Wal-Mart sales up 11%

US retail giant Wal-Mart has reported a rise in overall sales of 11.7 percent to almost $345 billion (£176.32 billion). The results were strong despite the sale of Wal-Mart's loss-making businesses in Germany and South Korea , with Latin America and a new investment in its subsidiary in Japan offsetting the losses. Sales in the fourth quarter gained 10.9 percent to $98 billion, while income from continued operations rose 8.8 percent to $3.94 billion. Income for the year increased 6.7 percent to $12.2 billion.

The company's international sales represent 22.5 percent or $77 billion of the total. Wal-Mart president and chief executive Lee Scott said: "We are extremely pleased to close fiscal year 2007 with record sales and earnings. Even if you take into account the discontinued operations, we still had record results." He said that the overall performance had been boosted by strong fourth quarter results, driven by the US stores division.