Wal-Mart Stores Inc. posted third-quarter earnings of US$2.86 billion, an 8% increase. The company earned $0.70 per share, up from $0.62 per share in the same period a year ago. Wal-Mart had revenue of $91.95 billion in the period ending Oct. 31, up 8.8% from $84.47 billion a year ago.
Third-quarter sales at stores open at least a year, not counting fuel, were up 1.5% in the company's U.S. stores, same as a year ago. The company expects same-store sales for the fourth quarter to rise no more than 2%.
President and CEO Lee Scott said the company is showing improving trends in sales of home and apparel, an area in which Wal-Mart unsuccessfully sought to market to higher-income shoppers. Wal-Mart has switched back to its emphasis on price.
Wal-Mart expects earnings for the fourth quarter to be between $0.99 per share and $1.03 per share. Earnings for the full year should be between $3.13 and $3.17, including a $40 million restructuring charge, the company said. Analysts project quarterly earnings per share of $1.02 and full-year profit of $3.09 per share.