NEW YORK, April 16, 2007 (AFP) – 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 Monday.
The magazine said Wal-Mart saw an 11.2 percent increase in its 2006 revenues to 351.1 billion dollars, eclipsing the 347.3 billion raked in by ExxonMobil.
Wal-Mart has been the top company on the list for five of the past six years.
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 and a loss of some two billion dollars, General Motors held onto the number three spot with annual revenues of 207.3 billion dollars.
Fourth on the list was oil giant Chevron (200.6 billion dollars), followed by 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).