Sales up, profits down at Wal-Mart

BENTONVILLE, Ark. — U.S. same-store sales at Wal-Mart Stores rose by 1.8% in Q4, but profits declined 18% as the retail giant invested in its thriving e-retail channel to up its competitive game against Amazon. Analysts surveyed by Thomson Reuters expected on average a sales increase of just 1.3%. Online sales surged by almost 30% on the strength of  Wal-Mart’s acquisition of Jet.com and its online grocery sales. Net income fell to $3.76 billion from $4.57 billion a year earlier, while total revenues of $130.94 billion fell just short of the $131.22 billion estimated by analysts.