Wal-Mart's net sales in Q1 soar to US$112.3B
Chief executive officer Mike Duke said he was pleased the results exceeded predictions, and that net sales were good despite negative currency exchange fluctuations of US$800 million.
"In a highly competitive retail environment, Walmart U.S. is increasing price separation across categories and driving increased traffic to both the grocers and general merchandise areas of our stores."
Duke said that Walmart International's net sales rose by 15% to US$32 billion.
"We are very focused on improving profitability and returns, and with greater transitions to everyday low prices in more markets, we have stronger customer traffic, which contributed to net sales growth," he stressed.
Consolidated operating income was up 8.3% at US$6.4 billion with Walmart International operating income rising by more than 21% to US$1.3 billion.
Return on investment for the 12 months up to April 30, was up 18%.
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