The world’s No.1 retailer Wal-Mart said its fourth-quarter profits rose 16% beating Wall Street expectations.
Sales for the company, curbed by expansion, became an surprise for Wall Street. Wal-Mart opened 389 new stores during the fiscal year.

"We left a lot on the table. We intend to, and in fact are addressing these issues," said company’s president and Chief Executive Lee Scott, stressing that the company may have gained more if met demand for mid- and premium-priced products.

Wal-Mart earnings boosted to $3.16 billion, or 75 cents a share, for the quarter ended Jan. 31, from $2.72 billion, or 63 cents a share, a year earlier.

Now Wal-Mart holds the first place among American corporations in terms of revenue.