Wal Mart Annual Report Analysis Free Essays

string(147) " should be read in conjunction with our Consolidated Financial Statements as of January 31, 2010, and the year then ended, and accompanying notes\." EXECUTIVE OFFICERS Eduardo Castro-Wright Vice Chairman, Wal-Mart Stores, Inc. M. Susan Chambers Executive Vice President, Global People Brian C. We will write a custom essay sample on Wal Mart Annual Report Analysis or any similar topic only for you Order Now Cornell Executive Vice President, President and Chief Executive Officer, Sam’s Club 2 010 Financial Report 15 Five-Year Financial Summary 16 Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 Consolidated Statements of Income 31 Consolidated Balance Sheets 32 Consolidated Statements of Shareholders’ Equity 33 Consolidated Statements of Cash Flows 34 Notes to Consolidated Financial Statements 52 Report of Independent Registered Public Accounting Firm 3 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting Thomas M. Schoewe Executive Vice President and Chief Financial Officer 54 Management’s Report to Our Shareholders 55 Fiscal 2010 End-of-Year Store Count H. Lee Scott, Jr. Chairman of the Executive Committee of the Board of Directors 56 Corporate and Stock Information Leslie A. Dach Executive Vice President, Corporate Affairs and Government Relations Michael T. Duke Presid ent and Chief Executive Officer Rollin L. Ford Executive Vice President, Chief Information Officer Thomas D. Hyde Executive Vice President, Legal, Ethics, nd Corporate Secretary C. Douglas McMillon Executive Vice President, President and Chief Executive Officer, Walmart International S. Robson Walton Chairman of the Board of Directors Steven P. Whaley Senior Vice President and Controller 14 Walmart 2010 Annual Report 107077_L01_FIN_02. indd 14 4/6/10 12:10:45 AM 2010 FINANCIAL REVIEW Five-Year Financial Summary (Amounts in millions except per share and unit count data) As of and for the Fiscal Years Ended January 31, 2010 2009 2008 2007 2006 (1) Operating Results Net sales Net sales increase Comparable store sales in the United States (2) Walmart U. S. Sam’s Club Gross pro? t margin Operating, selling, general and administrative expenses, as a percentage of net sales Operating income Income from continuing operations attributable to Walmart Per share of common stock: Income from continuing operations attributable to Walmart, diluted Dividends $405,046 1. 0% -0. 8% -0. 7% -1. 4% 24. 8% $401,087 7. 3% 3. 5% 3. 2% 4. 9% 24. 2% $373,821 8. 4% 1. 6% 1. 0% 4. 9% 24. 0% $344,759 11. 6% 2. 0% 1. 9% 2. 5% 23. 4% $308,945 9. 8% 3. 4% 3. 0% 5. 0% 23. 1% 19. 7% $ 23,950 14,414 19. 3% $ 22,798 13,254 19. 0% $ 21,952 12,863 18. 5% $ 20,497 12,189 18. 0% $ 18,693 1,386 3. 72 1. 09 $3. 35 0. 95 $3. 16 0. 88 $2. 92 0. 67 $2. 72 0. 60 $ 33,160 102,307 170,706 36,401 70,749 $ 34,511 95,653 163,429 34,549 65,285 $ 35,159 96,867 163,514 33,402 64,608 $ 33,667 88,287 151,587 30,735 61,573 $ 31,910 77,863 138,793 30,096 53,171 Unit Counts Walmart U. S. Segment International Segment Sam’s Club Segment 3,708 4,112 596 3,656 3,605 602 3,550 3, 098 591 3,443 2,734 579 3,289 2,158 567 Total units 8,416 7,863 7,239 6,756 6,014 Financial Position Inventories Property, equipment and capital lease assets, net Total assets Long-term debt, including obligations under capital leases Total Walmart shareholders’ equity $ (1) In connection with the company’s ? nance transformation project, we reviewed and adjusted the classi? cation of certain revenue and expense items within our Consolidated Statements of Income for ? nancial reporting purposes. Although the reclassi? cations impacted net sales, gross margin and operating, selling, general and administrative expenses, they did not impact operating income or income from continuing operations attributable to Walmart. The changes were effective February 1, 2009 and have been re? ected for ? scal years 2010, 2009 and 2008. 2) Comparable store and club sales include fuel. For ? scal 2006, we considered comparable sales to be sales at stores and clubs that were open as of February 1st of the prior ? scal year and which had not been converted, expanded or relocated since that date. Fiscal 2008 and ? scal 2007 comparable sales includes all stores and clubs that have been open for at least the previous 12 mon ths. Additionally, for those ? scal years, stores and clubs that are relocated, expanded or converted are excluded from comparable sales for the ? rst 12 months following the relocation, expansion or conversion. Fiscal 2010 and 2009 comparable sales include sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions. Fiscal 2008 and prior ? scal years’ comparable sales do not re? ect reclassi? cations effective February 1, 2009, as noted above. Walmart 2010 Annual Report 15 107077_L01_FIN_02. indd 15 4/6/10 12:10:45 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Wal-Mart Stores, Inc. (â€Å"Walmart,† the â€Å"company† or â€Å"we†) operates retail stores in various formats around the world and is committed to saving people money so they can live better. We earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at every day low prices (â€Å"EDLP†), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. EDLP is our pricing philosophy under which we price items at a low price every day so that our customers trust that our prices will not change under frequent promotional activity. Our focus for Sam’s Club is to provide exceptional value on brand name merchandise at â€Å"members only† prices for both business and personal use. Internationally, we operate with similar philosophies. Our ? scal year ends on January 31 for our U. S. , Canada and Puerto Rico operations. Our ? scal year ends on December 31 for all other operations. We intend for this discussion to provide the reader with information that will assist in understanding our ? nancial statements, the changes in certain key items in those ? nancial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our ? nancial statements. We also discuss certain performance metrics that management uses to assess our performance. The discussion also provides information about the ? nancial results of the various segments of our business to provide a better understanding of how those segments and their results affect the ? nancial condition and results of operations of the company as a whole. This discussion should be read in conjunction with our Consolidated Financial Statements as of January 31, 2010, and the year then ended, and accompanying notes. You read "Wal Mart Annual Report Analysis" in category "Essay examples" Our operations comprise three business segments: Walmart U. S. , International and Sam’s Club. The Walmart U. S. segment includes the company’s mass merchant concept in the United States, operating under the â€Å"Walmart† or â€Å"Wal-Mart† brand, as well as walmart. com. The International segment consists of the company’s operations outside of the 50 United States. The Sam’s Club segment includes the warehouse membership clubs in the United States, as well as samsclub. com. Sales By Segment Net sales in ? scal 2010 were a record $405. 0 billion, up 1. 0% from ? scal 2009. Sam’s Club 11. 5% International 24. 7% Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations, we discuss segment operating income and comparable store sales. The company measures the results of its segments using, among other measures, each segment’s operating income which includes certain corporate overhead allocations. From time to time, we revise the measurement of each segment’s operating income, including any corporate overhead allocations, as dictated by the information regularly reviewed by our chief operating decision maker. When we do so, the segment operating income for each segment affected by the revisions is restated for all periods presented to maintain comparability. In connection with the company’s ? nance transformation project, we reviewed and adjusted the classi? cation of certain revenue and expense items within our Consolidated Statements of Income for ? nancial reporting purposes. The reclassi? cations did not impact operating income or consolidated net income attributable to Walmart. The changes were effective February 1, 2009 and have been re? ected in all periods presented. Comparable store sales is a measure which indicates the performance of our existing U. S. stores and clubs by measuring the growth in sales for such stores for a particular period over the corresponding period in the prior year. In ? scal 2008, our method of calculating comparable store sales included all stores and clubs that were open for at least the previous 12 months. Additionally, stores and clubs that were relocated, expanded or converted were excluded from comparable store sales for the ? rst 12 months following the relocation, expansion or conversion. During ? scal year 2008, the company reviewed its de? ition of comparable store sales for consistency with other retailers. As a result of that review, since February 1, 2008, Walmart’s de? nition of comparable store sales includes sales from stores and clubs open for the previous 12 months, including remodels, relocations and expansions. Changes in format continue to be excluded from comparable store sales when the conv ersion is accompanied by a relocation or expansion that results in a change in square footage of more than ? ve percent. Since the impact of this revision is inconsequential, the company will not restate comparable store sales results for previously reported years. Comparable store sales are also referred to as â€Å"same-store† sales by others within the retail industry. The method of calculating comparable store sales varies across the retail industry. As a result, our calculation of comparable store sales is not necessarily comparable to similarly titled measures reported by other companies. In discussions of our consolidated results and the operating results of our International segment, we sometimes refer to the impact of changes in currency exchange rates. When we refer to changes in currency exchange rates or currency exchange rate ? ctuations, we are referring to the differences between the currency exchange rates we use to convert the International segment’s operating results from local currencies into U. S. dollars for reporting purposes. The impacts of currency exchange rate ? uctuations are typically calculated as the difference between current period activity translated using the current period’s currency excha nge rates and the comparable prior year period’s currency exchange rates, respectively. We use this method for all countries where the functional currency is not U. S. denominated. Walmart U. S. 63. 8% 16 Walmart 2010 Annual Report 107077_L01_FIN. ndd 16 4/6/10 8:25:50 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations The Retail Industry We operate in the highly competitive retail industry in both the United States and the countries we serve internationally. We face strong sales competition from other discount, department, drug, variety and specialty stores, warehouse clubs, and supermarkets, many of which are national, regional or international chains, as well as internet-based retailers and catalog businesses. We compete with a number of companies for prime retail site locations, as well as in attracting and retaining quality employees whom we call â€Å"associates†). We, along with other retail companies, are in? uenced by a number of factors including, but not limited to: general economic conditions, cost of goods, consumer disposable income, consumer debt levels and buying patterns, consumer credit availability, interest rates, customer preferences, unemployment, labor costs, in? ation, de? ation, currency exchange ? uctuations, fuel and energy prices, weather patterns, climate change, catastrophic events, competitive pressures and insurance costs. Further information on risks to our company can be located in â€Å"Item 1A. Risk Factors† in our Annual Report on Form 10-K for the ? scal year ended January 31, 2010. Company Performance Metrics The company’s performance metrics emphasize three priorities for improving shareholder value: growth, leverage and returns. The company’s priority of growth focuses on sales growth; the priority of leverage encompasses the company’s metric to increase our operating income at a faster rate than the growth in net sales by growing our operating, selling, general and administrative expenses (â€Å"operating expenses†) at a slower rate than the growth of our net sales; and the priority of returns focuses on how ef? iently the company employs our assets through return on investment (â€Å"ROI†) and how effectively the company manages working capital through free cash ? ow. Growth Net Sales Fiscal Years Ended January 31, (Dollar amounts in millions) 2009 2010 Percent increase Net sales Percent of total 2008 Percent increase Net sale s Percent of total Net sales Percent of total Walmart U. S. International Sam’s Club $258,229 100,107 46,710 63. 8% 24. 7% 11. 5% 1. 1% 1. 3% -0. 4% $255,348 98,840 46,899 63. 7% 24. 6% 11. 7% 6. 9% 9. 1% 5. 8% $238,915 90,570 44,336 63. 9% 24. 2% 11. 9% Net Sales $405,046 00. 0% 1. 0% $401,087 100. 0% 7. 3% $373,821 100. 0% O ur net sales increased by 1. 0% and 7. 3% in ? scal 2010 and 2009, respectively, when compared to the previous ? scal year. Net sales in ? scal 2010 increased due to increased customer traf? c, continued global expansion activities and the acquisition of our Chilean subsidiary, Distribucion y Servicio (â€Å"DS†) in January 2009, offset primarily by a $9. 8 billion unfavorable currency exchange rate impact in our International segment and price de? ation in certain merchandise categories in our Walmart U. S. segment. Net sales in ? cal 2009 increased due to our global expansion activities and comparable store sales increases, offset by a $2. 3 bi llion unfavorable currency exchange rate impact. Despite the unfavorable impact of currency exchanges rates, the International segment’s net sales as a percentage of total company net sales increased in ? scal 2010 and 2009, respectively. Volatility in currency exchange rates may continue to impact the International segment’s net sales in the future. Comparable Store Sales Comparable store sales is a measure which indicates the performance of our existing U. S. tores by measuring the growth in sales for such stores for a particular period over the corresponding period in the prior year. Comparable store sales in the United States decreased 0. 8% in ? scal 2010 and increased 3. 5% in ? scal 2009. Although customer traf? c increased in ? scal 2010, comparable store sales in the United States were lower than ? scal 2009 due to de? ation in certain merchandise categories and lower fuel prices. Comparable store sales in the United States in ? scal 2009 were higher than ? sc al 2008 due to an increase in customer traf? c, as well as an increase in average transaction size per customer. As we continue to add new stores in the United States, we do so with an understanding that additional stores may take sales away from existing units. We estimate the negative impact on comparable store sales as a result of opening new stores was approximately 0. 6% in ? scal 2010 and 1. 1% in ? scal 2009. With our planned slower new store growth, we expect the impact of new stores on comparable store sales to stabilize over time. Fiscal Years Ended January 31, 2010 2009 2008 Walmart U. S. Sam’s Club (1) -0. 7% -1. 4% 3. 2% 4. 9% 1. 0% 4. 9% Total U. S. -0. 8% 3. 5% 1. 6% (1) Sam’s Club comparable club sales include fuel. Fuel sales had a negative impact of 2. 1 percentage points in ? scal year 2010, and positive impact of 1. 2 and 0. 7 percentage points in ? scal years 2009 and 2008, respectively, on comparable club sales. Walmart 2010 Annual Report 17 107077_L01_FIN_02. indd 17 4/6/10 12:10:46 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Leverage Fiscal Years Ended January 31, (Dollar amounts in millions) 2009 2010 Operating income Percent of total Percent increase Operating income 2008 Percent of total Percent increase Operating income Percent of total Walmart U. S. International Sam’s Club Other $19,522 5,033 1,512 (2,117) 81. 5% 21. 0% 6. 3% -8. 8% 5. 2% 1. 9% -8. 1% -9. 9% $18,562 4,940 1,646 (2,350) 81. 4% 21. 7% 7. 2% -10. 3% 6. 8% 4. 6% -0. 1% 30. 3% $17,383 4,725 1,648 (1,804) 79. 2% 21. 5% 7. 5% -8. 2% Total operating income $23,950 100. 0% 5. 1% $22,798 100. 0% 3. 9% $21,952 100. 0% We believe growing operating income at a faster rate than net sales growth is a meaningful measure because it indicates how effectively we manage costs and leverage operating expenses. Our objective is to grow operating expenses at a slower rate than net sales. nd ending total assets of continuing operations plus accumulated depreciation and amortization less accounts payable and accrued liabilities for that period, plus a rent factor equal to the rent for the ? scal year multiplied by a factor of eight. Operating Expenses In ? scal 2010, operating expenses increased 2. 7% when compared to ? scal 2009, while net sales increased 1. 0% over the same period. Operating expenses grew at a faster rate than net sales due to higher health bene? t costs, restructuring charges and higher advertising expenses. In ? scal 2009, operating expenses increased 9. % compared to ? scal 2008 while net sales increased 7. 3% over the same period. Operating expenses grew at a faster rate than net sales in ? scal 2009 primarily due to higher utility costs, legal matters, higher health bene? t costs and increased corporate expenses. ROI is considered a non-GAAP ? nancial measure under the SEC’s rules. We consider return on assets (â€Å"ROA†) to be the ? nancial measure computed in accordance with GAAP that is the most directly comparable ? nancial measure to ROI as we calculate that ? nancial measure. ROI differs from ROA (which is income from continuing operations for the ? cal year divided by average total assets of continuing operations for the period) because ROI: adjusts operating income to exclude certain expense items and adds i nterest income; adjusts total assets from continuing operations for the impact of accumulated depreciation and amortization, accounts payable and accrued liabilities; and incorporates a factor of rent to arrive at total invested capital. Operating Income For ? scal 2010, we met our objective of growing operating income at a faster rate than net sales. Our operating income increased by 5. 1% when compared to ? cal 2009, while net sales increased by 1. 0% over the same period. Our Walmart U. S. and International segments met this objective. Our Sam’s Club segment fell short of this objective primarily due to a $174 million charge to restructure its operations, including the closure of 10 clubs. For ? scal 2009, we did not meet our objective because our operating income increased by 3. 9% when compared to ? scal 2008, while net sales increased by 7. 3% over the same period. The Walmart U. S. and Sam’s Club segments fell short of this objective due to increases in operatin g expenses. The International segment fell short of this objective due to accruals for certain legal matters and ? uctuations in currency exchange rates. Although ROI is a standard ? nancial metric, numerous methods exist for calculating a company’s ROI. As a result, the method used by management to calculate ROI may differ from the methods other companies use to calculate their ROI. We urge you to understand the methods used by another company to calculate its ROI before comparing our ROI to that of such other company. Wal-Mart Stores, Inc. Operating Income (Amounts in millions) 24,000 Returns Return on Investment Management believes return on investment is a meaningful metric to share with investors because it helps investors assess how effectively Walmart is employing its assets. Trends in ROI can ? uctuate over time as management balances long-term potential strategic initiatives with any possible short-term impacts. ROI was 19. 3 percent for both ? scal years ended January 31, 2010 a nd 2009. $18,000 Wal-Mart Stores, Inc. operating income increased 5. 1% in ? scal 2010, driven by a 5. 2% increase in Walmart U. S. $12,000 $ 6,000 We de? e ROI as adjusted operating income (operating income plus interest income, depreciation and amortization and rent expense) for the ? scal year divided by average invested capital during that period. We consider average invested capital to be the average of our beginning 0 08 09 10 Fiscal Years 18 Walmart 2010 Annual Report 107077_L01_FIN. indd 18 4/6/10 10:19:20 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations The calculation of ROI along with a reconciliation to the calculation of ROA, the most comparable GAAP ? nancial measurement, is as follows: For the Years Ended January 31, Dollar amounts in millions) 2010 2009 Numerator Operating income (1) + Interest income (1) + Depreciation and amortization (1) + Rent (1) $ 23,950 181 7,157 1,808 $ 22,798 284 6,739 1,751 = Adjusted operating income $ 33,096 $ 31,572 Denominator Average total assets of continuing operations (2) + Average accumulated depreciation and amortization (2) – Average accounts payable (2) – Average accrued liabilities (2) + Rent x 8 $166,900 38,359 29,650 18,423 14,464 $162,891 33,317 29,597 16,919 14,008 = Average invested capital $171,650 $163,700 CALCULATION OF RETURN ON INVESTMENT Return on investment (ROI) 19. 3% 19. 3% CALCULATION OF RETURN ON ASSETS Numerator Income from continuing operations (1) $ 14,927 $ 13,753 Denominator Average total assets of continuing operations (2) $166,900 $162,891 Return on assets (ROA) 8. 9% 8. 4% As of January 31, 2010 Certain Balance Sheet Data (1) Total assets of continuing operations Accumulated depreciation and amortization Accounts payable Accrued liabilities 2009 2008 $170,566 41,210 30,451 18,734 $163,234 35,508 28,849 18,112 $162,547 31,125 30,344 15,725 (1) Based on continuing operations only and therefore excludes the impact of closing 23 stores and the divesture of other properties of The Seiyu, Ltd. now Walmart Japan) pursuant to a restructuring program adopted during the third quarter of ? scal 2009. All of these activities have been disclosed as discontinued operations. Total assets as of January 31, 2010, 2009 and 2008 in the table above exclude assets of discontinued operations that are re? ected in the Consolidated Balance Sheets of $140 million, $19 5 million and $967 million, respectively. (2) The average is based on the addition of the account balance at the end of the current period to the account balance at the end of the prior period and dividing by 2. Walmart 2010 Annual Report 19 107077_L01_FIN_02. indd 19 /6/10 12:10:47 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Free Cash Flow We de? ne free cash ? ow as net cash provided by operating activities of continuing operations in a period minus payments for property and equipment made in that period. We generated positive free cash ? ow of $14. 1 billion, $11. 6 billion and $5. 7 billion for the years ended January 31, 2010, 2009 and 2008, respectively. The increase in our free cash ? ow is primarily the result of improved operating results and inventory management. The following table sets forth a reconciliation of free cash ? w, a nonGAAP ? nancial measure, to net cash provided by operating activities of continuing operati ons, a GAAP measure, which we believe to be the GAAP ? nancial measure most directly comparable to free cash ? ow, as well as information regarding net cash used in investing activities and net cash used in ? nancing activities. Fiscal Years Ended January 31, (Amounts in millions) Free cash ? ow is considered a non-GAAP ? nancial measure under the SEC’s rules. Management believes, however, that free cash ? ow, which measures our ability to generate additional cash from our business operations, is an important ? ancial measure for use in evaluating the company’s ? nancial performance. Free cash ? ow should be considered in addition to, rather than as a substitute for, income from continuing operations as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our de? nition of free cash ? ow is limited, in that it does not represent residual cash ? ows available for discretionary expenditures due to the fac t that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash ? ow as a measure that provides supplemental information to our entire statement of cash ? ows. Although other companies report their free cash ? ow, numerous methods may exist for calculating a company’s free cash ? ow. As a result, the method used by our management to calculate free cash ? ow may differ from the methods other companies use to calculate their free cash ? ow. We urge you to understand the methods used by another company to calculate its free cash ? ow before comparing our free cash ? ow to that of such other company. We generated positive free cash flow of $14. 1 billion, $11. 6 billion and $5. 7 billion for the years ended January 31, 2010, 2009 and 2008, respectively. The increase in our free cash flow is primarily the result of improved operating results and inventory management. Net cash provided by operating activities Payments for property and equipment Free cash ? ow Net cash used in investing activities Net cash used in ?nancing activities 2010 $26,249 (12,184) $ 14,065 2009 2008 $ 23,147 $ 20,642 (11,499) (14,937) $ 11,648 $ 5,705 $(11,620) $(10,742) $(15,670) $(14,191) $ (9,918) $ (7,422) Results of Operations The following discussion of our Results of Operations is based on our continuing operations and excludes any results or discussion of our discontinued operations. Unusual or infrequent items that impacted our income from continuing operations during the ? scal years ended 2010, 2009 and 2008 were as follows: †¢ In ? scal 2010, the company announced several organizational changes, including the closure of 10 Sam’s Clubs, designed to strengthen and streamline our operations. As a result, we recorded $260 million in pre-tax restructuring charges. †¢ In ? cal 2010, we recorded $372 million in net tax bene? ts primarily from the repatriation of certain non-U. S. earnings that increased U. S. foreign tax credits. †¢ In ? scal 2009, the company settled 63 wage-and-hour class action lawsuits. As a result of the settlement, the company recorded a pre-tax charge of approximately $382 million during the fourth quarter of ? scal 2009. †¢ In ? scal 2008, we reduced our accrued liabilities for our general liability and worker’s compensation claims. As a result, operating expenses were reduced by a pre-tax amount of $298 million. 20 Walmart 2010 Annual Report 07077_L01_FIN. indd 20 4/7/10 12:14:15 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Results of Operations Fiscal Year Net Sales (1) % Change from Prior Fiscal Year 2010 2009 2008 $405,046 401,087 373,821 1. 0% 7. 3% 8. 4% Operating Income (1) Operating Income as a Percentage of Net Sales Comp Sales Unit Counts Square Footage (2) $23,950 22,798 21,952 5. 9% 5. 7% 5. 9% -0. 8% 3. 5% 1. 6% 8,416 7,863 7,239 952,204 918,008 867,448 (1) Amounts in millions (2) Amounts in thousands Our consolidated net sales increased by 1. 0% and 7. 3% in ? cal 2010 and 2009, respectively, when compared to the previous ? scal year. Net sales in ? scal 2010 increased due to increased customer traf? c, continued global expansi on activities and the acquisition of DS in January 2009, offset primarily by a $9. 8 billion unfavorable currency exchange rate impact in our International segment and price de? ation in certain merchandise categories in our Walmart U. S. segment. Net sales in ? scal 2009 increased due to our global store expansion activities, comparable store sales increases, offset by a $2. 3 billion unfavorable currency exchange rate impact. Volatility in currency exchange rates may continue to impact the International segment’s net sales in the future. Our gross pro? t, as a percentage of net sales, (our â€Å"gross pro? t margin†) was 24. 8%, 24. 2% and 24. 0% in ? scal 2010, 2009 and 2008, respectively. Our Walmart U. S. and International segment sales yield higher gross pro? t margins than our Sam’s Club segment. In ? scal 2010, gross pro? t margin increased primarily due to the continued focus on enhanced merchandising strategies and better inventory management in our Walmart U. S. and Sam’s Club segments. The gross pro? margin increase in ? scal 2009 compared to ? scal 2008 was primarily due to lower inventory shrinkage and less markdown activity as a result of more effective merchandising in the Walmart U. S. segment. Operating expenses, as a percentage of net sales, were 19. 7%, 19. 3% and 19. 0% for ? scal 2010, 2009 and 2008, respectively. In ? scal 2010, operating expenses increased primarily due to higher health bene? t costs, a pre-tax charge of $260 million relating to the restructuring of U. S. operations and higher advertising expenses. In ? scal 2009, operating expenses increased rimarily due to higher utility costs, a pre-tax charge of approximately $382 million resulting from the settlement of 63 wage-and-hour class action lawsuits, higher health bene? t costs and increased corporate expenses compared to ? scal 2008. Our effective income tax rate was 32. 4% for ? scal year 2010 and 34. 2% for ? scal years 2009 and 2008. The ? scal 2010 effective tax rate decreased compared to ? scal 2009 due to $372 million in net tax bene? ts that primarily resulted from the repatriation of certain non-U. S. earnings that increased our utilization of U. S. foreign tax credits. As a result of the factors discussed above, we reported $14. 9 billion, $13. 8 billion and $13. 3 billion of income from continuing operations for the ? scal years ended January 31, 2010, 2009 and 2008, respectively. Walmart U. S. Segment Fiscal Year Net Sales (1) % Change from Prior Fiscal Year 2010 2009 2008 $258,229 255,348 238,915 1. 1% 6. 9% 5. 6% Operating Income (1) Operating Income as a Percentage of Net Sales Comp Sales Unit Counts Square Footage (2) $19,522 18,562 17,383 7. 6% 7. 3% 7. 3% -0. 7% 3. 2% 1. 0% 3,708 3,656 3,550 602,908 589,299 566,629 (1) Amounts in millions (2) Amounts in thousands The segment net sales growth in ? cal 2010 resulted from an increase in customer traf? c and strength in our grocery and health and wellness categories, as well as our continued expansion activities. In ? scal 2009, the segment net sales growth resulted from a comparable store sales increase of 3. 2%, in addition to our expansion activities. Strength in the grocery, health and well ness and entertainment categories, as well as strong seasonal sales throughout the year also contributed to the ? scal 2009 net sales increase. The segment net sales growth in fiscal 2010 resulted from an increase in customer traffic and strength in our grocery and health and ellness categories, as well as our continued expansion activities. Walmart 2010 Annual Report 21 107077_L01_FIN. indd 107077_L01_FIN. indd 21 4/6/10 8:25:51 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Comparable store sales were lower in ? scal 2010, despite increased customer traf? c, due to a decrease in average transaction size per customer driven by price de? ation in certain merchandise categories. Comparable store sales were higher in ? scal 2009 due to an increase in customer traf? c, as well as an increase in average transaction size per customer. In ? scal 2010, gross pro? margin increased 0. 7 percentage points compared to the prior year due to more effective merchandising, better inventory management and lower inventory shrinkage. In ? scal 2009, gross pro? t margin increased 0. 4 percentage points compared to the prior year primarily due to decreased markdown activity and lower inventory shrinkage. The improvements in both years were attributable to merchandising initiatives that have improved space allocation, enhanced our price leadership and increased supply chain ef? ciencies. Segment operating expenses, as a percentage of segment net sales, increased by 0. 4 percentage points in ? cal 2010 compared to ? scal 2009 due to lower segment net sales increases compared to the prior year, higher health bene? t costs, higher advertising expenses and a pre-tax charge of $73 million relating to the restructuring of Walmart U. S. operations. Segment operating expenses, as a percentage of segment net sales, increased 0. 4 percentage points in ? scal 2009 compared to the prior year due to hurricane-related expenses, higher bonus payme nts for store associates, higher utility costs and an increase in health bene? t costs. International Segment Net Sales (1) 2010 2009 2008 Operating Income (1) Operating Income a s a Percentage f Net Sales Unit Counts Square Footage (2 ) $100,107 98,840 90,570 Fiscal Year % Change from Prior Fiscal Year 1. 3% 9. 1% 17. 8% $5,033 4,940 4,725 5. 0% 5. 0% 5. 2% 4,112 3,605 3,098 269,894 248,803 222,583 (1) Amounts in millions (2) Amounts in thousands At January 31, 2010, our International segment was comprised of our wholly-owned subsidiaries operating in Argentina, Brazil, Canada, Japan, Puerto Rico and the United Kingdom, our majority-owned subsidiaries operating in ? ve countries in Central America, and in Chile and Mexico, our joint ventures in India and China and our other controlled subsidiaries in China. The ? scal 2010 increase in the International segment’s net sales primarily resulted from our expansion activities and the inclusion of the results of DS, acquired in January 2009, offset by the unfavorable impact of changes in currency exchange rates of $9. 8 billion. For additional information regarding our acquisitions, refer to Note 9 to the Consolidated Financial Statements. The ? scal 2009 increase in the International segment’s net sales was primarily due to net sales growth from existing units and our international expansion program, offset by the unfavorable impact of changes in currency exchange rates of $2. billion. The fiscal 2010 increase in the International segment’s net sales primarily resulted from our expansion activities and the inclusion of the results of DS, acquired in January 2009, offset by the unfavorable impact of changes in currency exchange rates of $9. 8 billion. In ? scal 2010, the International segment’s gross pro? t margin i ncreased 0. 2 percentage points compared to the prior year. The increase was primarily driven by currency exchange rate ? uctuations and the inclusion of DS. In ? scal 2009, the International segment’s gross pro? t margin decreased 0. percentage points compared to the prior year. The decrease was primarily driven by growth in lower margin fuel sales in the United Kingdom and the transition to EDLP as a strategy in Japan. Segment operating expenses, as a percentage of segment net sales, increased 0. 3 percentage points in ? scal 2010 compared to the prior year primarily as a result of the inclusion of DS, acquired in January 2009. Segment operating expenses, as a percentage of segment net sales, in ? scal 2009 were consistent with ? scal 2008. In ? scal 2010, currency exchange rate changes unfavorably impacted operating income by $540 million. In ? scal 2009, currency exchange rate changes unfavorably impacted operating income by $266 million. Volatility in currency exchange rates may continue to impact the International segment’s operating results in the future. 22 Walmart 2010 Annual Report 107077_L01_FIN. indd 107077_L01_FIN. indd 22 4/6/10 8:25:51 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Sam’s Club Segment Fiscal Year Net Sales (1) % Change from Prior Fiscal Year Operating Income (1) Operating Income a s a Percentage of Net Sales Comp Sales Unit Counts Square Footage (2 ) $46,710 46,899 44,336 0. 4% 5. 8% 6. 6% $1,512 1,646 1,648 3. 2% 3. 5% 3. 7% -1. 4% 4. 9% 4. 9% 596 602 591 79,401 79,906 78,236 2010 2009 2008 (1) Amounts in millions (2) Amounts in thousands The decrease in net sales for the Sam’s Club segment in ? scal 2010 primarily resulted from lower fuel prices compared to the previous ? scal year. In ? scal 2009, the segment net sales growth resulted from a comparable club sales increase, including fuel, of 4. 9% and continued club expansion activities. Membership and other income, as a percentage of segment net sales, decreased slightly for ? scal 2010 when compared to ? scal 2009. Membership and other income, as a percentage of segment net sales, decreased slightly for ? scal 2009 when compared to ? scal 2008. Liquidity and Capital Resources Comparable club sales decreased during ? scal 2010 due to the negative impact of 2. 1 percentage points from lower fuel prices when compared to the previous ? scal year, partially offset by sales increases in fresh food, consumables and certain health and wellness categories. In ? scal 2009, comparable club sales increased due to growth in food, pharmacy, electronics and certain consumables categories, as well as an increase in both member traf? and average transaction size per member. Fuel sales had a positive impact of 1. 2 percentage points in ? scal 2009 on comparable club sales. Gross pro? t margin increased 0. 6 percentage points during ? scal 2010 compared to the prior year due to continued strength in sales of consumable, fresh food and other food-related categories. Gross pro? t margin increased 0. 1 percentage po ints during ? scal 2009 compared to the prior year due to strong sales in fresh food and other food-related categories, consumable categories and the positive impact of a higher fuel gross pro? t rate. Segment operating expenses, as a percentage of segment net sales, increased 0. 8 percentage points in ? scal 2010 compared to the prior year due primarily to a pre-tax charge of $174 million related to the restructuring of Sam’s Club operations, including the closure of 10 clubs. Segment operating expenses, as a percentage of segment net sales, increased 0. 2 percentage points in ? scal 2009 compared to the prior year. In ? scal 2009, operating expense increases were impacted by higher utility and health bene? t costs and hurricane-related expenses. Cash flows provided by operating activities upply us with a significant source of liquidity. We use these cash flows, supplemented with long-term debt and short-term borrowings, to fund our operations and global expansion activities. Generally, some or all of the remaining free cash flow funds the dividends on our common stock and share repurchases. Cash ? ows provided by operating activities supply us with a signi? cant source of liquidity. We use these cash ? ows, supplemented with long-term debt and short-term borrowings, to fund our operations and global expansion activities. Generally, some or all of the remaining free cash ? w funds the dividends on our common stock and share repurchases. Fiscal Years Ended January 31, (Amounts in millions) 2010 Net cash provided by operating activities Payments for property and equipment Free cash ? ow 2009 2008 $ 26,249 $ 23,147 $ 20,642 (12,184) (11,499) (14,937) $ 14,065 $ 11,648 $ 5,705 Net cash used in investing activities Net cash used in ?nancing activities $(11,620) $(10,742) $(15,670) $(14,191) $ (9,918) $ (7,422) Cash ? ow provided by operating activities was $26. 2 billion, $23. 1 billion and $20. 6 billion for the years ended January 31, 2010, 2009 and 2008, respectively. The increases in cash ? ws provided by operating activities for each ? scal year were primarily attributable to an increase in income from continuing operations and improved working capita l management. Working Capital Current liabilities exceeded current assets at January 31, 2010, by $7. 2 billion, an increase of $789 million from January 31, 2009. Our ratio of current assets to current liabilities was 0. 9 at January 31, 2010 and 2009. We generally have a working capital de? cit due to our ef? cient use of cash in funding operations and in providing returns to shareholders in the form of stock repurchases and payment of dividends. Walmart 2010 Annual Report 23 107077_L01_FIN. indd 107077_L01_FIN. indd 23 4/7/10 1:06:36 AM Management’s Discussion and Analysis of Financial Condition and Results of Operations Capital Resources During ? scal 2010, we issued $5. 5 billion of long-term debt. The net proceeds from the issuance of such long-term debt were used for general corporate purposes. During ? scal 2009, we issued $6. 6 billion of long-term debt. Those net proceeds were used to repay outstanding commercial paper indebtedness and for other general corporate purposes. Management believes that cash ? ws from continuing operations and proceeds from the issuance of short-term borrowings will be suf? cient to ? nance seasonal buildups in merchandise inventories and meet other cash requirements. If our operating cash ? ows are not suf? cient to pay dividends and to fund our capital expenditures, we anticipate funding any shortfall in these expenditures with a combination of short-term borrowings and long-term d ebt. We plan to re? nance existing long-term debt as it matures and may desire to obtain additional long-term ? nancing for other corporate purposes. We anticipate no dif? culty in obtaining long-term ? ancing in view of our credit ratings and favorable experiences in the debt market in the recent past. The following table details the ratings of the credit rating agencies that rated our outstanding indebtedness at January 31, 2010. The rating agency ratings are not recommendations to buy, sell or hold our commercial paper or debt securities. Each rating may be subject to revision or withdrawal at any time by the assigning rating organization and should be evaluated independently of any other rating. Global Expansion Activities Cash paid for property and equipment was $12. 2 billion, $11. 5 billion and $14. billion during the ? scal years ended January 31, 2010, 2009 and 2008, respectively. These expenditures primarily relate to new store growth, as well as remodeling costs for exist ing stores. We expect to incur capital expenditures of approximately $13. 0 billion to $15. 0 billion in ? scal 2011. We plan to ? nance this expansion and any acquisitions of other operations that we may make during ? scal 2011 primarily from cash ? ows from operations. Fiscal 2011 capital expenditures will include the addition of the following new, relocated and expanded units in the U. S. : Fiscal Year 2011 Projected Unit Growth Walmart U. S. Segment Sam’s Club Segment 145-160 5-10 150-170 Total U. S. Additionally, the International segment expects to add more than 600 units during ? scal year 2011. The following represents an allocation of our capital expenditures: Rating Agency Commercial Paper Standard Poor’s Moody’s Investors Service Fitch Ratings DBRS Limited Long-term Debt A-1+ P-1 F1+ R-1(middle) AA Aa2 AA AA To monitor our credit ratings and our capacity for long-term ? nancing, we consider various qualitative and quantitative factors. We monitor the ratio of our debt to our total capitalization as support for our long-term ? nancing decisions. At January 31, 2010 and January 31, 2009, the ratio of our debt to total capitalization was 36. 9% and 39. 3%, respectively. For the purpose of this calculation, debt is de? ned as the sum of short-term borrowings, long-term debt due within one year, obligations under capital leases due in one year, long-term debt and long-term obligations under capital leases. Total capitalization is de? ned as debt plus total Walmart shareholders’ equity. Our ratio of debt to our total capitalization decreased in ? scal 2010 primarily due to a decrease in short-term borrowings. We expect to incur capital expenditures of approximately $13. 0 billion to $15. billion in fiscal 2011. We plan to finance this expansion and any acquisitions of other operations that we may make during fiscal 2011 primarily from cash flows from operations. Allocation of Capital Expenditures Projected Capital Expenditures New stores, including expansions and relocations Remodels Information systems, distribution and o ther Total U. S. International Total Capital Expenditures Actual Fiscal Year 2011 Fiscal Year Fiscal Year 2010 2009 31% 15% 29% 17% 34% 10% 21% 23% 20% 67% 69% 64% 33% 31% 36% 100% 100% 100% Common Stock Dividends We paid dividends of $1. 09 per share in ? scal 2010, representing a 15% increase over ? cal 2009. The ? scal 2009 dividend of $0. 95 per share represented an 8% increase over ? scal 2008. We have increased our dividend every year since the ? rst dividend was declared in March 1974. On March 4, 2010, the company’s Board of Directors approved an increase in the annual dividend for ? scal 2011 to $1. 21 per share, an increase of 11% over the dividends paid in ? scal 2010. The annual dividend will be paid in four quarterly installments on April 5, 2010, June 1, 2010, September 7, 2010 and January 3, 2011 to holders of record on March 12, May 14, August 13 and December 10, 2010, respectively. 4 Walmart 2010 Annual Report 107077_L01_FIN. indd 107077_L01_FIN. indd 24 4/6/ 10 8:25:52 PM Management’s Discussion and Analysis of Financial Condition and Results of Operations Company Share Repurchase Program From time to time, we have repurchased shares of our common stock under a $15. 0 billion share repurchase program authorized by our Board of Directors on June 4, 2009 and announced on June 5, 2009, which replaced and terminated a $15. 0 billion share repurchase program approved by our Board of Directors on May 31, 2007 and announced on June 1, 2007. As was the case with the replaced share repurchase program, the new program has no expiration date or other restrictions limiting the period over which we can make our share repurchases, and will expire only when and if we have repurchased $15. 0 billion of our shares under the program or we terminate or replace the program. Any repurchased shares are constructively retired and returned to unissued status. We spent $7. 3 billion, $3. 5 billion and $7. 7 billion in share repurchases during ? scal year 2010, 2009 and 2008, respectively. We consider several factors in determining when to execute the share repurchases, including among other things, our current cash needs, our capacity for leverage, our cost of borrowings and the market price of our common stock. As of January 31, 2010, the program had approximately $9. 2 billion remaining authorization for share repurchases. Contractual Obligations and Other Commercial Commitments The following table sets forth certain information concerning our obligations and commitments to make contractual future payments, such as debt and lease agreements, and contingent commitments: Payments Due During Fiscal Years Ending January 31, (Amounts in millions) Recorded contractual obligations: Long-term debt Short-term borrowings Capital lease obligations Unrecorded contractual obligations: Non-cancelable operating leases Interest on long-term debt Trade letters of credit Purchase obligations Total commercial commitments Additionally, the company has approximately $11. 2 billion in undrawn lines of credit and standby letters of credit which, if drawn upon, would be included in the liabilities section of the Consolidated Balance Sheets. Purchase obligations include legally binding contracts such as ? rm commitments for inventory and utility purchases, as well as commitments to make capital expenditures, software acquisition/license commitments and legally binding service contracts. Purchase orders for the purchase of inventory and other services are not included in the table above. Purchase orders represent authorizations to purchase rather than binding agreements. For the purposes of this table, contractual obligations for purchase of goods or services are de? ned as agreements that are enforceable and legally binding and that specify all signi? ant terms, including: ? xed or minimum quantities to be purchased; ? xed, minimum or variable price provisions; and the approximate timing of the transaction. Our purchase orders are based on our current inventory needs and are ful? lled by our suppliers within short time periods. We also enter into contracts for outsourced services; however, the obligations under these con tracts are not signi? cant and the contracts generally contain clauses allowing for cancellation without signi? cant penalty. Total 2011 2012-2013 2014-2015 Thereafter $37,281 523 5,584 $ 4,050 How to cite Wal Mart Annual Report Analysis, Essay examples

Nature Walk free essay sample

Each of these landscapes seems to be a snapshot of some distant natural beauty that is somewhere far away from industrialization. Not one image hints at the idea of human interference. The message these pictures convey is that nature exists only completely disconnected from human life and civilization. Similarly, a common first thought response to the world â€Å"wildlife† is visions of large animals roaming jungles and deserts and forests, in deep unpopulated areas. I’ll admit that I definitely perceived nature this way for a good amount of time. Recently, however, I’ve adopted a new idea. Obviously influenced by living in the Bronx and having to re-adjust to the concept of nature, I think I’ve developed a greater appreciation of it. Van Cortlandt Park, spanning over 1,146-acres and ranking as the fourth largest park in New York City sits right next to me. In New York, it boasts one of the highest rates of rare plant species and is home to wildlife not seen many other places in the city. On paper in comparison to many of our countries national parks and wildlife conservancies, it is an unimpressive blip in the guide book. But I’ll argue that picture perfect landscapes in the middle of nowhere have less to prove than a deeply nature rich park competing with the urban spectacle of one of the biggest cities in the world. I think it’s the stark contrast that allows for a deeper appreciation of what nature is. I couldn’t explain this in words until I walked from my apartment down to Van Cortlandt Park for the first time. When I walk out of the front door of my three story walk up-overpriced-student apartment- I’m immediately greeted by the familiar scent of garbage piling up on my curb and the sight of scaffolding for construction that never seems to be finished, if it’s even been started. Walking down 238th street the air is thick with the aromas of Chinese food and pizza and that weird stale beer smell that wafts out of Fenwick’s bar in the daylight. Deranged looking squirrels are fighting over what looks to be the sorry end of a bacon egg and cheese thrown on the ground. A standard lulling sound of traffic, people and bustle is all I can really hear. Strangely, as I descend upon the steep 238th stairs down to Broadway, what lies ahead is an even more urban and bustling scene. The stairs themselves are a treat as well. The pits that lay on either side of the railings are filled with a grab bag selection of beer bottles, soda cans, plastic bags and any other trash someone couldn’t throw in a garbage can. The stairs are also shadowed by two high rise apartment buildings packing in more people than I could probably imagine. As I get closer to Broadway the focus seems to be on the loud rumble and screeching of the subway overhead, with lots of people racing up the stairs to get on. Walking on Broadway towards the park is dark and shady from the subway. When I near 242nd street, I could throw a rock to 4 different fast food places, a liquor store and a few bars. Gypsy cab drivers are standing around the Dunkin Donuts acting as friendly loiterers but asking if I need a ride. I contemplate grabbing an iced coffee but then feel strange about bringing it into the park as I attempt to experience nature. My caffeine fix can wait I guess. Crossing the street to the park entrance is almost laughable. Dodging four lanes of traffic and a bus route, I find myself standing safely on the other side. After shuffling around a crowd of people waiting for the bus, I enter the park and walk towards the conservancy. Would it be dramatic for me to say the air changed? I’m willing to say that it did. I kid you not it was fresher. The sound of the subway was gone and the air felt like something you were happy to breathe in. It smelled like good old fashion nature. I smell dirt and grass and its lacking any cheap food stench. The conservancy looks as old-world as the rest of the park makes you feel. The stones are weathered and the architecture is a far cry from high-rises and bodegas. Walking further into the trail I notice you can feel the life in the area. Without the outside noises I can feel every crunching footstep and ever rustle in the leaves. I’m not one to notice birds, but for some reason I take note of a few flying in and out of the tree line. Looking at the different plants is interesting. Something I would normally just classify as leaves I notice there is a great variety. My mind wanders to survival. My school bag suddenly feels like a bag of supplies and I feel like I’m in an episode of LOST. That makes me smile when I remember I can still probably throw a rock and hit Burger King. The trees are magnificent. Tall and dignified and old. The understory trees are strong and full. I fall victim to technology when I find myself trying to lookup what kinds of trees they are on my phone. Understory tree species come up as Ironwood, American Hop Hornbeam, and Flowering Dogwood. The taller trees yield results of Tulip Tree, Red Oak, White Oak, Bitternut Hickory, Sweet Gum and White Pine. The pictures are so tiny on my phone I can barely use it as a guide. I make a mental note to look when I get home. I sit down for a minute to try and get a full surroundings view. It feels really nice to be sitting here in this beauty. I feel like I haven’t seen this many trees in a long time. I don’t really see much animal life besides a few squirrels and birds, but I know it’s there. I can feel movement in the space. Insects of a dozen different kinds are under a rock I turn over which is cool. Bugs don’t scare me and I like knowing where to find them. They’re so small and seem particularly hard to identify. I check my phone and realize I should probably head out if I plan on making it to my next class on time. I’m going to need to follow the same route back to campus. Over the traffic and up the stairs out of this haven I’m in right now. It’s sad to say this is the first time I’ve done this, sat here and enjoyed the park. I’ll need to come back for sure and spend more time. Replacing the movement of people and things out on Broadway with trees and wildlife down here is an amazing feeling. I’m almost positive this place would not seem so beautiful if the urban landscape of the rest of the Bronx wasn’t right outside the gates.

Anorexia Nervosa Essays (758 words) - Eating Disorders, Psychiatry

Anorexia Nervosa Turn on any television show or look through any teen magazine, and what do you usually see? You will probably notice at least one ad for a food product that is being eaten by happy and good looking people. What is the message being sent to our adolescents today? Is it better to eat good food or be thin like a model? This is a hard choice that teenage girls have to face everyday. Most people believe that thinner is better. Anorexia nervosa is an eating disorder that usually strikes women. The term anorexia means "loss of appetite". Of the 7 million women from age 15 to 35 who have an eating disorder, many will die from the complications of anorexia. They suffer from eating disorders because of anger, depression, and the wish to be thin. Teens that control their body weight gives them a sense of control in their lives. Someone that suffers from an eating disorder is a person that uses food to work out emotional problems and tries to get rid of feelings by eating or dieting. But what influences dieting in the first place? Psychological influences and genetics are the main influences on eating disorders in general. Mothers of anorexics are themselves focused on their own weight and appearance. Woman struggle to make their bodies conform to the ideal female body and appearance. Anorexia nervosa is defined as a disorder in which a person becomes noticeably underweight, yet feels fat and fears becoming obese. Of all anorexics, 95% of them are women under twenty. This usually begins as a weight-loss diet and develops in adolescence. Anorexics never believe that they are thin enough and they limit their intake of food. They see themselves as "too fat", no amount of food is small enough, and no weight is ever low enough. By starving themselves, it helps them deal with normal pressures of life as a teenage girl in society. They begin to pull away from those around them even before the disorder begins. The pattern of withdrawal makes it difficult for others to realize the disorder. Generally, an observation of physical symptoms will quickly confirm the diagnosis of anorexia. These symptoms are identical to starvation. Signs of anorexia include weight loss, loss of appetite, menstrual period stops, seeing food as an enemy, continual exercise, and the fear of gaining weight. The physical signs of anorexia include dizziness, insomnia, numbness in hands and feet, infections that do not heal, heart failure, and bruises. Anorexia can lead to severe medical problems and even death. At this time, there is no treatment program for anorexia nervosa that is completely effective. There is no single personality type of a person suffering from anorexia nervosa. People who develop anorexia tend to share certain characteristics. Their parents often describe them as model children, high achievers who have never once been in trouble. They are perfectionists; they tend to be self critical. They also tend to be very controlled people who stick to certain schedules and do not like changes in routines. Most anorexics deny that they suffer from an eating disorder. The first step to getting help with an eating disorder is to recognize that the problem exists. Know that you have a problem and that you need to get help to solve the problem. There are many ways to get help. By telling a friend, it makes the problem seem more manageable and you know that there is someone that will help guide you through the process of recovery. Support groups devoted to eating disorders are available all over the country. They are groups of people that share the same problem that you have and is led by an experienced counselor or person who once had the problem and has recovered. By attending a support group, it lets the person know that he or she is not alone and people are their to help them recover completely. Counseling is also available through school or a local social-service agency. A counselor is there to listen to your problem and help you get through it. One last way to get help with an eating disorder is to see a nutritionist. That person can help identify food allergies, cravings, and other problems that may contribute to eating disorders. He or she can help you develop a diet that will feel satisfying while helping the person to gain or lose weight. Seeking help may be a painful experience for the anorexic. He or she must face problems and feelings that have been avoided

Concept of the Ancient Artwork Seated Goddess with a Child and the Winged Deity

Concept of the Ancient Artwork Seated Goddess with a Child and the Winged Deity Artwork is any form of art that communicates a message to the audience or one developed with a purpose. This includes paintings, sculpture, photography and collages. There is a lot of development in artwork, in the contemporary world, and most of the developments are just transformations of ancient artwork.Advertising We will write a custom essay sample on Concept of the Ancient Artwork: Seated Goddess with a Child and the Winged Deity specifically for you for only $16.05 $11/page Learn More Most of the pieces of art can be found in museums and art galleries. This paper outlines information about The Seated Goddess with a Child and the Winged Deity, found in the Metropolitan Museum of Art. This brings out a comprehensive understanding of the two pieces of art. Seated Goddess with a Child and the Winged Deity The artworks represented in this article take similar forms. They are sculptures. The Metropolitan Museum houses the two pieces of artwork (Metropolitan Museum of Art). The Seated Goddess with a Child is a three-dimension piece of art made through the lost-wax technique around the 13th and 15th centuries. It has epic and pastoral styles. The winged deity is a three-dimension of work made with the Hittites style (Beckman, 1989). The Seated Goddess with a Child is a perfect result of cutting and twisting gold. The Winged Deity is a result of casting bronze and gold. The Seated Goddess with a child has a golden colour which is bright enough to characterize a goddess associated with illumination. It also depicts a peaceful mood and creates a high level of unity. On the other hand, the Winged Deity has grey and yellow colours, which bring out a sombre mood. The artists used contour lines to show the faces, horizontal and vertical lines to show the other body parts, and an outline to enclose the images. The image looks smooth and balanced. There is a balance in the work since images cover the entire space. The goddess image has a value o f light due to the vibrant colour employed in the artwork. The Winged Deity has curved lines shaping the wings and the arms. There is a visual appearance of roughness and a value of darkness, as well as symmetrical balance. Both artists have an aspect of the Hittite Empire period, a period whose information is not widely known. The Seated Goddess with a Child depicts a woman adorned with a headdress which is extremely bright. This brightness represents the glamour and illumination that comes from the sun. Therefore, this is Arinna, the sun goddess. The chair on which the statue sits has lion caws.Advertising Looking for essay on art? Let's see if we can help you! Get your first paper with 15% OFF Learn More This shows bravery. The child shows simplicity and humility. The long gown has an association with modesty of women. The two loopholes suggest that the figure is a pendant. The loop earrings and a necklace, indicate beauty of Hittite women (Beckman, 1989). The work has a substantial influence in contemporary societies. It challenges modern artists to make sculptures which are symbols of creativity and imagination. The Winged Deity represents a god of the Hittites. He is most likely the Prinki, a god of Ishtar, made around the 13th century (Metropolitan Museum of Art). The deity has a circular cap around his head, a gold leaf as well as a kilt. He has a rod on his right arm representing the protection that gods offered to the Hittites. He has two wings in the shape of a sickle, and the left wing is incomplete. The wings show the possibility of flying and signify that god could go to any place unusually fast to offer aid. The sculpture helps to reconstruct the history of Hittite culture (Beckman, 1989). The artist has the ability to use a traditional style (Hittite style) with creativity. The work has also influenced modern sculptors. They are trying to make replicas of the sculpture, and sculptures which have similar features to those on the Winged Deity. In essence, ancient artworks have significant influence to the modern artworks. This is evident in the modern artworks displayed in the art galleries of modern museums. Therefore, the impact of ancient art on contemporary artworks cannot be underrated. References Beckman, G. (1989). The Religion of the Hittites. The Biblical Archaeologist 52 (2/3):98-108. Metropolitan Museum of Art. (n.d). The Seated Goddess with a Child and the Winged Deity. Retrieved from https://www.metmuseum.org/art/collection/search/30006127

Should corruption be studied quantitatively or qualitatively Essay

Should corruption be studied quantitatively or qualitatively - Essay Example Furthermore, Kaufmann and Vicente, (2011, p.195) state that there is often the need to determine the â€Å"motivations behind individuals†, especially public officials, getting involved in corrupt deals when they have been tasked with representing and defending the interests of the public. When making a study of corruption, it is best to conduct it qualitatively rather than quantitatively as a means of getting accurate results. When conducting studies on corruption, it should be recognized that qualitative methods have many characteristics that define them and these can be used for the development of ideas, which determine the findings of the studies (Devine, 2002, p.201). One would argue that among the most impressive aspects of qualitative methods, when compared to quantitative ones, is the development of the design which is extremely important because among its contents is the study of real world situations as they unfold in a natural state. For example, in a situation where a study of corruption is being conducted, the researcher is bound by the situation under study as it is and does not get involved in attempting to control the situation to get the results he requires (Vishnevsky & Beanlands 2004, p.236). Furthermore, Castellan (2010, p.5) argues that unlike in the use of quantitative methods, the researcher is not hindered by any ideas that have been predetermined and the findings are as they are di scovered, ensuring that there is a measure of credibility that does not appear in situations where studies are generalized. Castellan further argues that when using qualitative methodologies, the researcher will more often than not be required to â€Å"adapt his findings to the situation as it unfolds,† so that there are no predetermined or rigid designs when conducting a study on corruption. These methods can be extremely useful in a study

Retail brands Essay Example | Topics and Well Written Essays - 3000 words

Retail brands - Essay Example Every country has had its own way of development that has led to retailing and branding of products. The retailing market has now become a segmented form of marketing with a particular retailer focusing on a particular group of customers. This is perhaps a way of improving the manner of dealing with the growing needs of consumers who demand more attention in their particular items or products of interests. Retailing is now gaining control of the market shares that were once overtaken by the stores that were individually owned or were in the form of co-operatives. Now there are large retailers with a chain of stores that are focused in a particular location or country such as ASDA, Waitrose, Sainsbury’s and others in the United Kingdom and GAP, Old Navy and JC Penney in the United States of America. However, it is a far cry from saying that retailers have had an easy go at keeping their share of the market. Retailers have had to constantly improve and strive to better understan d the needs of customers. It may be easier in a manner that the smaller industries are now becoming less of a challenge for retail giants such as Wal-mart but if the consumers stop spending or the stores lack the technological advancements needed to keep up to the fast paced global market then they will lose out on their share of the profits. There is a lot more to printing your brand name on a product and expecting customers to come and buy it. Retailers have had to go a long way to establish a trust between the name and brand of a company and the end customers who are the ones are picking items off the shelves. Brands are considered to be the logo of a company and it is how customers have come to associate products. A particular brand can even be a way of representing the social status of an individual in society such as the purchase of a piece that is branded by Harry Winston as compared on one that someone may pick up from a rack at Primark. Brands go a long way to help to make customers familiar with particular products whether it is fashion, electronics and so on. Particular retailers such as General Electric have widespread array of products that they sell to the public which range from motor vehicles to small kitchen appliances. Brand loyalty is established over a period of time and how well the product meets the desires of the individuals. Many people prefer a Toyota car over a Honda or that of Ford and this is due to the experience that they may have had with the products over time. If there is brand loyalty then it is more likely that the price of various articles won’t be as much of an issue as long as the customers find that the article is needed (Ailawadi, K. L., 2004). Retail brands such as H&M and Marks & Spencer’s have made use of celebrities to further the influence of their retail brands. Marks & Spencer hooked up with Antonio Bandares (Amanda Andrews, The Times), the Hollywood actor, to campaign for the retail brand to increas e sales and the campaign paid off. The brand also featured the fashion icon Twiggy for their campaign to appeal to women and managed to get the attention of their target group as well. The icon managed to shake off the reputation that the brand has of cot carrying fashionable items. Supermarket giant Sainsbury’s products have the retailers brand but there were signs that sales were higher when the products

Organising a safe environment for young children

Organising a safe environment for young children Planning a safe environment is a challenging process for early year’s practitioners. Child safety and protection is a key element in their development in early year setting. Planning of early year play setting every day is challenging and difficult process. Play environment should be a minimal risk and no danger for children. Arranging safe and friendly environment have to consider all the time for children to achieve maximum learning from each activity setup in the setting. A child safe environment is including range of health and safety policies. Under OFSTED regulation early year setting need to know arrange challenging stimulate environment for all children. Practicing and applying health and safety regulations is an vital procedure for all the staff in the setting. Basic information about creating a child safe environment: Check the fire exits before children enter the setting Leave a space around table for children to move free Staff interact with child easily Having comfortable and safe corner in the setting for children can sit or lie down Messy activity table are arrange for near washbasins and on suitable flooring Radiators and light should be kept clear to avoid fore hazard Free standing furniture must completely close Enough space for around physical activities The setting layout should help child interest Equipment and toys need to accessible for children. A risk assessment procedure is help to identify risks in the setting. The deputy leader in the setting has to check and take the responsibility in regarding the risk assessment procedure in the setting. Checking hazard is important in the premises every day. Outdoor environment will help for children in the early years by: †¢ To get Fresh air, contact with nature and learn about weather seasons. †¢ Opportunities for learning about growing plants and gardening. †¢ Opportunities for wider range of physical activities in outdoor. The outdoor environment is an essential part of high quality provision for babies and toddlers in the early age. Effective outdoor activity supports of delivery all development in the Early Years. These all challenging environment effect children personal, social, emotional and physical development in safe setting. In the earl year setting, the staff ratio is very important when considering the child safety. Correct staff ratios can minimize accidents and injuries in the setting and outdoor activities. Precise staff ratios for the settings are: 1:3 children under 2 years 1:4 children aged 2 years 1:8 children aged 3-5 years Explain the role of the practitioner within a wider, multi-agency environment. The point of wider and multi-agency environment is: Multi-agency working provides benefits for children, young people and families because they receive tailor-made support in the most efficient way. It helps in early identification of any issues and intervention and easier or quicker access to services or expertise. Children and parents are addressed more appropriately and better quality services provided for longer-term or more specialist services. Also, this includes working parents, parents who speak English as an additional language, and parents who do not live in the family at home with their children. Practitioners in early year setting need to respect which families working with them and how to support their child early year learning journey and development. Working with multi-agency environment the practitioners needed to understand that the home learning environment for each children in the setting. It is a way of working with the small children and those supportive experiences for parent and the children. Early year children settings are diversity and combination of many different cultures. Practitioners in early year setting responsible for creating environments that are culturally rich and respectful of the diversity include all the children. From foundation stage children need to develop an understanding about the world. Multi-agency working can take place at many levels and its effectiveness will depend on how well it is integrated. Children’s centres and pre-schools provide multi-disciplinary teams on one site as well as working closely with external agencies. Every setting is unique and the nature of the multi-agency working will vary accordingly. The achievement of effective multi-agency working has proved more difficult to achieve than was anticipated. In order to create a climate of change where professionals and agencies can work effectively together it need to understand what the barriers to change are. Some of the barriers to achieving more effective multi-agency working that have been identified are: professionalism; conflicting priorities of different agencies; dealing with risk; the need to change the culture of organisations. Working in multi-agency environment and key workers are together to provide supporting childrens individual needs. The wider community plays are include vital role play. Practitioners need to work together across services for example working in partnership with health visitors, general practitioners, social workers, nursery nurses, speech and language therapist can get information and ideas about early year child development step by step in childcare setting. Children and their families need to communicate well and need to listen carefully to all concerned about child each and every day. Setting practitioners need to reach children ideas first, to reach children individual needs. The regulatory requirements that underpin the organisation of the environment. Enabling environment and regulatory requirements; Risk; Hazard; Risk Assessment; Risk assessment is important for any setting because it: †¢ makes sure the setting is safe for children, staff and parents †¢ is an Early Years Foundation Stage Welfare requirement †¢ is good practice. What is a risk assessment? A risk assessment is: †¢ identifying a hazard which might cause harm †¢ making sure that the risk attached to it is acceptable †¢ putting appropriate control measures in place if the risk is not acceptable. Making the risk assessments on a regular basis for equipment, activities, policies and procedures should take into account the numbers, ages and abilities of children and resources, planning, staff and space. They need to be evaluated and reviewed regularly. Following the risk assessment procedure, practitioners should check that is nothing damaged on equipment, toilets and all areas used by children are clean on a daily basis. Setting leader should arrange enough staff to meet the needs of the children and the activities planned and that there are no changes which could cause a danger this is particularly important in shared premises. This can be done by using a chart on the wall which can be initialled when an area is checked. The table below is an example method of risk assessment which can be used. When it use designated person or manager should date the each time they review it. The premises and outside play areas should be secure and children should not be able to leave them unsupervised. The designated person or manager should have an effective system for managing access to and exit from the premises, ensure that this system is used and keep a record of visitors. Floor and staircase finishes should be close fitting, resilient, non-slip and readily cleanable. Rugs or mats should not be used where they may present trip hazards. Holes and tears in the floor covering should be repaired promptly and effectively. All floors should be kept free from obstructions. All equipment and machinery used in a pre-school service should be safe for use and subject to regular service and maintenance by a competent person. All chemicals should be kept in their correct labelled containers and securely stored and used in accordance with the manufacturer’s instructions. Outdoor play areas should be checked each time they are used. The outdoor play area should be secured and safely fenced off to ensure that children cannot leave this area without adult supervision and that unauthorised access is prevented. Evaluate how effective the environment is in meeting childrens individual needs How early years practitioners Can Create Effective Learning Environments; An early childhood environment is many things. It is a safe place where children are protected from the elements and are easily supervised. Also, important activities of the day like playing, eating, sleeping, washing hands, and going to the bathroom take place. Beyond the basics, however, an environment for young children implements and supports a programmes philosophy and curriculum. The modules of an early learning environment are many and can be overwhelming for the children. Early year practitioners need to know how to create an environment and that how to supports learning and meets children s individual needs? Environments for young children should provide multiple sources of stimulation to encourage the development of physical, cognitive, emotional, and social skills. Early childhood importance of play should be including, hands-on-learning and whole child development. A good early childhood environment supports these activities for child development, well-organize play area, large block area, sand and water activities, art and craft areas, reading corner and outdoor play area. These space need to arrange in a way that children can make noise while playing without disturbing for children in other activities. Environments should be carefully designed and equipped for children to meet their individual needs. Activities must be physical challenges, learning disabilities, or emotional issues in the setting. Other reflects the importance of early year children by including examples of their work in progress and displaying images of children. Every child in the setting has an image of themselves and their family. Important part of development is feeling in all children, so it is important to displays of pictures of all parents and families, and every race and ethnicity, including interracial, multi-ethnic, and adoptive families. The entire setting should also reflect diversity throughout the world. Throughout the setting artwork, photos, posters, and signs on the wall; books; dolls; parent boards, newsletters, announcements, and magazines; materials such as puzzles, people sets, activity books, music, art materials, and play area include all children individual needs. In order to meet children’s diverse needs, and help all children make the best possible progress, practitioners should: à ¢-   Plan opportunities that build on and extend children’s knowledge, experiences, interests and skills and develop their self-esteem and confidence in their ability to learn; à ¢-   Use a wide range of teaching strategies, based on children’s learning needs; à ¢-   provide a wide range of opportunities to motivate, support and develop children and help them to be involved, concentrate and learn effectively; à ¢-   provide a safe and supportive learning environment, free from harassment, in which the contribution of all children is valued and where racial, religious, disability and gender stereotypes are challenged; à ¢-   Plan challenging opportunities for children whose ability and understanding are in advance of their language and communication skills; à ¢-   monitor children’s progress, identifying any areas of concern, and taking action to provide support, for example by using different approaches, additional adult help. An early childhood environment is many things to do. Its a safe place where children are protected from the elements and are easily supervised, and its where the important activities of the day take place, such as playing, eating, sleeping, washing hands, and going to the bathroom. Beyond the basics, however, an environment for young children implements and supports programs of early childhood development. Environments for young children should provide multiple sources of stimulation to encourage the development of physical, cognitive, emotional, and social skills. When planning the environment, following steps is impotent to be considered: Places for developmentally appropriate physical activities. Opportunities for concrete, hands-on activities. Change and variety. Colour and decorations. Soft, responsive environments. Flexible materials and equipment. Obstacles to consider when planning the learning environment: Storage. Activity area access. Noise. Dividers. Reference: Devon Early Years and Childcare Service, Available from www.devon.gov.uk/risk_assssment_guidance.pdf. Accessed : 28th February 2015,