The superior credit profile of Wal-Mart Stores Inc. reflects the company's leading market positions in the discount department store, supercenter, and warehouse club businesses; excellent geographic diversity; a long record of high sales and earnings growth; and strong returns on capital. The largest and most profitable retailer in the U.S., Wal-Mart's $195 billion in revenues dwarfs its key competitors. 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 is due, in part, to technological strength and an extremely efficient distribution network. A critical tenet of the company's strategy is to use cost savings to lower merchandise prices and thus grow market share. Wal-Mart's
