Despite a dramatic decline in U.S. consumer spending, Wal-Mart Stores Inc. remains at the pinnacle of the 2008 Fortune list, edging Exxon Mobile Corp. for the second consecutive year in the magazine's annual ranking of America's largest publicly traded companies.
Fortune compiled its list based on companies' 2007 revenues. Wal-Mart earned 378.8 billion U.S. dollars in revenue last year, up 7.9 percent compared to 2006, and had 12.7 billion dollars in profits, according to the list released Monday. The discount retailer has topped the list six times in the last seven years, having been unseated only by Exxon Mobil.
Though consumer spending fell sharply last year, Wal-Mart made it through the slowdown better than other retailers as shoppers have been trading down to cheaper stores amid a difficult economy, falling home values and increased unemployment.
Wal-Mart was only able to attain the No. 1 ranking because the list is based on revenues rather than profits. Exxon Mobil was a close second with 372.8 billion dollars, but far surpassed the retailer in earnings, with 40.6 billion dollars. Exxon Mobil's windfall was boosted by soaring energy demand and geopolitical instability that this year have pushed crude oil prices above 117 dollars a barrel and gasoline prices to an average of 3.50 dollars a gallon.
Revenues for all companies listed reached 10.6 trillion dollars last year, up 7.1 percent from 2006. However, profits dropped 17.8 percent over the same period, falling to 645.2 billion dollars amid rising expenses including the price of oil.
Skyrocketing energy prices also helped other oil producers claim several of this year's top spots. ChevronTexaco Corp. moved up one place to No. 3 with 210.8 billion dollars in revenue and 18.7 dollars billion in profits. ConocoPhillips stayed the same at No. 5.
Declining U.S. auto sales battered General Motors Corp., which fell one position to No. 4 on revenue of 182.3 billion dollars and a loss of 38.7 billion dollars. General Electric Co. came in sixth, followed by Ford Motor Co. in seventh place, Citigroup Inc. at No. 8 and Bank of America Corp. at No. 9. AT&T Inc. cracked the top 10, moving from No. 27 to 10th place.
Source: Xinhua/Agencies
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