NEW YORK – Wal-Mart Stores Inc. is reporting a 10 percent increase in third-quarter profit as the world's largest retailer's renewed focus on low prices is attracting financially squeezed shoppers around the world. The company, however, is reducing its profit outlook amid a weak economy.
The Bentonville, Ark.-based retailer said Thursday that profits rose to $3.14 billion, or 80 cents per share, in the quarter ended Oct. 31. That compares with $2.86 billion, or 70 cents per share, a year earlier.
Earnings from continuing operations were 77 cents per share.
Analysts surveyed by Thomson Reuters expected 76 cents per share.
Net sales for the third quarter were $97.6 billion, up 7.5 percent from $90.8 billion in the year-ago period.