15 May 2009

Profits, sales flat at Wal-Mart

8:35 am on 15 May 2009

Wal-Mart has announced flat profits and slightly lower sales for the first three months of this year compared with a year ago.

Net profits for the world's largest retailer came in at $US3.02 billion, exactly the same as achieved in the same period last year. Sales were $US93.5 billion, down from $US94 billion a year ago.

The company said changes in currency rates hit sales to the tune of $US4.8 billion.

The BBC reports that compared with some retailers, Wal-Mart has traded well during the recession as consumers in the United States look for value-for-money products.

Sales in the US grew by 3.8%, while those at international stores fell by 11.1%.

On Wednesday, official figures showed that retail sales in the US fell 0.4% in April - much more than had been expected.