Wal-Mart profit surges, US sales weak
Chicago, August 17, 2010
Wal-Mart Stores posted a higher quarterly profit, helped by cost cuts and growth in international markets as sales at US stores open at least a year fell.
The world's largest retailer said on Tuesday profit was $3.60 billion, or 97 cents a share, in the second quarter ended July 31. Analysts on average forecast 96 cents, according to Thomson Reuters I/B/E/S.
A year earlier, it posted a profit of $3.48 billion, or 89 cents a share. Revenue rose 2.8 per cent to $103.73 billion. Analysts on average forecast $105.33 billion.
Sales at discount stores open for a year in the company's key US market fell 1.8 percent. Same-store sales in that unit had fallen in each of the past four quarters.
Wal-Mart also raised its full-year earnings per share forecast to $3.95 to $4.05 a share form a previous forecast of $3.90 to $4.-Reuters