US retail giant Wal-Mart has unveiled figures for the three months to January showing a solid performance in the January sales. The group said sales were up 12% over the previous year despite a weak showing in the December holiday season.
Profits for the world's largest retailer, meanwhile, were up 8% to $2.7bn (�1.4bn).
The store said it was optimistic about consumer spending in the months ahead, and predicted a healthy 2004.
January boost
Wal-Mart, which owns Asda in the UK, is the world's biggest company, with 3,500 stores in the US and 1,300 abroad.
Its performance in overseas markets was hampered in Germany by new tax laws.
And in the US, the usually bullish pre-holiday season had proved disappointing.
But a vicious cold snap in January meant added demand for gloves, scarves and other warm clothing.
Among Wal-Mart's concerns for the year ahead, however, may be a federal grand jury investigation into whether it knew its contractors were employing illegal foreign labour.
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