Strong value offering, wide selection of products and services, massive scale, and geographic diversity result in dominant market position in the global retail industry; Heightened competitive pressures online in grocery and other sectors, especially with Amazon.com Inc.'s recently announced purchase of Whole Foods Market Inc.; and Heightened integration risk from recent e-commerce acquisitions, including Jet.com, Bonobos, ModCloth, and Moosejaw; Strategic commitment to elevate performance through working capital improvements and capital spending investments in technology and infrastructure, as well as operate multiple formats. Continued execution of aggressive shareholder initiatives; and Debt leverage to remain comfortably below 2x in coming year. The stable rating outlook on Wal-Mart Stores Inc. reflects S&P Global Ratings' expectation that given flat earnings in the next two
