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Wal-Mart Stores’ profit falls 4.2%, but U.S. sales on the rise
Bentonville, Ark. -- Wal-Mart Stores Inc.'s fiscal fourth-quarter profit dropped 4.2% on higher costs, but its U.S. business continued to draw in more shoppers.
Net income was $5.16 billion in the three months ended Jan. 31, compared with $6.05 billion in the year ago period. Net sales, excluding membership fees from its Sam's Club division, rose 5.8% to $122.3 billion.
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Walmart boosts investment in Chinese e-commerce
BENTONVILLE, Ark. — Wal-Mart Stores' investment in China continues to grow as the company now has a controlling stake in one of the country's fast-growing e-commerce websites. The company announced that it has reached an agreement to increase its investment in the holding company of Yihaodian, bringing its total ownership stake to approximately 51%. Closing of the transaction is subject to Chinese government regulatory approval.