Asda parent, US retail giants Wal-Mart has issued a surprise profits warning after the world's largest retailer posted Christmas sales which proved to be lower than the company had anticipated. It has emerged as the latest in a long line to feel the pinch, with like-for-like sales in the US rising only 1.7%, well below projected growth of 2.8%, while total sales dipped fractionally to $46.5bn.

Wal-Mart may be having problems at home, but has joined the Russian Retail Association, leaving the impression that the are preparing to enter the Russian market.

A spokesman for the retailer confirmed on Friday, that the company had joined the retail lobby group following its appointment of Dr Stephan Fanderl, to examine the retail possibilities in Russia and markets of the region.