"Our results were not up to Wal-Mart's standards," said H. Lee Scott, the company's president and CEO, noting, "If oil prices stay at the current level or go lower, we will see better sales momentum."

The retailer's net sales were $70.9 billion, a 9.5% increase over the same year-ago period. Net income was $2.5 billion, a 13.6% jump.

On the international front, sales were $14.1 billion, up 12.4%. Argentina, Brazil and Mexico were the company's strongest-performing countries, said Joseph Fitzsimmons, Wal-Mart's SVP of finance and treasurer. However, the retailer's Asda chain is facing challenges in the United Kingdom, he said. "After years of strong growth in the market, sales have slowed," he acknowledged, saying that the chain is facing increased competition and that the company will introduce more private-label goods to fight the slowdown.