Business News
Wal-Mart posts 5.7 per cent Q2 profit growth on foreign business
Aug 16, 2011, 11:55 GMT
New York - Retail store giant Wal-Mart reported Tuesday strong growth in the second quarter of 2011 on the back of robust foreign business, with profits rising 5.7 per cent to 3.8 billion dollars.
The Bentonville, Arkansas-based retailer, the world's largest, said sales turnover came to 109.4 billion dollars, up 5.4 per cent year-on-year in the second quarter.
With the US domestic market virtually stagnant, and sales almost levelling off at only 0.4 per cent growth, Wal-Mart's foreign business segment grew by 16.2 per cent.
The sales and profits figures largely surpassed analysts' projections as meanwhile the company slightly raised its full-year business targets.
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