Wal-Mart remains atop Fortune 500 list

NEW YORK (AP) — Wal-Mart Stores Inc. remains atop the Fortune 500 list even as it struggled to keep its U.S. customers coming in the door.

The world’s largest retailer held onto the top spot for the second year in a row thanks to gains at its international stores. Revenue in the U.S. has dropped for seven straight quarters.

Fortune Magazine, which ranked companies based on revenue for 2010, released its annual list today. It was filled with examples of how rising fuel prices are affecting the economy. Wal-Mart was followed by the three largest American oil companies: Exxon Mobil Corp., Chevron Corp. and ConocoPhillips.

Fortune said that America’s top companies profited by boosting productivity and cutting jobs. Like Wal-Mart, they also relied on growing operations overseas. The strategy helped them increase earnings 81 percent to $318 billion. That’s the third-largest combined profit gain in the list’s history.