Wal-Mart reports rise in profits
May 17 , 2013
Wal-Mart reported a 1 percent rise in first quarter profits on Thursday.
Profits at the world’s biggest retailer increased to $3.78 billion. The marginal rise comes on the back of a 1.4 percent drop in US sales.
The figure came in lower than analysts’ expectations.
According to Walmart, sales in the U.S. were hit by delays in income tax refund cheques, cold weather, lower grocery price inflation and a rise in companies' payroll tax.
Wal-Mart added it expected the next quarter's sales to grow by 2 percent.