Business News
Wal-Mart reports stagnant Q1 profit and sales
May 14, 2009, 13:15 GMT
New York - Wal-Mart, the world's biggest retailer, on Thursday reported first-quarter 2009 profit of 3 billion dollars, showing stagnation on the previous year due to the stronger dollar.
The US discount group's sales revenue declined slightly to 94.2 billion dollars. Revenue from Wal-Mart's international business felt the negative effects of the dollar strengthened against other major currencies.
'We're pleased to report that fiscal year 2010 is off to a very good start,' Mike Duke, the head of the Bentonville, Arkansas-based group said.
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