Wal-Mart, the world’s biggest retailer, has reported a 7.7 per cent fall in fourth quarter profits after being hit by the costs of legal action and exchange rates, reports Retail Week.
According to the report, the retailer has posted a fall in income from continuing operations from USD 4.11 billion to USD 3.79 billion on sales up 1.7 per cent to USD 107.99 billion. However, net sales for the year were up 7.2 per cent to USD 401.24 billion, generating income from continuing operations up 3 per cent to USD13.25 billion.
“Wal-Mart recorded the strongest sales results in its history in the fourth quarter. Our performance relative to competitors and was exceptionally strong in the fourth quarter and throughout the year. We expect this momentum to continue,” quoted Mike Duke, chief executive in the report.
— IndiaRetailing Bureau