Wal-Mart Stores on Tuesday reported a strong gain in domestic store sales during the key holiday-shopping quarter, although earnings fell on higher expenses.
The world’s biggest retailer reported fourth-quarter net income of $3.8 billion, down 17.9 percent from the year-ago period.
Revenues were up 1.0 percent to $130.9 billion.
Comparable sales at US Wal-Mart stores, one of the most closely scrutinized benchmarks, rose a solid 1.8 percent. That helped offset the hit from lower international sales due in part to the strong dollar.
Wal-Mart has steered significant funds to boosting wages and beautifying stores. The retail giant has also invested heavily in e-commerce initiatives to try to keep pace with rival Amazon, with offerings such as online groceries.
Wal-Mart chief executive Doug McMillon said the results were “very solid” but that “we have more work to do,” including adding more personalization throughout the company’s offerings.
“As I step back and look at the retail landscape, customer expectations continue to change rapidly,” McMillon said.
“We’re moving quickly to respond to the current opportunities as well as to innovate and transform the shopping experience for our customers in the future.”
Wal-Mart’s earnings translated into $1.30 per share, a penny above expectations.
Shares of Wal-Mart rose 1.7 percent to $70.55 in pre-market trade.
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