Wal-Mart is holding up well in a tough business environment. They are increasing market share and they’re buying back their own shares at prices that may look a steal in 18 months time.

At the same time as they are putting investment into their growing international operations, they’re also shoring-up and strengthening their domestic base. The results are now showing up on the bottom line figures for investors.

But always bear in mind – like McDonalds as was, Wal-Mart still faces media pressure from civil activists, which isn’t going to do much for its reputation and therefore, indirectly, its ability to expand.