Wal-Mart is a chain of retail stores operated by Wal-Mart Stores, Inc. (NYSE: WMT), an American public corporation, founded by Sam Walton in 1962, first incorporated on October 31, 1969, and listed on the New York Stock Exchange in 1972. It is the largest retailer in the world and the second largest corporation in the world, behind Exxon Mobil, based on revenue as of 2006.[1] For the fiscal year ending January 31, 2006, Wal-Mart reported net income of $11.2 billion on $316 billion of sales revenue (3.5% profit margin).[2] It is the largest private employer in the United States and Mexico.[3]
Wal-Mart is the largest grocery retailer in the United States, with an estimated 20% of the retail grocery and consumables business,[4] and is also the largest toy seller in the United States, with an estimated 22 percent of the retail toy business, having surpassed Toys "R" Us in the late-1990s.[5]
Internationally, Wal-Mart operates in Mexico as Walmex, in the United Kingdom as ASDA and in Japan as The Seiyu Co., Ltd.. In 2006, Wal-Mart's international operations accounted for approximately 20.1% of total sales.[6] Wholly-owned operations are located in Argentina, Brazil, Canada, South Korea, Puerto Rico, and the United Kingdom. Wal-Mart's investments outside of North America have produced mixed results. Recently Wal-Mart moved to sell its retail operations in South Korea and Germany.[7]
Wal-Mart has been widely criticized for its policies and business practices by community groups, grassroots organizations, labor unions,[8] religious organizations,[9][10] and environmental groups. Specific concerns include the corporation's extensive foreign product sourcing, treatment of employees and product suppliers, environmental practices, the use of public subsidies, and the impact of stores on the local economies of towns in which they operate