Dominant market position in the global retail industry, including the U.S., given massive scale, strong value offering, wide selection of products and services, and geographic diversity. Hefty annual free operating cash flow generation of more than $15 billion. Commitment to elevate performance through working capital improvements and capital spending investments in technology and infrastructure. Exceptional liquidity. Elevated costs related to COVID-19 pandemic, including $900 million of incremental expenses in the first quarter for items including enhanced wages and benefits and sanitation. Operating income pressure from these costs coupled with crisis-related temporary closures of in-store tenants and related lost income this fiscal year. Persistent losses in e-commerce despite top line gains in online businesses. Strong earnings through the pandemic coupled with
