Wal-Mart reports fall in profits

The world's largest retailer, Wal-Mart, has reported a 22-per cent drop in quarterly profit and given a weaker-than-expected earnings forecast for the coming year. Net income for the three months to 31 January fell to $4.4 billion (£2.6 billion) from $5.6 billion a year earlier. Wal-Mart said tough winter weather, cuts to government benefits and higher taxes contributed to the fall. Wal-Mart's UK supermarket business, Asda, said like-for-like sales fell 0.1 per cent in the final quarter of 2013, according to a news agency.