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Walmart posts profits of $17 bn

Last Updated: Friday, February 22, 2013 - 12:14

New York: Walmart Stores, Inc., the world's largest retailer, said Thursday it posted income from continuing operations of USD17 billion in the fiscal year ended Jan 31, up 7.8 percent from the comparable prior period, thanks to higher sales and lower financing costs.

Revenues totaled USD466.1 billion in fiscal 2013, up 5 percent over fiscal 2012, the company said.

"Walmart topped off a really good year with a solid fourth quarter, and I'm proud of what we accomplished as a team," Walmart Stores, Inc. president and CEO Mike Duke said.

The giant retailer earned USD5.02 per share in fiscal 2013, up 10.6 percent from the USD4.54 it earned in the previous fiscal year.

"Every day, our associates around the world deliver on our mission to help customers save money so they can live better. Together, we added USD22 billion in sales to top USD466 billion. Walmart US was a key driver of our 5 percent net sales increase," Duke said.

Bentonville, Arkansas-based Walmart had income from continuing operations of USD5.6 billion in the fourth quarter, a figure that was up 7.9 percent.

"We have high expectations for fiscal 2014, and I'm optimistic as I look ahead," Duke said. "Walmart is operating in markets that offer continued opportunity for growth, both in our stores and online. With our core Walmart US business operating so well, our investments in e-commerce and our international markets focused on growth and improving returns, we are truly the best positioned global retailer."

Wall Street analysts had been anxiously awaiting the retailer's results following a leak of internal Walmart e-mails last week in which one high-level executive described the company's February month-to-date sales as "a total disaster".

IANS

First Published: Friday, February 22, 2013 - 12:14
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