Wal-Mart reports seventh quarter of declining US sales

Retail giant Wal-Mart has reported a seventh straight quarterly decline in underlying sales at its US stores, as it loses customers to cheaper rivals.

In the fourth quarter of 2010, same-store sales fell by 1.8% in the US, but the firm benefited from strong overseas sales.

Wal-Mart posted a consolidated net income of $6.2bn (£3.8bn) in the fourth quarter, up from $4.9bn a year earlier.

For 2010 as a whole, consolidated net income was $17bn, up from $14.9bn 2009.

Michelle Fleury reports.