Dominant market position; Substantial economies of scale; and Strong franchise. Participation in a highly competitive industry. 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 world; its $375.7 billion in annual sales (about $240 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 2007, Wal-Mart's U.S. grocery sales in its supercenters exceeded those of Kroger Co.,
