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Wal-Mart's profits and sales flat Wal-Mart's profits and sales flat
(about 2 hours later)
Wal-Mart, the world's largest retailer, has announced flat profits and slightly lower sales for the first three months of this year compared with a year ago.Wal-Mart, the world's largest retailer, has announced flat profits and slightly lower sales for the first three months of this year compared with a year ago.
Net profits came in at $3.02bn (£2bn), exactly the same as achieved in the same period last year. Sales were $93.5bn, down from $94bn a year ago.Net profits came in at $3.02bn (£2bn), exactly the same as achieved in the same period last year. Sales were $93.5bn, down from $94bn a year ago.
The company said changes in currency rates hit sales to the tune of $4.8bn.The company said changes in currency rates hit sales to the tune of $4.8bn.
Compared with some retailers, Wal-Mart has traded well during the recession as US consumers look for value products. Asda, the UK supermarket owned by Wal-Mart, saw like-for-like sales excluding fuel grow 8.4%.
"We're pleased to report that fiscal year 2010 is off to a very good start," said Wal-Mart boss Mike Duke. That was more than the 7.2% growth seen in the last three months of 2008.
Wal-Mart chief executive Mike Duke said Asda had had a "stand-out quarter".
'Very good start'
Compared with some retailers, Wal-Mart has traded well during the recession as US consumers look for value-for-money products.
"We're pleased to report that fiscal year 2010 is off to a very good start," said Mr Duke.
"These results were achieved in the face of a very challenging global economy," he added."These results were achieved in the face of a very challenging global economy," he added.
Sales in the US grew by 3.8%, while those at international stores fell by 11.1%.Sales in the US grew by 3.8%, while those at international stores fell by 11.1%.
Like supermarkets in the UK, Wal-Mart has benefited from the growing number of consumers cutting back on going out for meals as a means to save money.Like supermarkets in the UK, Wal-Mart has benefited from the growing number of consumers cutting back on going out for meals as a means to save money.
Wal-Mart owns Asda in the UK, and food sales are a substantial part of its US business.
On Wednesday, official figures showed that retail sales in the US fell 0.4% in April, much more than had been expected.On Wednesday, official figures showed that retail sales in the US fell 0.4% in April, much more than had been expected.