Adjusted EPS Financial Overview

Gross profit rate -41 bps · • Unfavorable product mix shifts as grocery and health & wellness, which have a lower margin rate than general merchandise, increased nearly 360 bps as a portion of sales mix • Partly offset by lower supply chain and freight costs Operating expenses as a percentage of net sales -65 bps Aided by strong net sales growth • Also, lapping last year's COVID-related wage expenses Continued investment in associates; raised average wage to $17.50 per hour in February Operating income $5.0 billion, +11.7% • ⚫ Operating expense leverage and membership income growth, partially offset by a decline in the gross profit rate Inventory -9.4% • Better efficiency and merchandise flow; in-stock levels improved versus last year Walmart U.S. Store Remodels: 96 Pickup: >4,600 stores Delivery from Store: >3,900

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