The strength of the US dollar has weighed on quarterly earnings at Wal-Mart, the world’s largest retailer.

The US retail giant today (14 May) booked net income of US$3.02bn for the three months to 30 April as revenues from its operations outside the US were affected by the dollar.

Revenue dipped 0.6% to $93.47bn and Wal-Mart said that, without the negative impact of foreign exchange, turnover would have risen 4.5% to $98.31bn.

Operating income fell from US$5.32bn to US$5.22bn with earnings from Wal-Mart’s non-US stores hit by the dollar.

The retailer said that operating income from its international division would have risen by 7.8% to US$1.13bn if currency fluctuations were removed from the numbers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Nevertheless, president and CEO Mike Duke said Wal-Mart had got off to “a very good start” in its current fiscal year.

“These results were achieved in the face of a very challenging global economy,” Duke said. “When economic conditions improve, we believe customers who shop Wal-Mart today will stay with us, because of the business improvements we’re making and continue to make.”

US comparable-store sales excluding fuel rose 2%, Wal-Mart said.