Retail in Asia

In Sectors

Strong Walmart profit trumps bribery probe concerns

Walmart Stores Inc’s profit and sales surpassed expectations as more people shopped at its established US stores and spent more, pushing shares up more than 4 percent despite ongoing internal and government probes into possible bribery.

The US retail giant earned USD3.74 billion, or USD1.09 per share in the first quarter, up from USD3.40b or USD97 cents a share a year ago. An earlier Easter and warmer weather contributed to the gains, the company said.

The first-quarter results, including a 10.1 percent increase in profit, showed that Walmart’s US recovery was on track and efforts were progressing to cut costs and establish everyday low pricing in markets such as China.

(Source: CNBC)