US retail giant Wal-Mart has posted a 7% increase in earnings from continuing operations for the 12 months ended 31 January, despite sluggish sales gains. 

The company said that earnings increased to US$14.2bn, or $3.66 per share, up from $13.5bn, or $3.42 per share last year. EPS exceeded the company’s most recent guidance of $3.57 to $3.61 and beat consensus estimates.

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However, sales were dampened by currency exchange, the world’s largest retailer revealed, increasing just 1% to $405bn. On a constant currency basis, sales increased 3.4%.

Nevertheless, international sales topped the $100bn mark for the first time, Wal-Mart added.

Gains were weighted towards the fourth quarter, when net sales totalled $112.8bn, an increase of 4.6% year-on-year.

During the fourth quarter, the company also initiated a number of cost cutting initiatives that, it said, will continue to bear fruit in the coming 12 months.

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“These results reflect the ongoing underlying strength of our business and our strategies to improve shareholder value through our priorities – delivering growth, leveraging expenses and improving returns,” Mike Duke, Wal-Mart president and chief executive officer, commented.

“We successfully shifted the productivity loop into higher gear. The diligent way we managed our businesses and tight control of our costs resulted in the company leveraging operating expenses for the fourth quarter. We plan to grow expenses slower than the rate of sales in the new fiscal year.”

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