,614 million and again increased in 2017 to be $481,317 million. That had the same impact on cost of sales, it was $365,086 million, then decreased in 2016 to be 360,984 million and then increased again in 2017 to reach 361,256 million. The net income was $16,363 million in 2015, then decreased in 2016 to be $14,694 million and decreased again in 2017 to be $13,643 million.As for the total assets of the company, it went down from $199,581 million in 2016 to $198,825 million in 2017. Likewise, the total liabilities and equity went down from $199,581 million in 2016 to $198,825 million in 2017 and the total shareholders’ equity also decreased in 2017 ($77,798 million) compared to 2016 ($80,546 million).  Moreover, the advertising costs, which consist primarily of print, television and digital advertisements, increased each year. It went up from $2.4 billion in 2015 to $2.5 billion in 2015 to $2.9 billion in 2017.Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE    The company did not have any changes nor disagreements with accountants on accounting and financial disclosure over the period covered by the most recent annual report. Item 9A. CONTROLS AND PROCEDURES    Walmart maintains disclosure controls and procedures that are intended to deliver realistic assurance that information is collected and communicated to management in a timely manner. The company evaluates its internal control over financial reporting and make adjustments to its systems and processes to enhance such controls and increase competence, while at the same time making sure that it maintains an effective internal control environment. Changes may embrace activities such as employing new, more effective systems, updating current systems, automating manual processes, transferring specific processes to the company’s shared services organisations and increasing monitoring controls. The evaluation of the efficiency of the design and operation of the company’s disclosure controls and procedures as of the end of the period covered by the most recent report was executed under the supervision and with the involvement of management, including the Chief Executive Officer and Chief Financial Officer.    There has been no change in the Company’s internal control over financial reporting as of January 31, 2017, that has considerably impacted the Company’s internal control over financial reporting.Item 9B. OTHER INFORMATION    There is no other information that was required to be reported on a different form during the fourth quarter of the year covered by the company’s most recent 10-K.