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Wal-Mart Stores Inc appears to have hit a speed bump in the race to grow online.

The retailer's e-commerce sales rose 8 percent in the fiscal fourth quarter ended Jan 31,

for a fourth straight period of decelerating growth.

Growth has gone from 17 percent in the first quarter, to 16 percent in the second and 10 percent in the third. The numbers exclude the impact of currency swings.

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