Walmart sees quarterly profits surge

City A.M. Reporter
WALMART the world’s biggest retailer, yesterday reported a 22 per cent jump in profits for its fourth quarter, but left investors underwhelmed with its outlook for the current quarter.

The world’s largest retailer made consolidated net income, or after-tax profits, of $4.6bn (£2.9bn) in the three months to 31 January on a 4.5 per cent jump in net sales to $112.8bn.

Total net sales were below analysts’ expectations of more than $114bn.

But the company said that it expected comparable store sales – sales at stores that have been open a full year – to be flat in the three months to 30 April. This compares with a 3.6 per cent sales increase in the same period last year.

Meanwhile, UK’s Asda, owned by Walmart, said yesterday that it would expand into smaller format stores, open more non-food shops and slash costs to drive growth in tough markets after posting its lowest quarterly sales growth in about two years.