NEW YORK (CNNMoney.com) - While Wal-Mart's aggressive holiday battleplan helped the discount behemoth slide past analysts' estimates for its fourth quarter, CEO Lee Scott voiced some concern Tuesday that energy costs would continue to burden consumers in the months ahead.

The world's largest retailer posted higher quarterly profit Tuesday, helped by stronger holiday sales, but forecasted new fiscal year earnings guidance that fell below analysts' expectations.

Wal-Mart (Research) said it expects earnings for the new fiscal year to be between $2.88 to $2.95 a share. That was below analysts' consensus estimate of $2.98 a share, according to First Call.

In the company's prerecorded earnings call, Scott said he anticipates higher gas and utility prices will continue to affect its low-to-mid income customers.

One analyst who spoke on background said he thought Wal-Mart's full-year guidance was pressured by higher interest expenses related to more debt.

"Wal-Mart is increasing its acquisitions and spending more on capital expenditure," he said. "These strategic business decisions will increase interest expenses allocated to debt. But the real question is whether Wal-Mart will get returns on these investment. Can Wal-Mart raise its earnings by 15 percent as well?"

Net income rose to $3.6 billion, or 86 cents per share, in the fiscal fourth quarter, from $3.2 billion, or 75 cents per share, a year earlier.

Excluding a tax benefit, earnings were 84 cents per share. Analysts on average expected the discount retailer to earn 83 cents, according to Thomson First Call. Wal-Mart said in January that profit would probably be near the low end of its forecast for 82 cents to 86 cents.

Net sales rose 8.6 percent to $89.3 billion. Wal-Mart's same-store sales -- or sales at its open for at least a year -- rose 3.4 percent for the year. Yearly same-store sales at the Sam's Club warehouse division grew 5 percent, outpacing a slower 3 percent comparable sales growth for the Wal-Mart division.

Wal-Mart has been grappling with rising costs, particularly for energy and health care. At the same time, sales growth has slowed somewhat as its low-income customers cope with steeper gasoline and home heating bills.

The retailer launched its holiday advertising campaign on Nov. 1, two weeks earlier than normal, and offered early-bird specials that included a laptop computer for less than $400.

The promotions drove strong November sales, but December results were disappointing, partly because of demand for gift cards, which count toward revenue only when they are redeemed. As a result, January sales were stronger than expected.

The U.S. Wal-Mart Stores division, the retailer's largest unit, posted quarterly sales growth of 8.6 percent. Operating profit rose 11.1 percent.

At Sam's Club, sales were up 6.8 percent and operating profit rose 6.2 percent.

In the international division, where Wal-Mart has been struggling with disappointing results in its British Asda stores, sales were up 9.6 percent, while operating profit increased 14.1 percent. However, the company disclosed that Brazil, China, Argentina and Mexico were among its strongest performing markets outside of the United States.

Wal-Mart said it was targeting 550 new stores its current fiscal year, including 335 stores in the United States and about 220 new or relocated stores internationally.

The retailer currently operates more than 3,856 units in its domestic market, including Wal-Mart discount, supercenter and neighborhood market stores, as well as its Sam's Club warehouse clubs. It also has more than 2,285 units in 15 countries.

Wal-Mart expects capital expenditure in its current fiscal year to grow 15 percent, with 75 percent of the increase dedicated to growing its business.

For the first-quarter, Wal-Mart expects comparable sales to grow between 2 to 4 percent. It also expects March sales to be weaker than April, saying that Easter will arrive three weeks later this year.

Wal-Mart's shares have dropped about 12 percent in the past year, while rival Target Corp.'s (Research) have risen 8 percent.

-- from staff and wire reports

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