The world’s largest retailer reported sales of $170bn (£133.3bn) alone in the three months to December, up 14% on the same period in 2022 and well ahead of the expected $166bn (£130.2bn) predicted by analysts.

Net income hit $10.6bn (£8.3bn), up from just $278m (£218m) the previous year, as the retail giant moved to slash costs and brought to an end years of rapid expansion following the pandemic.