The magazine said Wal-Mart saw an 11.2 per cent increase in its 2006 revenues to 351.1 billion dollars, eclipsing the 347.3 billion raked in by ExxonMobil.
NEW YORK: US retailer Wal-Mart Stores has dethroned oil giant ExxonMobil from the top position in the Fortune 500 list of America's biggest companies, the magazine announced on Monday.
The magazine said Wal-Mart saw an 11.2 per cent increase in its 2006 revenues to 351.1 billion dollars, eclipsing the 347.3 billion raked in by ExxonMobil.
However, ExxonMobil's profit was more than triple that of the retailer at 39.5 billion dollars compared to 11.3 billion. The Fortune ranking is based on revenues. Other rankings of the largest companies may be based on profits or stock market capitalization. Fortune also publishes a list of the top global companies.
Despite its struggles, General Motors held onto the number three spot with annual revenues of 207.3 billion dollars, followed by Chevron (200.6 billion dollars), ConocoPhillips (172.5 billion), General Electric (168.3 billion), Ford Motor Co. (160.1 billion), Citigroup (146.8 billion), Bank of America (117 billion) and American International Group (113.2 billion).
The Fortune 500 companies collectively generated profits of 785 billion dollars, a 29 percent increase over 2005.
"Put simply, American companies are enjoying the most sumptuously profitable period in the 500's 53-year history," the magazine said. "These happy numbers are largely due to a sort of harmonious convergence, a perfect economic calm."
The Fortune 500 list includes 31 non-public companies and 16 mutual insurers. Twelve have a female chief executive and seven have an African-American CEO.
The most profitable companies in 2006 were Exxon Mobil, United Airlines parent UAL, Citigroup, Bank of America, and General Electric.
The largest companies by market value were ExxonMobil, General Electric, Microsoft, Citigroup, and ATT.
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