The following information was extracted from quarterly reports for Walmart Stores, Inc. (amounts in millions):

The following information was extracted from the notes to the financial statements in the Walmart Stores, Inc., Annual Report (for the fiscal year ended January 31, 2009, amounts in millions):

Required
1. Assess the seasonal nature of Walmart€™s sales and income for the company as a whole and by operating segment.
2. Assess Walmart€™s profitability by quarter and by operatingsegment.

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Three Months Ended April 30, 2007 $4,362 $3,979 903 370 Three Months Ended July 31 2008 $4,715 $4,256 Three Months Ended October 31 2007 Operating Income 2008 2007 2008 Walmart Stores 1,044 386 1,202 432 1,032 445 $4,286 1.182 365 53,995 1,069 359 Sams Club 11 Segments Fiscal Year Ended January 31, 2009 Walmart Stores International Sam's Club Other Consolidated Revenues from external customers$255,745 $98,645 4,940 $46,854 $401,244 22,798 18,763 operating of continuing 8361 income (loss) 1,610 $2,515) Total assets of continuing 59,903 12,339 6,63 163,234 12 Quarterly Financial Data (Unaudited) (amounts in millions except per share data) Quarters Ended July 31 October 31 Fiscal 2009 Net sales Cost of sales Net income Net income per common share April 30 94,070 $101,544 77,599 3.449 $ 0.87 71,845 3,022 0.76 $97,634 74,114 3,138 S 0.80 January 31 $107,996 82,601 3,792 $ 0.96