Wal-Mart, the world’s largest retailer, beat expectations after its US discount stores accounted for about 50 per cent of all US retail growth during 2008 – while its full-year global sales passed $400bn for the first time, and profits hit $13.4bn.

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.