Mike Duke, who took over as chief executive three weeks ago, said the fourth quarter and full-year results showed that Wal-Mart had gained “momentum” during the year in all of its markets, despite the tough economic environment.
“We are doing all the right things to continue our momentum and to widen the gap between the competition and us. We finished January strong, and February is off to a good start.”
The results again underlined the retailer's ability to generate cash in a recession, and to use the money to invest in its business at a time when most of its rivals are cutting back.
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