Wal-Mart, the world’s biggest retailer, has reported a 7.7 per cent fall in fourth quarter profits after being hit by the costs of legal action and exchange rates.
The retailer posted a fall in income from continuing operations from US$4.11bn to US$3.79bn on sales up 1.7 per cent to US$107.99bn.
The retailer said: “Without a litigation settlement charge and the effect of unfavourable currency exchange rates, income form continuing operations would have been positive on a comparable basis.”
Net sales for the year were up 7.2 per cent to US$401.24 billion, generating income from continuing operations up three per cent to US$13.25bn.
Chief executive Mike Duke said: “Wal-Mart recorded the strongest sales results in its history in the fourth quarter. Our performance relative to competitors and was exceptionally strong in the fourth quarter and throughout the year. We expect this momentum to continue.”
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