The superior credit profile of Bentonville, Ark.-based 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 solid sales and earnings growth; and strong returns on capital. Wal-Mart is the largest retailer in the U.S.; its more than $400 billion in annual sales (approximately 60% revenues from its 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. Since 2008, Wal-Mart's U.S. grocery sales in its supercenters exceeded those of Kroger Co., the nation's largest conventional supermarket. A commitment to high standards of excellence in customer
