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| The world's largest retail group is on course
for a record year (Agencies) |
The world's largest retailer Wal-Mart has reported rising profits and
said it is optimistic it will see sales accelerate over the festive
season.
Wal-Mart said pre-tax profits in the three months to the end of October
were $3.5bn (￡1.8bn), compared with $3.2bn in the same period last year.
It said higher labour and fuel costs were affecting earnings but it was
set for record annual profits in 2004.
Global sales at Wal-Mart, which owns UK supermarket Asda, rose 9.7% to
$68.5bn.
Sales at its international stores rose by 18% to $13.55bn, the company
said.
Like-for-like sales at its US outlets - a measure which strips out the
effect of new store openings - rose 1.7% in the quarter, Wal-Mart said.
"I believe sales momentum will accelerate into the holiday," Wal-Mart
chief Lee Scott said.
"We should have a better Christmas than last year."
Overall, sales for the year so far were $205bn, up 11.6% on the same
point last year.
(Agencies) | 
Updated: 2004-11-17 10:22