Wal-Mart Rings Up Record $3.3 Billion Profit

International sales climbed more than 21%.

On the back of strong sales abroad, Wal-Mart said on May 18 it achieved a record net profit of $3.32 billion in the first quarter.

Net profit in the February-April quarter of the 2011 fiscal year was up 9.7% from a year earlier, despite continued weakness in U.S. sales.

Net sales rose 5.9% to $99.85 billion, led by international sales that climbed more than 21%.

U.S. sales, however, edged 1.1% higher to $62.32 billion.

"Walmart kicked off the fiscal year with record first-quarter net sales and earnings, and I'm pleased that earnings exceeded guidance," Mike Duke, CEO said.

Duke said the company remained committed to reducing prices as the global economy recovers from the worst recession in decades. "Our customers, particularly in the United States, are still concerned about their personal finances and unemployment, as well as higher fuel prices," he said.

"Our commitment to reducing prices and managing expenses positions us well across the retail landscape," he added.

Copyright Agence France-Presse, 2010

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