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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the quarterly period ended July 31, 2023.
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from              to             .
Commission File Number 001-06991
image2a22.jpg
WALMART INC.
(Exact name of registrant as specified in its charter)
Delaware71-0415188
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
702 S.W. 8th Street72716
BentonvilleAR
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (479) 273-4000
Former name, former address and former fiscal year, if changed since last report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareWMTNew York Stock Exchange
2.550% Notes Due 2026WMT26New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☒  Accelerated Filer ☐
Non-Accelerated Filer ☐  Smaller Reporting Company ☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐  
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒
The registrant had 2,691,563,850 shares of common stock outstanding as of August 30, 2023.

Walmart Inc.
Form 10-Q
For the Quarterly Period Ended July 31, 2023



Table of Contents


2
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
Walmart Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended July 31,Six Months Ended July 31,
(Amounts in millions, except per share data)2023202220232022
Revenues:
Net sales$160,280 $151,381 $311,284 $291,669 
Membership and other income1,352 1,478 2,649 2,759 
Total revenues161,632 152,859 313,933 294,428 
Costs and expenses:
Cost of sales121,850 115,838 237,134 222,685 
Operating, selling, general and administrative expenses32,466 30,167 63,243 59,571 
Operating income7,316 6,854 13,556 12,172 
Interest:
Debt543 395 1,111 767 
Finance lease99 84 195 167 
Interest income(148)(31)(255)(67)
Interest, net494 448 1,051 867 
Other (gains) and losses(3,905)(238)(910)1,760 
Income before income taxes10,727 6,644 13,415 9,545 
Provision for income taxes2,674 1,497 3,466 2,295 
Consolidated net income8,053 5,147 9,949 7,250 
Consolidated net (income) loss attributable to noncontrolling interest(162)2 (385)(47)
Consolidated net income attributable to Walmart$7,891 $5,149 $9,564 $7,203 
Net income per common share:
Basic net income per common share attributable to Walmart$2.93 $1.88 $3.55 $2.62 
Diluted net income per common share attributable to Walmart2.92 1.88 3.54 2.61 
Weighted-average common shares outstanding:
Basic2,693 2,736 2,694 2,745 
Diluted2,703 2,745 2,703 2,755 
Dividends declared per common share$— $— $2.28 $2.24 
See accompanying notes.
3
Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended July 31,Six Months Ended July 31,
(Amounts in millions)2023202220232022
Consolidated net income$8,053 $5,147 $9,949 $7,250 
Consolidated net (income) loss attributable to noncontrolling interest(162)2 (385)(47)
Consolidated net income attributable to Walmart7,891 5,149 9,564 7,203 
Other comprehensive income (loss), net of income taxes
Currency translation and other307 (1,380)1,116 (1,148)
Net investment hedges— — — — 
Cash flow hedges135 (293)66 (251)
Minimum pension liability(1)2 1 3 
Other comprehensive income (loss), net of income taxes441 (1,671)1,183 (1,396)
Other comprehensive (income) loss attributable to noncontrolling interest(112)275 (321)268 
Other comprehensive income (loss) attributable to Walmart329 (1,396)862 (1,128)
Comprehensive income, net of income taxes8,494 3,476 11,132 5,854 
Comprehensive (income) loss attributable to noncontrolling interest(274)277 (706)221 
Comprehensive income attributable to Walmart$8,220 $3,753 $10,426 $6,075 
See accompanying notes.
4
Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
July 31,January 31,July 31,
(Amounts in millions)202320232022
ASSETS
Current assets:
Cash and cash equivalents$13,888 $8,625 $13,923 
Receivables, net7,891 7,933 7,522 
Inventories56,722 56,576 59,921 
Prepaid expenses and other3,531 2,521 2,798 
Total current assets82,032 75,655 84,164 
Property and equipment, net104,733 100,760 96,006 
Operating lease right-of-use assets13,710 13,555 13,872 
Finance lease right-of-use assets, net5,552 4,919 4,514 
Goodwill28,268 28,174 28,664 
Other long-term assets20,826 20,134 19,979 
Total assets$255,121 $243,197 $247,199 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term borrowings$4,546 $372 $10,634 
Accounts payable56,576 53,742 54,191 
Dividends payable3,067 — 3,049 
Accrued liabilities29,239 31,126 23,843 
Accrued income taxes770 727 868 
Long-term debt due within one year2,897 4,191 5,316 
Operating lease obligations due within one year1,472 1,473 1,464 
Finance lease obligations due within one year653 567 534 
Total current liabilities99,220 92,198 99,899 
Long-term debt36,806 34,649 29,801 
Long-term operating lease obligations12,978 12,828 13,140 
Long-term finance lease obligations5,449 4,843 4,420 
Deferred income taxes and other15,109 14,688 14,092 
Commitments and contingencies
Redeemable noncontrolling interest232 237 260 
Equity:
Common stock269 269 272 
Capital in excess of par value4,635 4,969 4,672 
Retained earnings85,470 83,135 82,519 
Accumulated other comprehensive loss(10,818)(11,680)(9,894)
Total Walmart shareholders' equity79,556 76,693 77,569 
Nonredeemable noncontrolling interest5,771 7,061 8,018 
Total equity85,327 83,754 85,587 
Total liabilities, redeemable noncontrolling interest, and equity$255,121 $243,197 $247,199 
See accompanying notes.
5
Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
AccumulatedTotal
Capital inOtherWalmartNonredeemable
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingTotal
SharesAmountPar ValueEarningsLossEquityInterestEquity
Balances as of February 1, 20232,693 $269 $4,969 $83,135 $(11,680)$76,693 $7,061 $83,754 
Consolidated net income— — — 1,673 — 1,673 223 1,896 
Other comprehensive income, net of income taxes— — — — 533 533 209 742 
Dividends declared ($2.28 per share)
— — — (6,139)— (6,139)— (6,139)
Purchase of Company stock(5)(1)(38)(632)— (671)— (671)
Dividends declared to noncontrolling interest— — — — — — (761)(761)
Sale of subsidiary stock— — 389 — — 389 94 483 
Other6 1 (72)(2)— (73)— (73)
Balances as of April 30, 20232,694 $269 $5,248 $78,035 $(11,147)$72,405 $6,826 $79,231 
Consolidated net income— — — 7,891 — 7,891 162 8,053 
Other comprehensive income, net of income taxes— — — — 329 329 112 441 
Purchase of Company stock(3)— (29)(454)— (483)— (483)
Dividends to noncontrolling interest— — — — — — (6)(6)
Purchase of noncontrolling interest— — (1,076)— — (1,076)(1,367)(2,443)
Sale of subsidiary stock— — 160 — — 160 54 214 
Other1 — 332 (2)— 330 (10)320 
Balances as of July 31, 20232,692 $269 $4,635 $85,470 $(10,818)$79,556 $5,771 $85,327 
See accompanying notes.
AccumulatedTotal
Capital inOtherWalmartNonredeemable
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingTotal
SharesAmountPar ValueEarningsLossEquityInterestEquity
Balances as of February 1, 20222,761 $276 $4,839 $86,904 $(8,766)$83,253 $8,638 $91,891 
Consolidated net income— — — 2,054 — 2,054 49 2,103 
Other comprehensive income, net of income taxes— — — — 268 268 7 275 
Dividends declared ($2.24 per share)
— — — (6,173)— (6,173)— (6,173)
Purchase of Company stock(17)(2)(125)(2,249)— (2,376)— (2,376)
Sale of subsidiary stock— — 24 — — 24 11 35 
Other4 1 (151)(4)— (154)(1)(155)
Balances as of April 30, 20222,748 $275 $4,587 $80,532 $(8,498)$76,896 $8,704 $85,600 
Consolidated net income— — — 5,149 — 5,149 (2)5,147 
Other comprehensive (loss), net of income taxes— — — — (1,396)(1,396)(275)(1,671)
Purchase of Company stock(26)(3)(182)(3,201)— (3,386)— (3,386)
Dividends to noncontrolling interest— — — — — — (434)(434)
Sale of subsidiary stock— — 8 — — 8 2 10 
Other— — 259 39 — 298 23 321 
Balances as of July 31, 20222,722 $272 $4,672 $82,519 $(9,894)$77,569 $8,018 $85,587 
        
See accompanying notes.
6

Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended July 31,
(Amounts in millions)20232022
Cash flows from operating activities:
Consolidated net income$9,949 $7,250 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization5,750 5,379 
Investment (gains) and losses, net(773)1,988 
Deferred income taxes436 111 
Other operating activities849 244 
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net115 874 
Inventories222 (3,730)
Accounts payable2,999 (453)
Accrued liabilities(1,368)(2,439)
Accrued income taxes22 16 
Net cash provided by operating activities18,201 9,240 
Cash flows from investing activities:
Payments for property and equipment(9,216)(7,492)
Proceeds from the disposal of property and equipment133 72 
Proceeds from disposal of certain operations135 — 
Payments for business acquisitions, net of cash acquired(9)(616)
Other investing activities(952)(548)
Net cash used in investing activities(9,909)(8,584)
Cash flows from financing activities:
Net change in short-term borrowings4,181 10,230 
Proceeds from issuance of long-term debt4,967 — 
Repayments of long-term debt(4,063)(1,439)
Dividends paid(3,072)(3,081)
Purchase of Company stock(1,171)(5,747)
Dividends paid to noncontrolling interest(214)— 
Sale of subsidiary stock697 45 
Purchase of noncontrolling interest(3,462)— 
Other financing activities(1,172)(1,408)
Net cash used in financing activities(3,309)(1,400)
Effect of exchange rates on cash, cash equivalents and restricted cash147 (100)
Net increase (decrease) in cash, cash equivalents and restricted cash5,130 (844)
Cash, cash equivalents and restricted cash at beginning of year8,841 14,834 
Cash, cash equivalents and restricted cash at end of period$13,971 $13,990 
See accompanying notes.
7

Walmart Inc.
Notes to Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Basis of Presentation
The Condensed Consolidated Financial Statements of Walmart Inc. and its subsidiaries ("Walmart" or the "Company") and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2023 ("fiscal 2023"). Therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K.
The Company's Condensed Consolidated Financial Statements are based on a fiscal year ending January 31 for the United States ("U.S.") and Canadian operations. The Company consolidates all other operations generally using a one-month lag based on a calendar year. There were no significant intervening events during the month of July 2023 related to the consolidated operations using a lag that materially affected the Condensed Consolidated Financial Statements.
The Company's business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as weather patterns. Historically, the Company's highest sales volume has occurred in the fiscal quarter ending January 31.
Use of Estimates
The Condensed Consolidated Financial Statements have been prepared in conformity with GAAP. Those principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Management's estimates and assumptions also affect the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates.
Supplier Financing Program Obligations
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency about the use of supplier finance programs for investors and other allocators of capital. The Company adopted this ASU as of February 1, 2023, other than the roll-forward disclosure requirement which the Company will adopt in fiscal 2025.
The Company has supplier financing programs with financial institutions, in which the Company agrees to pay the financial institution the stated amount of confirmed invoices on the invoice due date for participating suppliers. Participation in these programs is optional and solely up to the supplier, who negotiates the terms of the arrangement directly with the financial institution and may allow early payment. Supplier participation in these programs has no bearing on the Company's amounts due. The payment terms that the Company has with participating suppliers under these programs generally range between 30 and 90 days. The Company does not have an economic interest in a supplier's participation in the program or a direct financial relationship with the financial institution funding the program. The Company is responsible for ensuring that participating financial institutions are paid according to the terms negotiated with the supplier, regardless of whether the supplier elects to receive early payment from the financial institution. The outstanding payment obligations to financial institutions under these programs were $5.3 billion, $5.2 billion and $6.4 billion, as of July 31, 2023, January 31, 2023 and July 31, 2022, respectively. These obligations are generally classified as accounts payable within the Condensed Consolidated Balance Sheets. The activity related to these programs is classified as an operating activity within the Condensed Consolidated Statements of Cash Flows.
8
Note 2. Net Income Per Common Share
Basic net income per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period. Diluted net income per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards. The Company did not have significant share-based awards outstanding that were anti-dilutive and not included in the calculation of diluted net income per common share attributable to Walmart for the three and six months ended July 31, 2023 and 2022.
The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income per common share attributable to Walmart:
Three Months Ended July 31,Six Months Ended July 31,
(Amounts in millions, except per share data)2023202220232022
Numerator
Consolidated net income$8,053 $5,147 $9,949 $7,250 
Consolidated net (income) loss attributable to noncontrolling interest(162)2 (385)(47)
Consolidated net income attributable to Walmart$7,891 $5,149 $9,564 $7,203 
Denominator
Weighted-average common shares outstanding, basic2,693 2,736 2,694 2,745 
Dilutive impact of share-based awards10 9 9 10 
Weighted-average common shares outstanding, diluted2,703 2,745 2,703 2,755 
Net income per common share attributable to Walmart
Basic$2.93 $1.88 $3.55 $2.62 
Diluted2.92 1.88 3.54 2.61 
Note 3. Accumulated Other Comprehensive Loss
The following tables provide the changes in the composition of total accumulated other comprehensive loss:
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other		Net Investment HedgesCash Flow HedgesMinimum Pension LiabilityTotal
Balances as of February 1, 2023$(10,816)$94 $(951)$(7)$(11,680)
Other comprehensive income (loss) before reclassifications, net600 — (82)2 520 
Reclassifications to income, net— — 13 — 13 
Balances as of April 30, 2023$(10,216)$94 $(1,020)$(5)$(11,147)
Other comprehensive income (loss) before reclassifications, net195 — 115 (1)309 
Reclassifications to income, net— — 20 — 20 
Balances as of July 31, 2023$(10,021)$94 $(885)$(6)$(10,818)
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other		Net Investment HedgesCash Flow HedgesMinimum Pension LiabilityTotal
Balances as of February 1, 2022$(8,100)$94 $(748)$(12)$(8,766)
Other comprehensive income before reclassifications, net225 — 26 — 251 
Reclassifications to income, net— — 16 1 17 
Balances as of April 30, 2022$(7,875)$94 $(706)$(11)$(8,498)
Other comprehensive income (loss) before reclassifications, net(796)— (622)2 (1,416)
Reclassifications to income, net(309)— 329 — 20 
Balances as of July 31, 2022$(8,980)$94 $(999)$(9)$(9,894)
Amounts reclassified from accumulated other comprehensive loss for derivative instruments are generally recorded in interest, net, in the Company's Condensed Consolidated Statements of Income. Amounts for the minimum pension liability and currency translation are recorded in other gains and losses in the Company's Condensed Consolidated Statements of Income.
9
Note 4. Short-term Borrowings and Long-term Debt
The Company has various committed lines of credit in the U.S. that are used to support its commercial paper program. In April 2023, the Company renewed and extended its existing 364-day revolving credit facility of $10.0 billion as well as its five-year credit facility of $5.0 billion. In total, the Company had committed lines of credit in the U.S. of $15.0 billion at July 31, 2023 and January 31, 2023, all undrawn.
The following table provides the changes in the Company's long-term debt for the six months ended July 31, 2023:
(Amounts in millions)Long-term debt due within one yearLong-term debtTotal
Balances as of February 1, 2023$4,191 $34,649 $38,840 
Proceeds from issuance of long-term debt(1)
— 4,967 4,967 
Repayments of long-term debt(4,063)— (4,063)
Reclassifications of long-term debt2,773 (2,773)— 
Other(4)(37)(41)
Balances as of July 31, 2023$2,897 $36,806 $39,703 
(1) Proceeds from issuance of long-term debt are net of deferred loan costs and any related discount or premium.
Debt Issuances
Information on significant long-term debt issued during the six months ended July 31, 2023, for general corporate purposes, is as follows:
(Amounts in millions)
Issue DatePrincipal AmountMaturity Date Fixed Interest RateNet Proceeds
April 18, 2023$750 April 15, 20264.00%$748 
April 18, 2023$750 April 15, 20283.90%$746 
April 18, 2023$500 April 15, 20304.00%$497 
April 18, 2023$1,500 April 15, 20334.10%$1,491 
April 18, 2023$1,500 April 15, 20534.50%$1,485 
Total$4,967 
These issuances are senior, unsecured notes which rank equally with all other senior, unsecured debt obligations of the Company, and are not convertible or exchangeable. These issuances do not contain any financial covenants and do not restrict the Company's ability to pay dividends or repurchase company stock.
Debt Repayments
Information on significant long-term debt repayments during the six months ended July 31, 2023 is as follows:
(Amounts in millions)
Maturity DatePrincipal AmountFixed vs. FloatingInterest RateRepayment
April 11, 2023$1,750 Fixed2.55%$1,750 
June 26, 2023$2,280 Fixed3.40%$2,280 
Total$4,030 
Note 5. Fair Value Measurements
Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:
•Level 1: observable inputs such as quoted prices in active markets;
•Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and
•Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.
10
The Company measures the fair value of certain equity investments, including certain equity method investments, on a recurring basis within other long-term assets in the accompanying Condensed Consolidated Balance Sheets. The fair value of these investments is as follows:
(Amounts in millions)Fair Value as of July 31, 2023Fair Value as of January 31, 2023
Equity investments measured using Level 1 inputs$4,424 $5,099 
Equity investments measured using Level 2 inputs6,281 5,570 
Total$10,705 $10,669 
Changes in fair value of equity securities, as well as certain immaterial equity method investments where the Company has elected the fair value option measured on a recurring basis, are recognized within other gains and losses in the Condensed Consolidated Statements of Income. These fair value changes, along with certain other immaterial investment activity, resulted in net gains of $3.2 billion and $36 million for the three and six months ended July 31, 2023, respectively, and a net gain of $0.8 billion and a net loss of $1.2 billion for the three and six months ended July 31, 2022, respectively. These fair value changes were primarily due to net changes in the underlying stock prices of those investments. Equity investments without readily determinable fair values are carried at cost and adjusted for any observable price changes or impairments within other gains and losses in the Condensed Consolidated Statements of Income.
Derivatives
The Company also has derivatives recorded at fair value. Derivative fair values are the estimated amounts the Company would receive or pay upon termination of the related derivative agreements as of the reporting dates. The fair values have been measured using the income approach and Level 2 inputs, which include the relevant interest rate and foreign currency forward curves. As of July 31, 2023 and January 31, 2023, the notional amounts and fair values of these derivatives were as follows:
 July 31, 2023January 31, 2023
(Amounts in millions)Notional AmountFair ValueNotional AmountFair Value
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges$6,271 $(765)
(1)
$8,021 $(689)
(1)
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges6,019 (1,295)
(1)
5,900 (1,423)
(1)
Total$12,290 $(2,060)$13,921 $(2,112)
(1) Classified primarily in deferred income taxes and other within the Company's Condensed Consolidated Balance Sheets.
Nonrecurring Fair Value Measurements
In addition to assets and liabilities recorded at fair value on a recurring basis, the Company's assets and liabilities are also subject to nonrecurring fair value measurements. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. The Company did not have any material assets or liabilities resulting in nonrecurring fair value measurements as of July 31, 2023 in the Company's Condensed Consolidated Balance Sheets.
Other Fair Value Disclosures
The Company records cash and cash equivalents, restricted cash, and short-term borrowings at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities.
The Company's long-term debt is also recorded at cost. The fair value is estimated using Level 2 inputs based on the Company's current incremental borrowing rate for similar types of borrowing arrangements. The carrying value and fair value of the Company's long-term debt as of July 31, 2023 and January 31, 2023, are as follows: 
 July 31, 2023January 31, 2023
(Amounts in millions)Carrying ValueFair ValueCarrying ValueFair Value
Long-term debt, including amounts due within one year$39,703 $37,988 $38,840 $38,169 
Note 6. Contingencies
Legal Proceedings
The Company is involved in a number of legal proceedings and certain regulatory matters. The Company records a liability for those legal proceedings and regulatory matters when it determines it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company also discloses when it is reasonably possible that a material loss may be incurred. From time to time, the Company may enter into discussions regarding settlement of these matters, and may enter into settlement agreements, if it believes settlement is in the best interest of the Company and its shareholders.
Unless stated otherwise, the matters discussed below, if decided adversely to or settled by the Company, individually or in the aggregate, may result in a liability material to the Company's financial position, results of operations or cash flows.
11
Settlement Framework Regarding Multidistrict and State or Local Opioid-Related Litigation
During fiscal 2023, the Company accrued a liability for approximately $3.3 billion for the Settlement Framework (described below) and other previously agreed upon state and tribal settlements. The Settlement Framework includes no admission of wrongdoing or liability by the Company, and the Company continues to believe it has substantial factual and legal defenses to opioids-related litigation.
In December 2017, the United States Judicial Panel on Multidistrict Litigation consolidated numerous lawsuits filed against a wide array of defendants by various plaintiffs, including counties, cities, healthcare providers, Native American tribes, individuals, and third-party payers, asserting claims generally concerning the impacts of widespread opioid abuse. The consolidated multidistrict litigation is entitled In re National Prescription Opiate Litigation (MDL No. 2804) (the "MDL") and is pending in the U.S. District Court for the Northern District of Ohio. The Company is named as a defendant in some of the cases included in the MDL.
Similar cases that name the Company also have been filed in state courts by state, local, and tribal governments, healthcare providers, and other plaintiffs. Plaintiffs in these state court cases and in the MDL are seeking compensatory and punitive damages, as well as injunctive relief including abatement. The Company has also been responding to subpoenas, information requests, and investigations from governmental entities related to nationwide controlled substance dispensing and distribution practices involving opioids.
On November 15, 2022, the Company announced it had agreed to financial amounts and payment terms to resolve substantially all opioids-related lawsuits filed against the Company by states, political subdivisions, and Native American tribes whether as part of the MDL (excluding, however, a single, two-county trial described further below) or in state court, as well as all potential claims that could be made against the Company by states, political subdivisions, and Native American tribes for up to approximately $3.1 billion (the "Settlement Amount"). The Settlement Amount includes amounts for remediation of alleged harms as well as attorneys' fees and costs and also includes some, but not all, amounts from previously agreed recent settlements by the Company. One settlement framework with corresponding conditions and participation thresholds applies for the states and political subdivisions, and another settlement framework with corresponding conditions and participation thresholds applies for the Native American tribes. Both settlement frameworks are referred to collectively as the "Settlement Framework."
The Settlement Framework, among other applicable conditions, provides that payments to states and political subdivisions are contingent upon the number of states and political subdivisions, including those states and political subdivisions who have not yet sued the Company, that agree to participate in the Settlement Framework or otherwise have their claims foreclosed within a prescribed deadline. On December 20, 2022, the Company announced that it had settlement agreements with all 50 states, including four states that previously settled with the Company, as well as the District of Columbia, Puerto Rico, and three other U.S. territories (the "Settling States"), thus satisfying the initial threshold of required participation by Settling States. On August 22, 2023, the settlement administrator determined that a sufficient number of political subdivisions had agreed to participate in the Settlement Framework, which was a necessary condition for the Settlement Framework to become effective. The Settlement Framework will become effective 15 days later, on September 6, 2023. The Company is required to deposit up to the full portion of the Settlement Amount attributable to the Settling States within 15 days following the effective date of the Settlement Framework, which the Company expects to pay during the fiscal quarter ending October 31, 2023. Although the settlement administrator has determined a sufficient number of political subdivisions have agreed to participate in the State Settlement Framework, and thus the State Settlement Framework will become effective, eligible political subdivisions still have until July 15, 2025 to join the State Settlement Framework.
Through July 2023, the Company has paid approximately $0.6 billion in the aggregate for separate settlements with Cherokee Nation, New Mexico, Florida, West Virginia, and Alabama, as well as various Native American tribes (excluding Cherokee Nation) that agreed to participate in the Settlement Framework or otherwise have their claims foreclosed within a prescribed deadline. Of the original approximately $3.3 billion accrued liability for the Settlement Framework and other settlements, approximately $2.8 billion remains and is recorded in accrued liabilities within the Company's Condensed Consolidated Balance Sheet as of July 31, 2023.
Other Opioid-Related Litigation
The Company will continue to vigorously defend against any opioid-related litigation not covered or otherwise resolved by the Settlement Framework, including, but not limited to, each of the matters described below; any other actions filed by healthcare providers, individuals, and third-party payers; and any action filed by a political subdivision or Native American tribe that is not resolved by the Settlement Framework. Accordingly, the Company has not accrued a liability for these opioid-related litigation matters nor can the Company reasonably estimate any loss or range of loss that may arise from these matters. The Company can provide no assurance as to the scope and outcome of any of these matters and no assurance that its business, financial position, results of operations or cash flows will not be materially adversely affected.
Two-County Trial and MDL Bellwethers; and Canada. The liability phase of a single, two-county trial in one of the MDL cases resulted in a jury verdict on November 23, 2021, finding in favor of the plaintiffs as to the liability of all defendants, including
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the Company. The abatement phase of the single, two-county trial resulted in a judgment on August 17, 2022, that ordered all three defendants, including the Company, to pay an aggregate amount of approximately $0.7 billion over fifteen years, on a joint and several liability basis, and granted the plaintiffs injunctive relief. On September 7, 2022, the Company filed an appeal with the Sixth Circuit Court of Appeals. The monetary aspect of the judgment is stayed pending appeal, and the injunctive aspect of the judgment went into effect on February 20, 2023.
The MDL designated five additional single-county cases as bellwethers to proceed through discovery; however, these five counties have elected to participate in the Settlement Framework and receive a portion of the Settlement Amount rather than go to trial. The MDL may designate additional bellwethers of cases brought by healthcare providers and third-party payers.
Wal-Mart Canada Corp. and certain other subsidiaries of the Company have been named as defendants in two putative class action complaints filed in Canada related to dispensing and distribution practices involving opioids. These matters remain pending.
DOJ Opioid Civil Litigation. On December 22, 2020, the U.S. Department of Justice (the "DOJ") filed a civil complaint in the U.S. District Court for the District of Delaware alleging that the Company unlawfully dispensed controlled substances from its pharmacies and unlawfully distributed controlled substances to those pharmacies. The complaint alleges that this conduct resulted in violations of the Controlled Substances Act. The DOJ is seeking civil penalties and injunctive relief. The Company initially moved to dismiss the DOJ complaint on February 22, 2021. After that motion was fully briefed, the DOJ filed an amended complaint on October 7, 2022. On November 7, 2022, the Company filed a partial motion to dismiss the amended complaint. That motion remains pending.
Opioid-Related Securities Class Actions and Derivative Litigation. In addition, the Company is the subject of two securities class actions alleging violations of the federal securities laws regarding the Company's disclosures with respect to opioids, filed in the U.S. District Court for the District of Delaware on January 20, 2021 and March 5, 2021, purportedly on behalf of a class of investors who acquired Walmart stock from March 30, 2016 through December 22, 2020. Those cases have been consolidated. On October 8, 2021, the defendants filed a motion to dismiss the consolidated securities action. After the parties had fully briefed the motion to dismiss, on September 9, 2022, the Court entered an order permitting the plaintiffs to file an amended complaint, which was filed on October 14, 2022, and which revised the applicable putative class of investors to those who acquired Walmart stock from March 31, 2017 through December 22, 2020. On November 16, 2022, the defendants filed a motion to dismiss the amended complaint. That motion remains pending.
Derivative actions were also filed by two of the Company's shareholders in the U.S. District Court for the District of Delaware on February 9, 2021 and April 16, 2021, alleging breach of fiduciary duties against certain of its current and former directors with respect to oversight of the Company's distribution and dispensing of opioids and also alleging violations of the federal securities laws and other breaches of duty by current directors and two current officers in connection with the Company's opioids disclosures. Those cases have been stayed pending developments in other opioids litigation matters. On September 27, 2021, three shareholders filed a derivative action in the Delaware Court of Chancery alleging that certain members of the current Board of Directors and certain former officers breached their fiduciary duties in failing to adequately oversee the Company's prescription opioids business. The defendants moved to dismiss and/or to stay proceedings on December 21, 2021, and the plaintiffs responded by filing an amended complaint on February 22, 2022. On April 20, 2022, the defendants moved to dismiss and/or to stay proceedings with respect to the amended complaint. In two orders issued on April 12 and 26, 2023, the Court of Chancery granted the defendants' motion to dismiss with respect to claims involving the Company's distribution practices and denied the remainder of the motion, including the Company's request to stay the litigation. On May 5, 2023, the Company's Board of Directors (the "Board") appointed an independent Special Litigation Committee (the "SLC") to investigate the allegations regarding certain current and former officers and directors named in the various derivative proceedings regarding oversight with respect to opioids. The Board has authorized the SLC to retain independent legal counsel and such other advisors as the SLC deems appropriate in carrying out its duties. The derivative matter pending in the Delaware Court of Chancery is stayed until the SLC completes its investigation.
Other Legal Proceedings
Asda Equal Value Claims. Asda, formerly a subsidiary of the Company, was and still is a defendant in certain equal value claims that began in 2008 and are proceeding before an Employment Tribunal in Manchester in the United Kingdom on behalf of current and former Asda store employees, as well as additional claims in the High Court of the United Kingdom (the "Asda Equal Value Claims"). Further claims may be asserted in the future. Subsequent to the divestiture of Asda in February 2021, the Company continues to oversee the conduct of the defense of these claims. While potential liability for these claims remains with Asda, the Company has agreed to provide indemnification with respect to certain of these claims up to a contractually determined amount. The Company cannot predict the number of such claims that may be filed, and cannot reasonably estimate any loss or range of loss that may arise related to these proceedings. Accordingly, the Company can provide no assurance as to the scope and outcome of these matters.
Money Transfer Agent Services Matters. The Company has responded to grand jury subpoenas issued by the United States Attorney's Office for the Middle District of Pennsylvania on behalf of the DOJ seeking documents regarding the Company's consumer fraud prevention program and anti-money laundering compliance related to the Company's money transfer services,
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where Walmart is an agent. The most recent subpoena was issued in August 2020. The Company continues to cooperate with and provide information in response to requests from the DOJ. The Company has also responded to civil investigative demands from the United States Federal Trade Commission (the "FTC") in connection with the FTC's investigation related to money transfers and the Company's anti-fraud program in its capacity as an agent. On June 28, 2022, the FTC filed a complaint against the Company in the U.S. District Court for the Northern District of Illinois alleging that Walmart violated the Federal Trade Commission Act and the Telemarketing Sales Rule regarding its money transfer agent services and is requesting non-monetary relief and civil penalties. On August 29, 2022, the Company filed a motion to dismiss the complaint. On October 5, 2022, the FTC responded to the motion, and on October 28, 2022, the Company filed its reply. On March 27, 2023, the Court issued an opinion dismissing the FTC's claim under the Telemarketing Sales Rule and denying Walmart's motion to dismiss the claim under Section 5 of the Federal Trade Commission Act. On April 12, 2023, Walmart filed a motion to certify the Court's March 27, 2023, order for interlocutory appeal. The FTC's response to Walmart's motion to certify an interlocutory appeal was filed on May 8, 2023; Walmart filed its reply on May 18, 2023. On June 30, 2023, the FTC filed an amended complaint against Walmart again asserting claims under the Federal Trade Commission Act and Telemarketing Sales Rule. Walmart's motion to dismiss the amended complaint was filed on August 11, 2023; the FTC's response is due on September 15, 2023; and Walmart's reply is due on October 9, 2023. On July 20, 2023, the Court denied Walmart's motion to certify the Court's March 27, 2023, order for interlocutory appeal, finding that it would be more orderly to consider a request for interlocutory appeal after a ruling on Walmart's motion to dismiss the amended complaint. The Company intends to vigorously defend these matters. However, the Company can provide no assurance as to the scope and outcome of these matters and cannot reasonably estimate any loss or range of loss that may arise. Accordingly, the Company can provide no assurance that its business, financial position, results of operations or cash flows will not be materially adversely affected.
Note 7. Segments and Disaggregated Revenue
Segments
The Company is engaged in the operation of retail and wholesale stores and clubs, as well as eCommerce websites, located throughout the U.S., Africa, Canada, Central America, Chile, China, India and Mexico. The Company's operations are conducted in three reportable segments: Walmart U.S., Walmart International and Sam's Club. The Company defines its segments as those operations whose results the 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 revenues for each of these individual products and services.
The Walmart U.S. segment includes the Company's mass merchandising concept in the U.S., as well as eCommerce, which includes omni-channel initiatives and certain other business offerings such as advertising services through Walmart Connect. The Walmart International segment consists of the Company's operations outside of the U.S., as well as eCommerce and omni-channel initiatives. The Sam's Club segment includes the warehouse membership clubs in the U.S., as well as samsclub.com and omni-channel initiatives. Corporate and support 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 and other measures, including any corporate overhead allocations, as determined by the information regularly reviewed by its CODM. When the measurement of a segment significantly 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 July 31,Six Months Ended July 31,
(Amounts in millions)
2023202220232022
Net sales:
Walmart U.S.$110,854 $105,130 $214,755 $202,034 
Walmart International27,596 24,350 54,200 48,113 
Sam's Club21,830 21,901 42,329 41,522 
Net sales$160,280 $151,381 $311,284 $291,669 
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Operating income by segment, as well as unallocated operating expenses for corporate and support, interest, net, and other gains and losses are as follows:
 Three Months Ended July 31,Six Months Ended July 31,
(Amounts in millions)
2023202220232022
Operating income (loss):
Walmart U.S.$6,114 $5,683 $11,098 $10,145 
Walmart International1,190 1,043 2,354 1,815 
Sam's Club521 427 979 887 
Corporate and support(509)(299)(875)(675)
Operating income7,316 6,854 13,556 12,172 
Interest, net494 448 1,051 867 
Other (gains) and losses(3,905)(238)(910)1,760 
Income before income taxes$10,727 $6,644 $13,415 $9,545 
Disaggregated Revenues
In the following tables, segment net sales are disaggregated by either merchandise category or by market. From time to time, the Company revises the assignment of net sales of a particular item to a merchandise category. When the assignment changes, previous period amounts are reclassified to be comparable to the current period's presentation.
In addition, net sales related to eCommerce are provided for each segment, which include omni-channel sales, where a customer initiates an order digitally and the order is fulfilled through a store or club.
(Amounts in millions)Three Months Ended July 31,Six Months Ended July 31,
Walmart U.S. net sales by merchandise category2023202220232022
Grocery$66,240 $61,469 $129,647 $118,233 
General merchandise29,076 30,073 54,841 57,452 
Health and wellness13,374 11,331 26,222 22,225 
Other categories2,164 2,257 4,045 4,124 
Total$110,854 $105,130 $214,755 $202,034 
Of Walmart U.S.'s total net sales, approximately $15.5 billion and $12.5 billion related to eCommerce for the three months ended July 31, 2023 and 2022, respectively, and approximately $30.0 billion and $23.9 billion related to eCommerce for the six months ended July 31, 2023 and 2022, respectively.
(Amounts in millions)Three Months Ended July 31,Six Months Ended July 31,
Walmart International net sales by market2023202220232022
Mexico and Central America$11,994 $9,690 $22,952 $18,778 
Canada5,842 5,767 10,982 10,917 
China3,896 3,397 8,820 7,524 
Other5,864 5,496 11,446 10,894 
Total$27,596 $24,350 $54,200 $48,113 
Of Walmart International's total net sales, approximately $5.8 billion and $4.6 billion related to eCommerce for the three months ended July 31, 2023 and 2022, respectively, and approximately $11.2 billion and $8.9 billion related to eCommerce for the six months ended July 31, 2023 and 2022, respectively.
(Amounts in millions)Three Months Ended July 31,Six Months Ended July 31,
Sam's Club net sales by merchandise category2023202220232022
Grocery and consumables$14,325 $13,392 $27,823 $25,693 
Fuel, tobacco and other categories3,338 4,390 6,526 7,948 
Home and apparel2,428 2,492 4,507 4,607 
Health and wellness1,186 1,006 2,342 2,016 
Technology, office and entertainment553 621 1,131 1,258 
Total$21,830 $21,901 $42,329 $41,522 
Of Sam's Club's total net sales, approximately $2.4 billion and $2.1 billion related to eCommerce for the three months ended July 31, 2023 and 2022, respectively, and approximately $4.7 billion and $3.9 billion related to eCommerce for the six months ended July 31, 2023 and 2022, respectively.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Overview
This discussion, which presents Walmart Inc.'s ("Walmart," the "Company," "our," or "we") results for periods occurring in the fiscal year ending January 31, 2024 ("fiscal 2024") and the fiscal year ended January 31, 2023 ("fiscal 2023"), should be read in conjunction with our Condensed Consolidated Financial Statements as of and for the three and six months ended July 31, 2023, and the accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as our Consolidated Financial Statements as of and for the year ended January 31, 2023, the accompanying notes and the related Management's Discussion and Analysis of Financial Condition and Results of Operations, contained in our Annual Report on Form 10-K for the year ended January 31, 2023.
We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from period to period and the primary factors that accounted for those changes. We also discuss certain performance metrics that management uses to assess the Company's performance. Additionally, the discussion provides information about the financial results of each of the three segments of our business to provide a better understanding of how each of those segments and its results of operations affect the financial condition and results of operations of the Company as a whole.
Throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations, we discuss segment operating income, comparable store and club sales and other measures. Management measures the results of the Company's segments using each segment's operating income, including certain corporate overhead allocations, as well as other measures. From time to time, we revise the measurement of each segment's operating income and other measures as determined by the information regularly reviewed by our chief operating decision maker.
Comparable store and club sales, or comparable sales, is a metric that indicates the performance of our existing stores and clubs by measuring the change in sales for such stores and clubs for a particular period from the corresponding prior year period. Walmart's definition of comparable sales includes sales from stores and clubs open for the previous 12 months, including remodels, relocations, expansions and conversions, as well as eCommerce sales. We measure the eCommerce sales impact by including all sales initiated digitally, including omni-channel transactions which are fulfilled through our stores and clubs as well as certain other business offerings that are part of our strategy, such as our Walmart Connect advertising business. Sales at a store that has changed in format are excluded from comparable sales when the conversion of that store is accompanied by a relocation or expansion that results in a change in the store's retail square feet of more than five percent. Sales related to divested businesses are excluded from comparable sales, and sales related to acquisitions are excluded until such acquisitions have been owned for 12 months. Comparable sales are also referred to as "same-store" sales by others within the retail industry. The method of calculating comparable sales varies across the retail industry. As a result, our calculation of comparable sales is not necessarily comparable to similarly titled measures reported by other companies.
In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of changes in currency exchange rates as the difference between current period activity translated using the current period's currency exchange rates and the comparable prior year period's currency exchange rates. Additionally, no currency exchange rate fluctuations are calculated for non-USD acquisitions until owned for 12 months. Throughout our discussion, we refer to the results of this calculation as the impact of currency exchange rate fluctuations. Volatility in currency exchange rates may impact the results, including net sales and operating income, of the Company and the Walmart International segment in the future.
Each of our segments contributes to the Company's operating results differently. Each, however, has generally maintained a relatively consistent contribution rate to the Company's net sales and operating income in recent years other than minor changes to the contribution rate for the Walmart International segment due to fluctuations in currency exchange rates.
We operate in the highly competitive omni-channel retail industry in all of the markets we serve. We face strong sales competition from other discount, department, drug, dollar, variety and specialty stores, warehouse clubs and supermarkets, as well as eCommerce businesses and companies that offer services in digital advertising, fulfillment and delivery services, health and wellness, and financial services. Many of these competitors are national, regional or international chains or have a national or international omni-channel or eCommerce presence. We compete with a number of companies for attracting and retaining quality employees ("associates"). We, along with other retail companies, are influenced by a number of factors including, but not limited to: catastrophic events, weather and other risks related to climate change, global health epidemics, competitive pressures, consumer disposable income, consumer debt levels and buying patterns, consumer credit availability, disruptions in supply chain and inventory management, cost and availability of goods, currency exchange rate fluctuations, customer preferences, deflation, inflation, fuel and energy prices, general economic conditions, insurance costs, interest rates, labor availability and costs, tax rates, the imposition of tariffs, cybersecurity attacks and unemployment.
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We are committed to helping customers save money and live better through everyday low prices, supported by everyday low costs. However, like other retail companies, we have experienced continued inflation that impacts our merchandise costs. The impact to our net sales and gross profit margin is influenced in part by our pricing and merchandising strategies in response to cost increases. Those pricing strategies include, but are not limited to: absorbing cost increases instead of passing those cost increases on to our customers and members; reducing prices in certain merchandise categories; focusing on opening price points for certain food categories; and when necessary, passing cost increases on to our customers and members. Merchandising strategies include, but are not limited to: working with our suppliers to reduce product costs and share in absorbing cost increases; focusing on private label brands and smaller pack sizes; earlier-than-usual purchasing and in greater volumes or moderating purchasing in certain categories; and securing ocean carrier and container capacity. These strategies have and may continue to impact gross profit as a percentage of net sales.
Further information on the factors that can affect our operating results and on certain risks to our Company and an investment in our securities can be found herein under "Item 5. Other Information."
We expect continued uncertainty in our business and the global economy due to pressure from inflation, a challenging macro environment, geopolitical conditions, supply chain disruptions, volatility in employment trends and consumer confidence. For a detailed discussion on results of operations by reportable segment, refer to "Results of Operations" below.

Company Performance Metrics
We are committed to helping customers save money and live better through everyday low prices, supported by everyday low costs.  At times, we adjust our business strategies to maintain and strengthen our competitive positions in the countries in which we operate.  We define our financial priorities as follows:
•Growth - serve customers through a seamless omni-channel experience;
•Margin - improve our operating income margin through productivity initiatives as well as category and business mix; and
•Returns - improve our Return on Investment ("ROI") through margin improvement and disciplined capital spend.
Growth
Our objective of prioritizing growth means we will focus on serving customers and members however they want to shop through our omni-channel business model. This includes increasing comparable store and club sales through increasing membership at Sam's Club and through Walmart+, accelerating eCommerce sales growth and expansion of omni-channel initiatives that complement our strategy.
Comparable sales is a metric that indicates the performance of our existing stores and clubs by measuring the change in sales for such stores and clubs, including eCommerce sales, for a particular period over the corresponding period in the previous year. The retail industry generally reports comparable sales using the retail calendar (also known as the 4-5-4 calendar). To be consistent with the retail industry, we provide comparable sales using the retail calendar in our quarterly earnings releases. However, when we discuss our comparable sales below, we are referring to our calendar comparable sales calculated using our fiscal calendar, which may result in differences when compared to comparable sales using the retail calendar. We focus on comparable sales in the U.S. as we believe it is a meaningful metric within the context of the U.S. retail market where there is a single currency, one inflationary market and generally consistent store and club formats from year to year.
Calendar comparable sales, as well as the impact of fuel, for the three and six months ended July 31, 2023 and 2022, were as follows:
 Three Months Ended July 31,Six Months Ended July 31,
 20232022202320222023202220232022
 With FuelFuel ImpactWith FuelFuel Impact
Walmart U.S.5.9 %7.0 %(0.3)%0.6 %6.7 %5.5 %(0.3)%0.5 %
Sam's Club(0.2)%17.3 %(5.6)%8.0 %2.1 %17.4 %(4.4)%7.5 %
Total U.S.4.9 %8.7 %(1.2)%1.9 %5.9 %7.4 %(1.0)%1.7 %
Comparable sales in the U.S., including fuel, increased 4.9% and 5.9% for the three and six months ended July 31, 2023, respectively, when compared to the same periods in the previous fiscal year. The Walmart U.S. segment had comparable sales growth of 5.9% and 6.7% for the three and six months ended July 31, 2023, respectively, driven by growth in average ticket, including strong sales in grocery and health and wellness, as well as elevated inflation impacts in certain merchandise categories, combined with growth in transactions. The increases were partially offset by a modest decrease in general merchandise sales. The Walmart U.S. segment's eCommerce sales positively contributed approximately 2.5% and 2.6% to comparable sales for the three and six months ended July 31, 2023, respectively, which was primarily driven by store pickup and delivery.
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Comparable sales at the Sam's Club segment decreased 0.2% and increased 2.1% for the three and six months ended July 31, 2023, respectively. The decrease in comparable sales for the three months ended July 31, 2023 was primarily due to lower fuel sales from deflation in this category, offset by growth in merchandise sales, which benefited from growth in transactions and average ticket and included elevated inflation impacts on certain merchandise categories. Growth in comparable sales for the six months ended July 31, 2023 benefited from growth in average ticket and transactions and included elevated inflation impacts in certain merchandise categories, partially offset by lower fuel sales due to deflation in this category. The Sam's Club segment's eCommerce sales positively contributed approximately 1.8% and 1.7% to comparable sales for the three and six months ended July 31, 2023, respectively, which was primarily driven by Curbside Pickup and Ship to Home.
Margin