New York - Wal-Mart, the world's largest retailing concern, reported Tuesday that it achieved 3.02 billion euros net profit in the first quarter of 2008, up 6.9 per cent year-on-year. The Bentonville, Arkansas-based concern said the earnings came on sales of 95.3 billion dollars, up by more than 10 per cent from the first quarter last year.
The growth came after Wal-Mart cut prices on groceries and pharmaceutical products in a bid to win customers feeling the strain of higher food and petrol costs, the financial news agency Bloomberg reported, noting that the earnings outpaced what analysts had been projecting for the first quarter.
