Please help with a-d on the required section attached

Please help answer the questions a - d for Walmart on the attached. Thank you

Grow Tunel Ulestaurants 1.496 0.1% INTEGRATIVE CASE 4.1 Profitability and Risk Analysis of Walmart Stores Part A Walmart Stores (Walmart) is the world's largest retailer. It employs an "everyday low price" strategy and operates stores as three business segments: Walmart Stores U.S., International, and Sam's Club 1. Walmart Stores U.S.: This segment represented 62.3% of all 2015 sales and operates stores in three different formats: Discount stores (104,000 average square feet), Super- centers (178,000 average square feet), and Neighborhood Markets (42,000 average square feet). Each format carries a variety of clothing, housewares, electronic equipment, pharmaceuticals, health and beauty products, sporting goods, and similar items, and Supercenters include a full-line supermarket. Walmart U.S. stores are in all 50 states; Washington, D.C., and Puerto Rico. Discount stores are in 41 states, Supercenters are in 49 states, and Neighborhood Markets are in 31 states. Customers also can purchase many items through the company's website at www.walmart.com. 2. International: The International segment includes wholly owned subsidiaries in Argen- tina, Brazil, Canada, Chile, China, India, Japan, and the United Kingdom; majority-owned subsidiaries are in Africa, Central America, and Mexico. The merchandising strategy for the International segment is similar to that of the Walmart U.S. segment. 3. Sam's Clubs: Sam's Clubs are membership club warehouses that operate in 48 states. The average Sam's Club is approximately 134,000 square feet, and customers can pur- chase many items through the company's website at www.samsclub.com. These ware- houses offer bulk displays of brand name merchandise, including hard goods, some soft goods, institutional-size grocery items, and certain private-label items. Gross margins for Sam's Clubs stores are lower than those of the U.S. and International segments. Walmart's fiscal year ends at the end of January of each year. Despite Walmart's convention of referring to ts year ending January 31, 2016, as its fiscal 2016, we follow the common practice of referring to it as 2015 because 11 of the 12 months fall within 2015. This same convention holds true for Carrefour and Target in Part B of this case. CHAPTER 4 Profitability Analysis y all of its merd Walmart uses centralized purchasing through its home office for substantially all of its dise. It distributes products to its stores through regional distribution centers. During fiscal proportion of merchandise channeled through its regional distribution centers was as follow 69% 79% Walmart Discount Stores, Supercenters, and Neighborhood Markets Sam's Club (nonfuel) 77% International Exhibit 443 sets out various operating data for Walmart for 2013 through 2015. Exhih presents segment data. Exhibit 4.45 presents comparative balance sheets for Walmart fo through 2015 (an extra year to enable average balance computations when necessary. 4.46 presents comparative income statements for 2013 through 2015, and Exhibit 4.47 comparative statements of cash flows for 2013 through 2015. Exhibit 4.48 presents selected cial statement ratios for Walmart for 2013 through 2015. The statutory income tax rate is 3 REQUIRED a. What are the likely reasons for the changes in Walmart's rate of ROA during the year period? Analyze the financial ratios to the maximum depth possible. b. What are the likely reasons for the changes in Walmart's rate of ROCE during th year period? Note: Requirements c and d require coverage of material from Chapter 5. c. How has the short-term liquidity risk of Walmart changed during the three-year d. How has the long-term solvency risk of Walmart changed during the three-year Exhibit 4.43 Walmart Stores Operating Data (Integrative Case 4.1, Part A) d. How has the long-term solvency ISR OF Exhibit 4.43 Walmart Stores Operating Data (Integrative Case 4.1, Part A) 2013 2015 4,574 689.6 $432.68 $ 27.68 4,516 680.1 $423.54 $ 31.37 4,203 659.1 S423.92 $ 33.06 Walmart Discount Stores, Supercenters, and Neighborhood Markets (U.S.) Number Square footage (millions) Sales per square foot Operating income per square foot International Number Square footage (millions) Sales per square foot Operating income per square foot Sam's Club (Domestic) Number Square footage (millions) Sales per square foot Operating income per square foot 6,299 372.2 $331.56 $ 14.36 6,290 367.6 $370.40 $ 16.79 6,107 3582 $381.11 $ 14.39 632 655 87.6 $597.37 $ 19.93 647 86.5 $596.88 $ 21.43 84.4 $599.22 $ 21.53 Exhibit 4.44 erchan 15, the Walmart Stores Segment Profitability Analysis (Integrative Case 4.1, Part A) 2015 2014 2013 Sales Mix mart Discount Stores, Supercenters, and it 4.44 2012 Exhibit esents finan- Neighborhood Markets International 62.9% 26.0 11.10 100.00% 60.5% 28.6 10.9 100.00% 59.9% 293 10.8 100.00% Sam's Club three 6.40% 289 18.51% 741% 2.84 21.05% 7.80% 2.83 22.06% three lod? Walmart Discount Stores, Supercenters, and Neighborhood Markets Operating profit margin Total assets turnover ROA International Operating profit margin Total assets turnover ROA Sam's Club Operating profit margin Total assets turnover ROA 4.3396 1.67 7.25% 4.53% 1.69 7.67% 3.77% 1.60 6.04% od? 3.34% 3.74 12.47% 3.59% 3.69 13.25% 3.59% 3.60 12.9396 Exhibit 4.45 Walmart Stores 3.74 12.47% 3.69 13.25% 3.60 12.93% ROA Exhibit 4.45 Walmart Stores Balance Sheets (amounts in millions) (Integrative Case 4.1, Part A) 2015 2013 2012 ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets Property and equipment Less accumulated depreciation Property and equipment, net $ 8,705 5,624 44,469 1,441 60,239 176,958 (66,787) 110,171 $ 9,135 6,778 45,141 2,224 63,278 177,395 (63,115) 114,280 $ 7,281 6,677 44,858 1,909 61,185 173,089 (57,725) 115,364 $ 7,781 6,768 43,803 1,588 59,940 165,825 (51,896) 113,929 (Continued) Exhibit 4.45 (Continued) 5,239 5,589 (3.046) 5899 13,147 11,096 (4,751) 2,864) 2,543 19,510 2,752 20.497 6,345 16,695 2,375 18,102 5,455 $203,490 6,149 5.987 $203.105 6,131 $ 204,751 $199,581 $ $ $ 680s $ 38,080 2,708 38,487 19,607 1.592 38,410 19,152 1,021 4,791 7,070 37415 18,793 966 4,103 18,808 521 2.211 5,587 2,745 287 327 Property under capital lease and financing obligations Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations net Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Total Walmart shareholders' equity Nonredeemable noncontrolling interest Total equity otal liabilities and equity 551 71818 64,619 65,253 38,394 309 69 345 41,771 7.788 8.017 1491 40,889 2,606 8,805 38,214 5,816 7,321 3,023 7613 519 317 323 332 3,620 72,978 1,805 90,021 (11,597) 80,546 3,065 83,611 $199,581 323 2,462 85,777 (7,168) 81,394 4,543 85,937 $203,490 2,362 76,566 (2,996) 76,255 5,084 81,339 $204,751 065 (587) 76,343 5,395 8 1,738 $203,105 Exhibit 4.46 Walmart Stores Income Statements (amounts in millions) (Integrative Case 4.1, Part A) 2015 2014 2013 et sales embership and other income tal revenues $478,614 3,516 $482,229 3,422 485,651 $473,076 3,218 476,294 482,130 (Continu Profitability and it Analysis of Walmart Stores Exhibit 4.46 (Continued) ing selling, general, and administrative expenses Cost of sales Operating selling, gen. Operating income interest 360,984 97.041 24,105 365,086 93,418 27,147 358,069 91,353 26,872 Debt Capital lease and financing obligations 2,027 2,161 521 interest income (81) 21,638 6.558 15,080 me from continuing operations before income taxes Total provision for income taxes come from continuing operations ome from discontinued operations, net of income taxes Consolidated net income consolidated net income attributable to nonredeemable noncontrolling interest Consolidated net income attributable to Walmart 300 (113) 24,799 7.985 16,814 285 17,099 2,072 263 (119) 24,656 8,105 16,551 144 16,695 15,080 (386) 14,694 (736) 16,363 (606) 16,022 2012 $ 16,695 1144 16,553 Exhibit 4.47 Walmart Stores Statements of Cash Flows famounts in millions (Integrative Case 4.1, Part A) 2015 Consolidated net income $15.080 517,099 Income from discontinued operations, net of income taxes (265) Income from continuing operations 15,080 16,814 Adjustments to reconcile income from continuing operations to net cash provided by operating activities Depreciation and amortization 9454 9,173 Deferred income taxes (672) (503) Other operating activities 1410 785 Changes in certain assets and liabilities, net of effects of acquisitions: (19) (569) Receivables, net (703) (1,229) Inventories 2,008 2,678 Accounts payable 1,303 1.249 Accrued liabilities (472) 166 Accrued income taxes 27,389 28,564 Net cash provided by operating activities (11,477) (12,174) Payments for property and equipment 635 570 Proceeds from disposal of property and equipment 8,870 (279) 938 (566) (1,667) 531 103 (1,224) 23,257 (13,115) 727 (Continued Exhibit 4.47 (Continued) 246 (79) (138 (12,526 (10,675) 1.235 911 39 (4432) (6.294) (4,112) (719) 7072 (4.968) (6,139 (6,683) 671 (192) (11,125) (6,288) 5,174 (3,904) (6,185) (1,015) (600) (1,844) (409) (15,071) (514) 1,854 7,281 $ 9,135 Proceeds from disposal of certain operations Other investing activities Net cash used in investing activities Net change in short-term borrowings Proceeds from Issuance of long-term debt Payments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of period (426 (1,326) (513) (16,122) (1,022) 12961 1260) (10,789) (442) (500) (430) 7.781 9,135 $ 8,705 $ 7,281 Exhibit 4.48 Walmart Stores Financial Ratio Analysis (Integrative Case 4.1, Part A) 2015 2014 2013 8.30% 3.47% 2.39 74.8796 20.13% 9.16% 3.85% 2.38 75.17% 19.24% 8.93% 3.82% 234 75.18% 19.18% Profitability Ratios ROA Profit margin for ROA Total assets tumover Cost of goods sold/Sales Operating, selling general, and administrative expenses/Sales Interest expense (net of taxes)/Sales Income tax expense (excluding tax effects of interest expensel/Sales Accounts receivable turnover Inventory turnover Fixed assets turnover ROCE Profit margin for ROCE Capital structure leverage 0.34% 1.55% 0.33% 1.82% 0.32% 1.87% 70.9 722 8.1 8.1 4.1 77.8 8.1 4.1 18.15% 3.05% 2.49 20.76% 3.37% 21.00% 3.36% 2.59 2.67 (Continued Profitability and Risk Analysis of Walmart Stores 269 Exhibit 4.48 (Continued) 0.93 Risk Ratios Current ratio Quick ratio Accounts payable turnover 0.22 Cash flow from operations to current liabilities ratio Long-term debt to Long-tetin capital Total liabilities/Total assets ratio Cash flow from operations to total liabilities ratio Interest coverage ratio 9.37 42.18% 34.50% 58.1196 23.46% 9.2 0.97 0.24 9.64 42.44% 33.60% 57.77% 23.71% 10.6 0.88 0.20 9.51 32.95% 35.39% 60.27% 19.00% 11.1 Part B Part A of Integrative Case 4.1 analyzed the profitability and risk of Walmart Stores for its fiscal years 2013, 2014, and 2015. Part B of this case compares the profitability and risk ratios of Wal- at and two other leading discount retailers, Carrefour and Target, for their 2013 through 2015 fiscal years. Carrefour the world. Carrefour is orga vor, headquartered in France is Europe's largest retailer and the second largest retailer in retour is organized by geographic region (France, Europe excluding France, Asia, ording to store formats, which include the Grow Tunel Ulestaurants 1.496 0.1% INTEGRATIVE CASE 4.1 Profitability and Risk Analysis of Walmart Stores Part A Walmart Stores (Walmart) is the world's largest retailer. It employs an "everyday low price" strategy and operates stores as three business segments: Walmart Stores U.S., International, and Sam's Club 1. Walmart Stores U.S.: This segment represented 62.3% of all 2015 sales and operates stores in three different formats: Discount stores (104,000 average square feet), Super- centers (178,000 average square feet), and Neighborhood Markets (42,000 average square feet). Each format carries a variety of clothing, housewares, electronic equipment, pharmaceuticals, health and beauty products, sporting goods, and similar items, and Supercenters include a full-line supermarket. Walmart U.S. stores are in all 50 states; Washington, D.C., and Puerto Rico. Discount stores are in 41 states, Supercenters are in 49 states, and Neighborhood Markets are in 31 states. Customers also can purchase many items through the company's website at www.walmart.com. 2. International: The International segment includes wholly owned subsidiaries in Argen- tina, Brazil, Canada, Chile, China, India, Japan, and the United Kingdom; majority-owned subsidiaries are in Africa, Central America, and Mexico. The merchandising strategy for the International segment is similar to that of the Walmart U.S. segment. 3. Sam's Clubs: Sam's Clubs are membership club warehouses that operate in 48 states. The average Sam's Club is approximately 134,000 square feet, and customers can pur- chase many items through the company's website at www.samsclub.com. These ware- houses offer bulk displays of brand name merchandise, including hard goods, some soft goods, institutional-size grocery items, and certain private-label items. Gross margins for Sam's Clubs stores are lower than those of the U.S. and International segments. Walmart's fiscal year ends at the end of January of each year. Despite Walmart's convention of referring to ts year ending January 31, 2016, as its fiscal 2016, we follow the common practice of referring to it as 2015 because 11 of the 12 months fall within 2015. This same convention holds true for Carrefour and Target in Part B of this case. CHAPTER 4 Profitability Analysis y all of its merd Walmart uses centralized purchasing through its home office for substantially all of its dise. It distributes products to its stores through regional distribution centers. During fiscal proportion of merchandise channeled through its regional distribution centers was as follow 69% 79% Walmart Discount Stores, Supercenters, and Neighborhood Markets Sam's Club (nonfuel) 77% International Exhibit 443 sets out various operating data for Walmart for 2013 through 2015. Exhih presents segment data. Exhibit 4.45 presents comparative balance sheets for Walmart fo through 2015 (an extra year to enable average balance computations when necessary. 4.46 presents comparative income statements for 2013 through 2015, and Exhibit 4.47 comparative statements of cash flows for 2013 through 2015. Exhibit 4.48 presents selected cial statement ratios for Walmart for 2013 through 2015. The statutory income tax rate is 3 REQUIRED a. What are the likely reasons for the changes in Walmart's rate of ROA during the year period? Analyze the financial ratios to the maximum depth possible. b. What are the likely reasons for the changes in Walmart's rate of ROCE during th year period? Note: Requirements c and d require coverage of material from Chapter 5. c. How has the short-term liquidity risk of Walmart changed during the three-year d. How has the long-term solvency risk of Walmart changed during the three-year Exhibit 4.43 Walmart Stores Operating Data (Integrative Case 4.1, Part A) d. How has the long-term solvency ISR OF Exhibit 4.43 Walmart Stores Operating Data (Integrative Case 4.1, Part A) 2013 2015 4,574 689.6 $432.68 $ 27.68 4,516 680.1 $423.54 $ 31.37 4,203 659.1 S423.92 $ 33.06 Walmart Discount Stores, Supercenters, and Neighborhood Markets (U.S.) Number Square footage (millions) Sales per square foot Operating income per square foot International Number Square footage (millions) Sales per square foot Operating income per square foot Sam's Club (Domestic) Number Square footage (millions) Sales per square foot Operating income per square foot 6,299 372.2 $331.56 $ 14.36 6,290 367.6 $370.40 $ 16.79 6,107 3582 $381.11 $ 14.39 632 655 87.6 $597.37 $ 19.93 647 86.5 $596.88 $ 21.43 84.4 $599.22 $ 21.53 Exhibit 4.44 erchan 15, the Walmart Stores Segment Profitability Analysis (Integrative Case 4.1, Part A) 2015 2014 2013 Sales Mix mart Discount Stores, Supercenters, and it 4.44 2012 Exhibit esents finan- Neighborhood Markets International 62.9% 26.0 11.10 100.00% 60.5% 28.6 10.9 100.00% 59.9% 293 10.8 100.00% Sam's Club three 6.40% 289 18.51% 741% 2.84 21.05% 7.80% 2.83 22.06% three lod? Walmart Discount Stores, Supercenters, and Neighborhood Markets Operating profit margin Total assets turnover ROA International Operating profit margin Total assets turnover ROA Sam's Club Operating profit margin Total assets turnover ROA 4.3396 1.67 7.25% 4.53% 1.69 7.67% 3.77% 1.60 6.04% od? 3.34% 3.74 12.47% 3.59% 3.69 13.25% 3.59% 3.60 12.9396 Exhibit 4.45 Walmart Stores 3.74 12.47% 3.69 13.25% 3.60 12.93% ROA Exhibit 4.45 Walmart Stores Balance Sheets (amounts in millions) (Integrative Case 4.1, Part A) 2015 2013 2012 ASSETS Current assets: Cash and cash equivalents Receivables, net Inventories Prepaid expenses and other Total current assets Property and equipment Less accumulated depreciation Property and equipment, net $ 8,705 5,624 44,469 1,441 60,239 176,958 (66,787) 110,171 $ 9,135 6,778 45,141 2,224 63,278 177,395 (63,115) 114,280 $ 7,281 6,677 44,858 1,909 61,185 173,089 (57,725) 115,364 $ 7,781 6,768 43,803 1,588 59,940 165,825 (51,896) 113,929 (Continued) Exhibit 4.45 (Continued) 5,239 5,589 (3.046) 5899 13,147 11,096 (4,751) 2,864) 2,543 19,510 2,752 20.497 6,345 16,695 2,375 18,102 5,455 $203,490 6,149 5.987 $203.105 6,131 $ 204,751 $199,581 $ $ $ 680s $ 38,080 2,708 38,487 19,607 1.592 38,410 19,152 1,021 4,791 7,070 37415 18,793 966 4,103 18,808 521 2.211 5,587 2,745 287 327 Property under capital lease and financing obligations Property under capital lease and financing obligations Less accumulated amortization Property under capital lease and financing obligations net Goodwill Other assets and deferred charges Total assets LIABILITIES AND EQUITY Current liabilities: Short-term borrowings Accounts payable Accrued liabilities Accrued income taxes Long-term debt due within one year Capital lease and financing obligations due within one year Total current liabilities Long term debt Long-term capital lease and financing obligations Deferred income taxes and other Commitments and contingencies Equity Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Total Walmart shareholders' equity Nonredeemable noncontrolling interest Total equity otal liabilities and equity 551 71818 64,619 65,253 38,394 309 69 345 41,771 7.788 8.017 1491 40,889 2,606 8,805 38,214 5,816 7,321 3,023 7613 519 317 323 332 3,620 72,978 1,805 90,021 (11,597) 80,546 3,065 83,611 $199,581 323 2,462 85,777 (7,168) 81,394 4,543 85,937 $203,490 2,362 76,566 (2,996) 76,255 5,084 81,339 $204,751 065 (587) 76,343 5,395 8 1,738 $203,105 Exhibit 4.46 Walmart Stores Income Statements (amounts in millions) (Integrative Case 4.1, Part A) 2015 2014 2013 et sales embership and other income tal revenues $478,614 3,516 $482,229 3,422 485,651 $473,076 3,218 476,294 482,130 (Continu Profitability and it Analysis of Walmart Stores Exhibit 4.46 (Continued) ing selling, general, and administrative expenses Cost of sales Operating selling, gen. Operating income interest 360,984 97.041 24,105 365,086 93,418 27,147 358,069 91,353 26,872 Debt Capital lease and financing obligations 2,027 2,161 521 interest income (81) 21,638 6.558 15,080 me from continuing operations before income taxes Total provision for income taxes come from continuing operations ome from discontinued operations, net of income taxes Consolidated net income consolidated net income attributable to nonredeemable noncontrolling interest Consolidated net income attributable to Walmart 300 (113) 24,799 7.985 16,814 285 17,099 2,072 263 (119) 24,656 8,105 16,551 144 16,695 15,080 (386) 14,694 (736) 16,363 (606) 16,022 2012 $ 16,695 1144 16,553 Exhibit 4.47 Walmart Stores Statements of Cash Flows famounts in millions (Integrative Case 4.1, Part A) 2015 Consolidated net income $15.080 517,099 Income from discontinued operations, net of income taxes (265) Income from continuing operations 15,080 16,814 Adjustments to reconcile income from continuing operations to net cash provided by operating activities Depreciation and amortization 9454 9,173 Deferred income taxes (672) (503) Other operating activities 1410 785 Changes in certain assets and liabilities, net of effects of acquisitions: (19) (569) Receivables, net (703) (1,229) Inventories 2,008 2,678 Accounts payable 1,303 1.249 Accrued liabilities (472) 166 Accrued income taxes 27,389 28,564 Net cash provided by operating activities (11,477) (12,174) Payments for property and equipment 635 570 Proceeds from disposal of property and equipment 8,870 (279) 938 (566) (1,667) 531 103 (1,224) 23,257 (13,115) 727 (Continued Exhibit 4.47 (Continued) 246 (79) (138 (12,526 (10,675) 1.235 911 39 (4432) (6.294) (4,112) (719) 7072 (4.968) (6,139 (6,683) 671 (192) (11,125) (6,288) 5,174 (3,904) (6,185) (1,015) (600) (1,844) (409) (15,071) (514) 1,854 7,281 $ 9,135 Proceeds from disposal of certain operations Other investing activities Net cash used in investing activities Net change in short-term borrowings Proceeds from Issuance of long-term debt Payments of long-term debt Dividends paid Purchase of Company stock Dividends paid to noncontrolling interest Purchase of noncontrolling interest Other financing activities Net cash used in financing activities Effect of exchange rates on cash and cash equivalents Net Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of period (426 (1,326) (513) (16,122) (1,022) 12961 1260) (10,789) (442) (500) (430) 7.781 9,135 $ 8,705 $ 7,281 Exhibit 4.48 Walmart Stores Financial Ratio Analysis (Integrative Case 4.1, Part A) 2015 2014 2013 8.30% 3.47% 2.39 74.8796 20.13% 9.16% 3.85% 2.38 75.17% 19.24% 8.93% 3.82% 234 75.18% 19.18% Profitability Ratios ROA Profit margin for ROA Total assets tumover Cost of goods sold/Sales Operating, selling general, and administrative expenses/Sales Interest expense (net of taxes)/Sales Income tax expense (excluding tax effects of interest expensel/Sales Accounts receivable turnover Inventory turnover Fixed assets turnover ROCE Profit margin for ROCE Capital structure leverage 0.34% 1.55% 0.33% 1.82% 0.32% 1.87% 70.9 722 8.1 8.1 4.1 77.8 8.1 4.1 18.15% 3.05% 2.49 20.76% 3.37% 21.00% 3.36% 2.59 2.67 (Continued Profitability and Risk Analysis of Walmart Stores 269 Exhibit 4.48 (Continued) 0.93 Risk Ratios Current ratio Quick ratio Accounts payable turnover 0.22 Cash flow from operations to current liabilities ratio Long-term debt to Long-tetin capital Total liabilities/Total assets ratio Cash flow from operations to total liabilities ratio Interest coverage ratio 9.37 42.18% 34.50% 58.1196 23.46% 9.2 0.97 0.24 9.64 42.44% 33.60% 57.77% 23.71% 10.6 0.88 0.20 9.51 32.95% 35.39% 60.27% 19.00% 11.1 Part B Part A of Integrative Case 4.1 analyzed the profitability and risk of Walmart Stores for its fiscal years 2013, 2014, and 2015. Part B of this case compares the profitability and risk ratios of Wal- at and two other leading discount retailers, Carrefour and Target, for their 2013 through 2015 fiscal years. Carrefour the world. Carrefour is orga vor, headquartered in France is Europe's largest retailer and the second largest retailer in retour is organized by geographic region (France, Europe excluding France, Asia, ording to store formats, which include the