Despite concerns to the contrary, Wal-Mart (NYSE: WMT) is still growing. It posted the first $100 billion quarter in its history. The world's largest retailer said net sales for the fourth quarter of fiscal year 2008 were $106.269 billion, an increase of 8.3% from the year-earlier period. Earnings from continuing operations were $1.02 per share, up 7.4% from 95 cents a year earlier, including a net charge of approximately 2 cents per share for certain items this year.

The top-line numbers were a bit misleading. US sales at the Wal-Mart flagship brand rose a pathetic 5% to $67.4 billion. Sales from international operations rose almost 19% to $27 billion. At that growth rate, overseas sales could match domestic sale in seven or eight years.

Operating income overseas rose over 14% to more than $1.7 billion, or 23% of the global total.

Wal-Mart says it expects expects earnings of 70 cents to 74 cents for the first quarter of fiscal year 2009, and between $3.30 and $3.43 for the full fiscal year 2009. Both numbers were below analysts' estimates of 74 cents and $3.44.

It is clear that Wal-Mart will now have to rely almost completely on international sales to meet its forecasts for the up-coming year. China and Mexico better deliver.

Douglas A. McIntyre is an editor at 247wallst.com

Tomorrow morning, retailer J.C. Penney (NYSE:JCP) will be reporting earnings for its fiscal third quarter. If same-store sales growth figures for the retailer are any indication for tomorrow's earnings, then tomorrow JCP shares will most likely be trading up. But, then again, the market reacts strangely sometimes to good news, so who knows. With the holiday shopping underway, though, JCP's fourth quarter should be hefty just like almost any other retailer in existence.

For J.C. Penney's most-recent quarter, the retailer reported same-store sales growth -- sales in stores open at least one year -- of 8.1%. While September's figure was 8.7%, there was a 0.5% decline in August. Strange, as I would have though August -- at least the last half -- would have been strong due to the "back to school" shopping seasonality factor.

What to expect tomorrow morning? Just a little over a week ago, the retailer forecast third-quarter earnings from continuing operations of $1.22 per share, which was an increase from the $1.11 per share noted in a prior guidance. The retailer also said that November same-store sales are expected to grow by a low single-digit percentage range after high single-digit gains in both September in October. With these kinds of possible inconsistencies, stay tuned to BloggingStocks for the news tomorrow morning -- I'll be on it, all over it -- something like that.