Wal-Mart Stores Inc. the largest retailer in the United States, reported on Thursday that its net income increased by 14 percent in the first quarter of this year over the same period of last year.

Wal-Mart reported in Bentonville in the state of Arkansas that its quarterly net income increased to 2.5 billion US dollars in the three months that ended on April 30 from 2.2 billion dollars a year earlier.

Sales also increased by 10 percent to 70.9 billion dollars from 64.76 billion dollars in the first quarter of last year.

However, the world's largest retail company said that the results in the second quarter would likely to be lower than expected resulting partly from the soaring gasoline prices which continue to hurt the US business.

Source: Xinhua