Wal-Mart, the world's biggest retailer, has reported a decline in sales in the United States in its key final quarter despite sharp discounts to lure holiday shoppers.
US sales fell 1.8% in the fourth quarter to the end of January compared with a year earlier, the company said in a statement. 'We are disappointed', said Mike Duke, the company's president and chief executive.
Duke said that it would take some time to see positive comparable store sales under a new plan under way for the US operations of the company, based in Bentonville, Arkansas.
Net sales for the fourth quarter reached $115.6 billion, an increase of 2.5% from a year earlier. Profits from continuing operations for the quarter rose 4% to $5 billion.
For the full year, Wal-Mart profit reached $15.3 billion, an increase of 6.3% from financial year 2009. Net sales for the full year rose 3.4% to $419 billion boosted by a currency exchange rate benefit of $664m.
