But Asda profits down
Global retail giant Wal-Mart has revealed first quarter profits of $2.62 billion (£1.39 billion), up 6 per cent.

Chief executive officer Lee Scott said: 'We are very pleased with our start to this fiscal year. We continued to have record sales and earnings.'

Wal-Mart said overall sales at its UK subsidiary Asda were up, but same store sales were down and profits dropped slightly.

Vice-president for finance Charles Holley said: 'The UK market continues to be soft, but we are still encouraged by the direction Asda is heading in, despite the difficult economy.'

US like-for-like sales are expected to increase between 2 and 4 per cent in the second quarter.

Topics