Founded by Sam Walton, the first Wal-Mart store opened in Rogers, Arkansas,
in 1962. Seventeen years later, annual sales topped $1 billion. By the end of
January 2002, Wal-Mart Stores, Inc. (Wal-Mart), was the world's largest retailer,
with $218 billion in sales. (See Exhibit 1 for comparative financial data.)