Wal-Mart 3Q profit up 2.8 pct, but cuts outlook amid challenges
NEW YORK, N.Y. – Wal-Mart Stores Inc. says that its third-quarter profit rose 2.8 per cent, but the world’s largest retailer reported a sales shortfall as its low-income shoppers feel squeezed around the globe.
The discounter also cut its outlook for the full year and issued fourth-quarter profit guidance that was below analysts’ projections.
Its shares slipped 1 per cent in premarket trading.
The retailer based in Bentonville, Ark., said that it earned $3.74 billion, or $1.14 per share in the three-month period ended Oct. 31. That compares with $3.64 billion, or $1.08 per share, in the year-ago period.
Net sales rose 1.6 per cent to $114.88 billion, up 1.6 per cent in the year ago period.
Analysts were expecting $1.13 per share on net sales of $116.9 billion.
Revenue at store opened at least a year for its U.S. namesake business was down 0.3 per cent.
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