World’s leading American retailer, Wal-Mart, had a 11 per cent jump in third-quarter profits as its US business showed an “improved performance.”
The retail giant posted an operating profit of US$ 4.9 billion for the three months ending October as net sales rose 8.8 per cent touching US$90.9 billion.
”Our results for the third quarter reflect the improved performance of our US operations. Both Wal-Mart Stores US and Sam’s Club increased profits faster than sales,” said Wal-Mart President and CEO Lee Scott adding “Wal-Mart International posted a solid quarter as well.”
Wal-Mart’s overseas sales jumped about 17 per cent to US$22.4 billion.
