Retailer Wal-Mart said today that quarterly profit rose on strong sales growth from store expansion.
The company, the world's biggest retailer, reported earnings of $3.16 billion, or 75 cents per share, for the fourth quarter ended January 31st, compared with $2.72 billion, or 63 cents per share, a year earlier.
Sales rose 10.4 per cent to $82.22 billion from $74.49 billion during the quarter.
Sales at US stores open for at least a year, a key measure of retail strength, rose 1.4 per cent. The company also forecast future growth.
Shares of Wal-Mart closed down 10 cents at $52.60 last night on the New York Stock Exchange. The stock fell 2.8 per cent during the quarter, compared with only a 0.3 per cent dip in the Standard & Poor's Retailing index .