Wal-Mart Posts Minimal Growth

Wal-Mart is one of the richest companies in the world, but even Wal-Mart isn’t impervious to the global economic slowdown. As evidence, Wal-Mart’s first quarter profit was flat when compared to last year.

In the first quarter of 2009, Wal-Mart had a profit of a little bit more than $3 billion. Revenue for the same quarter was slightly down by less than one percent and finished at $93.5 billion.

Wal-Mart is blaming their stagnation on the strong dollar. Considering that about one in every four dollars that the company makes is outside of the United States, the strength of the dollar hurts Wal-Mart when it comes to the exchange rate.

Following the release of these numbers on Thursday, Wal-Mart’s stock was down almost one dollar to finish the day at around $49.

Wal-Mart (Image: Flickr)