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 $285 billion in annual sales ($192 billion in the U.S. Wal-Mart stores division) dwarf those of its key competitors. Through its supercenter format that combines a discount store and supermarket, Wal-Mart is rapidly gaining market share in food. In 2004, Wal-Mart's grocery sales were estimated at more than $67 billion. A commitment to high standards of excellence in customer service and tight expense controls helps set the company apart from
