Wal-Mart, the world’s largest retailer, has reported a 22 per cent drop in quarterly profit and has also given a weaker-than-expected earnings forecast for the coming year.

Net income for the three months to January 31 fell to US4.1 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.

Asda, Wal-Mart’s UK supermarket business, said sales fell 0.1% in the final quarter of  2013.

Yvad Billings, Readers Bureau, Fellow