Wal-Mart, the world's biggest retailer, said today that international sales drove profit higher to $3.4 billion in the first quarter, offsetting weakness in its home market in the US.
The profit for the January-April period represented an increase of 3% from $3.3 billion during the same quarter a year earlier.
'International remains the key growth driver for our company, and the segment is seeing continued growth through a combination of comparable sales and new stores,' Wal-Mart chief executive Mike Duke said.
'Mexico, China and Chile had the highest percentage sales increases for the first quarter compared to last year,' he added.
Revenues rose 4.4% from the same time a year ago to $104.19 billion, the Arkansas-based discount titan said. Net sales also grew by 4.4%, to $103.4 billion, led by international sales which soared 11.5% from a year earlier to $27.9 billion.
Overseas sales included a $1.3 billion currency exchange rate benefit and a $51m charge for losses in Japan due to the March 11 earthquake and tsunami disaster.
Wal-Mart's US division managed a 0.6% rise in sales to $62.67 billion as American consumers grappled with soaring food and energy costs.
Duke acknowledged 'we still have work to do' and said growth in sales in stores open at least a year remained his greatest priority.
Wal-Mart said the second quarter was expected to deliver improved results both in the US and internationally, assuming that currency exchange rates remain at current levels.
