US retail giant Wal-Mart has announced strong second-quarter financial results thanks to growing sales in its international operations.
The Bentonville-headquartered firm today (August 16) reported a net sales increase of 5.5 per cent over last year to US$108.6bn for the three-month period ending July 31.
The group's international sales for the quarter rose 16.2 per cent to US$30.1bn, though US net sales were flat, Wal-Mart said in a press release.
Wal-Mart operations in Mexico, the UK, Canada, Brazil and China had the largest sales increases during the quarter, the firm said.
The retailer's income from continuing operations was up 5.7 per cent on last year to US$3.8bnfor the quarter, during which time Wal-Mart completed its acquisitions of Netto stores in the UK and the majority ownership position in Massmart Holdings in sub-Saharan Africa.
In a statement Mike Duke, Wal-Mart Stores president and CEO, said: 'I'm pleased that we've made so much progress on integrating the acquisitions of the Netto stores in the UK and Massmart in sub-Saharan Africa. We look forward to the many opportunities we have in Africa to create jobs and help customers save money and live better.'
