The company's substantial economies of scale, Its dominant market position, and Its strong franchise. The company's participation in a highly competitive industry, and Its less profitable international operations. 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. The largest retailer in the U.S., Wal-Mart's $218 billion in revenues dwarfs its key competitors. 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 is, in part, due to technological strength and an
