Wal-Mart Store Inc has released its sales and earnings report for the fourth quarter and full-year period ended 31 January 2009, with 12-month net sales rising 7.2 per cent on fiscal year 2008 to hit US$401.2bn.

Net sales for the fourth quarter of the year rose slightly to just under US$108bn, an increase of 1.7 per cent on the corresponding period a year previous. However, diluted earnings per share for the quarter fell to US$0.96, down from US$1.02 per share last year.

Walmart US sales increased by 6 per cent during the quarter to US$71.4bn, with international sales falling to US$26.69bn from US$26.95bn in fiscal year 2008 – a figure negatively affected by lower value of currencies against the US dollar.

'Wal-Mart recorded the strongest sales result in its history in the fourth quarter, with US$108bn in sales,' said group president and CEO Mike Duke. 'We achieved this through the hard work of our associates, helping our customers save money so they can live better.

'Our performance relative to competitors was exceptionally strong in the fourth quarter and throughout the year. We expect this momentum to continue,' he added.

In addition to strong group sales for the full year, earnings per share increased 6 per cent from US$3.16 in fiscal year 2008 to US$3.35.

US sales increased by 6.8 per cent during the 12-month period to US$255.7bn, International sales grew 9.1 per cent to hit US$98.6bn, and Sam's Club saw sales growth of 5.6 per cent to US$46.8bn.

'We finished the year with a strong balance sheet, record free cash flow of US$11.6bn and great inventory management,' Mr Duke said. 'Our company created approximately 63,000 jobs worldwide this year, including more than 33,000 in the United States. In addition, Wal-Mart remains well positioned to continue to serve our customers in a challenging environment because of its strong price leadership.'

Meanwhile, the group has moved to appoint Jeff Gearhart as its new executive vice-president and general counsel, where he will oversee the legal department for both domestic and international markets.

According to a report in the Progressive Grocer, Mr Gearhart will succeed Tom Mars, who has been promoted to the role of executive vice-president and chief administrative officer.

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