The global dominance of Wal-Mart was underlined this week with its 29th consecutive year of record sales and earnings growth. Net sales for the year ended January 31, 2000, were $165.013bn, a rise of 20% over the previous year. Net income for the fiscal year increased 26% to a record $5.575bn, compared with $4.43bn the previous year. Sales in the fourth quarter were spurred by the acquisition of Asda in the UK, with record earnings for the last three months at $1.916bn, compared with $1.559bn in the same period the previous year. Wal-Mart's international businesses boosted sales 85% to $22.2bn. Newly appointed president and ceo Lee Scott said he was "delighted" with Asda's integration into Wal-Mart. Wal-Mart's German operations could take up to 30 months to become profitable due to restructuring costs. Even though sales were up in all Wertkauf stores, which the company bought in 1998, the cost of revamping them to the Wal-Mart fascia, combined with investments in distribution and Every Day Low Pricing strategies, meant they are still running at a loss. Scott said: "We have to remember our operations in Canada took 30 months to become profitable ­ it could be the same for Germany." In the US, the company is planning to spend "at least" $7bn on building 10 distribution centres and 165 superstores. Capital expenditure for the year was $5.9bn. In spite of overall sales rising 20% to $165bn, Scott said Wal-Mart would have to work hard to replicate the growth. He said higher interest rates, the recovering Asian economy and continued investment in the Rollback campaign would put pressure on operating expenses. {{NEWS }}