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. Bentonville, Ark.-based Wal-Mart is the largest retailer in the U.S.; its $346 billion in annual sales ($226 billion in the U.S. Wal-Mart stores division) dwarfs those of its key competitors. Through its supercenter format combining a discount store and supermarket, Wal-Mart is rapidly gaining market share in food. In 2006, Wal-Mart's U.S. grocery sales in its supercenters were estimated at $92 billion, exceeding the $66.1 billion in sales of Kroger Co., the nation's largest conventional supermarket. A commitment to
