The superior credit profile of Wal-Mart Stores Inc. reflects the company's leading market positions in the supercenter, discount department store, and warehouse club businesses; excellent geographic diversity; a long record of high sales and earnings growth; and strong returns on capital. Wal-Mart is the largest retailer in the U.S.; its $256 billion in revenues ($174 billion in the U.S. Wal-Mart stores division) dwarfs its key competitors'. Through its supercenter format combining a discount store and supermarket, Wal-Mart is rapidly gaining market share in food. In 2003, Wal-Mart's grocery sales were about $58 billion. A commitment to high standards of excellence in customer service and tight expense controls help set the company apart from most other retailers. Wal-Mart's low expense ratio
