Cashiers ring up purchases on the opening day of a Walmart Neighborhood Market in Panorama City, Calif., in September.(Photo: ROBYN BECK AFP/Getty Images)
NEW YORK -- Wal-Mart Stores
is reporting a 9% increase in third-quarter net income as the world's
largest retailer continues to bring back shoppers by reemphasizing that
it has the lowest prices.
The company says Thursday that it earned
$3.63 billion, or $1.08 per share, in the quarter ended Oct. 31. That
compares with $3.33 billion, or 96 cents a share, in the year-ago
Net sales, excluding Sam's Club membership fees, rose 3.4% to $113.2 million.
Analysts were expecting $1.07 per share on revenue of $114 billion.
Wal-Mart says revenue at stores open at least a year rose 1.5%, below Wall Street's estimate of 1.8%.
Wal-Mart narrowed its full year earnings guidance and issued a fourth-quarter profit outlook that's below analysts' forecasts.