US retailer Wal-Mart has recorded flat growth in its annual earnings, with a strong performance by its overseas divisions offsetting a sluggish US performance.
The world's biggest store chain said its net earnings crept up 0.4% to $11.3 billion in the year to the end of January. Annual sales were up 11.7% to $345 billion.
For the year's fourth quarter, Wal-Mart said its net profit grew by almost 10% to just under $4 billion, well ahead of Wall Street's forecast. But sales in the quarter were less than analysts had expected, though they were still ahead almost 11%.
Wal-Mart's sales on home turf struggled during the past fiscal year, due in part to a slowing US economy but also to a risky strategy of shifting to more expensive retail lines in a bid to woo richer customers.
But despite pulling out of Germany and South Korea last year, because of a poor outlook for profit and growth potential, Wal-Mart's overseas sales have held up.
The group operates Asda stores in Britain and the struggling Seiyu chain in Japan. It reportedly plans to leapfrog French rival Carrefour by buying a Chinese retailer to become the biggest store chain in China. The company also has a joint venture in India and is seeking a Russian partner.
