New York: Wal-Mart Stores yesterday reported a strong gain in domestic store sales during the key holiday-shopping quarter, although earnings fell on higher expenses.
The world's biggest retailer reported fourth-quarter net income of $3.8bn , down 17.9 percent from the year-ago period. Revenues were up 1.0 percent to $130.9bn .
Comparable sales at US Wal-Mart stores, one of the most closely scrutinised benchmarks, rose a solid 1.8 percent. That helped offset the hit from lower international sales due in part to the strong dollar. Wal-Mart has steered significant funds to boosting wages and beautifying stores. The retail giant has also invested heavily in e-commerce initiatives to try to keep pace with rival Amazon, with offerings such as online groceries.
Wal-Mart chief executive Doug McMillon said the results were "very solid" but that "we have more work to do," including adding more personalization throughout the company's offerings.
