Wal-Mart profit rises 9.3% in Q3
Bentonville, Ark. -- Wal-Mart Stores reported Tuesday that profit for the quarter ended Oct. 31 rose 9.3% to $3.44 billion, largely on strength from its international operations, and upped its full-year earnings forecast. However, the chain continued to struggle at home with declining same-store sales as its shoppers deal with economic uncertainty.
While Wal-Mart’s earnings were in line with analysts forecasts, its revenue fell short of expectations. The retailer reported $101.2 billion in revenue for the third quarter, up 2% from $98.7 billion in the year-earlier quarter. Analysts had forecast revenue of $102.2 billion.
Same-store sales in the United States declined 1.3% as Wal-Mart’s shoppers remain under pressure in a weak economy. It was the sixth consecutive quarterly decline at the world’s largest retailer.