Asda sales
Wal-Mart, the world's largest retailer, has reported nearly a 10 per cent increase in net sales for the financial year ending January 31.

Net sales for the retailer, which operates in 15 countries, were up 9.5 per cent, to US$312.4 billion (£179.3 billion).

But the figures were let down by a disappointing performance by Asda in the UK. Although total sales were up in the 'low single digits', like for like sales were down for both the quarter and the year. Both sales and profits from Asda were 'below plan' for the quarter and the year.

Wal-Mart said net income rose to US$3.6 billion (£2.06 billion) in the fourth quarter to 31 January, from US$3.2 billion (£1.8 billion) in the same period a year earlier.

International sales for the fourth quarter were up 9.6 per cent to US$18.4 billion (£10.6 billion) compared with the year before.

Wal-Mart said: 'Sales fell short of our dollar plan for the quarter and the year, primarily attributable to softer sales performance in the UK.'

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