Wal-Mart Q1 below expectations
Wal-Mart has warned that it may not meet expectations on profits this spring. Profits for the first quarter rose 13.6 per cent to US$2.5 billion (£1.34 billion), but were below the retailer's own projections, because of high petrol prices.

The retailer said that UK business Asda, which accounts for 10 per cent of its sales, was also affected by a slowdown in high street spending. Wal-Mart said Asda's like-for-like sales increased by a low single-digit percentage. Total UK sales fared little better.

The figures will come as a blow to Asda, which, in a TNS report last Friday appeared to be losing maket share to nearest rival Sainsbury's.

Total net sales for Wal-Mart in the quarter were $70.9 billion (£38 billion), up from $64.76 billion (£34.71 billion) in the same period the year before.

CEO Lee Scott said: 'With higher gasoline prices and a cooler and wetter spring than normal, we missed our plan. We are making the necessary adjustments and I anticipate better results in the second half of the year.'

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