Net sales for the company were up 12.3% during the quarter, which ended April 30, coming in at $79.6 billion. Wal-Mart discount stores accounted for about $52.5 billion of the total, followed by just north of $17.3 billion at international units and just under $9.8 billion at Sam's Clubs.

The company's net income rose 6.3% and was just over $2.6 billion after expenses. Wal-Mart stores' operating income was 20.4%, at just under $4 billion; international stores brought in $713 million, increasing 6.9%; and Sam's Club was up 8.1%, at $319 million.

During their quarter recorded conference call, executives said high gas and utility prices are impacting consumers not just here, but abroad as well. "This could pressure our results as we move into the second quarter," says Lee Scott, Wal-Mart's president and chief executive officer.

The company's three main goals right now are diving sales, reducing costs and improving inventory management, Scott says. "We are working to get selective customers to buy more merchandise in our stores," he says.

For the second quarter, management predicts a year-over-year same-store sales gain of between 2% and 4%. Wal-Mart operates 6,556 stores worldwide, including 1,183 discount units, 2,022 Supercenters, 568 Sam's Clubs, 104 Neighborhood Market grocer stores and 2,679 international units.