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Wal-Mart's 3Q profit up, but outlook dims

9:29 AM, Nov 15, 2012   |    comments
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)
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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 period.

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.

Associated Press

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