Wal-Mart remains optimistic about its future profits

Profit in the three months to 31 January was $3.16bn (�1.68bn) compared with $2.72bn a year ago, topping analysts' forecasts.

Sales rose a less-than-expected 10% to $82.2bn, hit by wet weather and supply problems.

Wal-Mart said that earnings growth would continue in the current year.

'Left a lot'

"We left a lot on the table," said president and chief executive Lee Scott. "We intend to, and in fact are addressing these issues."

"They continue to wrestle with higher costs, including store labour, utility and health-care costs, but it sounds like they are going to be aggressively attacking those costs," said Bill Dreher, an analyst at Deutsche Bank.

Wal-Mart has 3,600 stores across the globe, employing more than 1.5 million people.

Foreign sales have proved a key driver of profits and revenue at international operations climbed by 17% to $16.8bn. In the US, sales added 9.5% to $55.45bn.