Rising sales at UK retailer Asda has boosted annual revenue and profits at Wal-Mart.
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The world’s largest retailer posted a 5.8% rise in underlying operating income to US$12.9bn for the 12 months to 31 January. Revenue rose from $345bn to $374.5bn.
The results came after a healthy fourth quarter for the US-based retailer, which saw underlying income rise 4% and revenue climb 8.3%.
“We had a very strong underlying operating performance, exceeding our expectations for the quarter,” said Wal-Mart president and CEO Lee Scott.
“For the fourth quarter, we topped $100 billion in sales, the first time in history that any retailer has reached this milestone in a single quarter.”
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By GlobalDataWal-Mart said its Asda business had beaten its sales and earnings targets, with like-for-like sales excluding fuel rising in the “mid single digits”.
Wal-Mart vice chairman Mike Duke said: “During the year, Asda was a winner in the UK, being the fastest growing of the big four retailers.”
In the US, comparable sales at Wal-Mart Stores – excluding fuel – inched up 1%. Sales at the company’s Sam’s Club stores rose 4.2%.
