Wal-Mart sales are up 14%

The retailer said it earned $2.2bn (�1.2bn) or 50 cents per share in the first quarter, up from $1.8bn or 41 cents per share a year earlier.

Profits were slightly above forecasts, but Wal-Mart head Lee Scott said he feared higher energy prices would dent consumer spending later in the year.

Wal-Mart said quarterly sales rose 14.2% to $64.8bn over the last quarter.

Meanwhile, sales at stores in the US which have been open at least 12 months - a key retail indicator - were up 6%.