Print |
E-mail to a friend
BUSINESS
Wal-Mart says 2Q profit up 17 pct, raises outlook
NEW YORK (AP) -- Wal-Mart Stores Inc. raised its full-year earnings forecast Thursday after second-quarter profit rose 17 percent, helped by tight inventory controls and a renewed focus on low prices that is attracting financially squeezed shoppers around the world.
But the world's largest retailer predicted slower sales growth at its established stores in the U.S. for the current quarter, as the benefits of the federal stimulus checks dry up and customers find it more difficult to stretch their paycheck to the next payday.
The Bentonville, Ark.-based retailer said it earned $3.45 billion, or 87 cents per share, in the quarter ended July 31, up from $2.95 billion, or 72 cents per share, a year earlier. Profit from continuing operations rose 9.3 percent to $3.39 billion.
