Leading global retailer Wal-Mart Stores has outlined its results for the first quarter of fiscal 2016.
Consolidated group revenue dropped 0.1 per cent when compared with the same period of fiscal 2015, down to US$114.8bn, while consolidated operating income fell 8.3 per cent to US$5.7bn.
Wal-Mart attributed the drop in income to impacts from currency fluctuations and investments in associate wages and training, and e-commerce.
In the US, net sales actually grew 3.5 per cent to US$70.2bn, while comparative sales climbed 1.1 per cent.
'We had a solid first quarter,' said Doug McMillon, president and CEO of Wal-mart Stores Inc. 'We took some important strategic steps to strengthen the foundation of our business for the future. We need to continue to get better at consistently running great stores, clubs and e-commerce everywhere we operate... and we are.'
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