-Caveat Lector- http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3K3SOTVXC&live=
true&useoverridetemplate=ZZZ99ZVV70C&tagid=IXLYK5HZ8CC It should say China's Wal-mart because 90 something % of products are from China! Isn't it wonderful! Now they can send a few more missiles our way! By the way, Thank You Bill Clinton for you donations to China too! Also thank you George Bush for allowing the treasonist Clintons to walk around free! -- Bill WJPBR Email News List [EMAIL PROTECTED] Peace at any cost is a Prelude to War! Wal-Mart sales push it to world's top By Lina Saigol in New York Published: February 19 2002 14:15 | Last Updated: February 19 2002 22:01 Wal-Mart has dethroned oil giant Exxon-Mobil as the world's biggest company in terms of sales, on the basis of record fourth-quarter earnings and sales. Lee Scott, president and chief executive officer, said Wal-Mart, the world's largest discount store chain, had been able to increase sales and earnings while expanding market share, despite a difficult year for retailers. The fact that a discount retailer has overtaken one of the world's biggest oil companies during a year-long recession is a triumph of organic growth over acquisition and demonstrates changing consumer attitudes. Wal-Mart sales for the quarter rose 13.5 per cent to $64.21bn. Aggressive markdown activity meant that net income rose 6 per cent for the year, from $6.295bn to $6.671bn, lifting earnings per share to $1.49 from $1.40 a year earlier. Full year sales increased 13.8 per cent to $217.8bn. Exxon reported full-year 2001 revenues of $213bn. "While the slow economy caused many companies to report negative or flat sales growth, we gained share in the difficult consumer market and grew our revenues," Mr Scott said. His comments cheered US investors who last month witnessed one of the biggest retail collapses in corporate history when Wal-Mart's rival, Kmart, filed for bankruptcy. Analysts had expected Wal-Mart to gain market share as a result of Kmart's collapse, with expectations growing that it could now acquire some of its stores. However, the pace of consumer spending on goods has accelerated over the past few months, despite falling employment, and global market volatility. Retail sales, excluding autos rose 1.2 per cent. Thomas Schoewe, chief financial officer, said profit growth in the fourth quarter was hindered as consumers shied away from unnecessary spending and instead bought lower-priced goods. Mr Schoewe said that it was too early to tell whether the US economy had turned the corner and that so far this year, customers showed no signs of returning to more normal buying patterns. The increase in Wal-Mart's market capitalisation in the last year to $266bn - Exxon's is $267bn - will also cheer the Walton family. Five individual family members, related to Sam Walton who founded the store in 1962, hold a 38 per cent stake in the company, estimated to be worth around $100bn. Wal-Mart, based in Arkansas, said it expected earnings for the year of $1.74 to $1.76 a share, up from its previous forecast for earnings of $1.71 a share. Analysts had expected earnings of $1.74 a share. Food sales also grew in the quarter as the company contined to expand its Supercenter units which sell groceries and general merchandise. Including discount store replacements, Wal-Mart opened 178 Supercenters during the year and the company said it planned to accelerate store openings this year. The international operations, which include the UK supermarket chain Asda, performed well, reporting a 19.2 per cent increase in operating profit to $584m from $490m. 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