Wal-Mart Stores Inc. said first-quarter profits rose 6.9%. Wal-Mart earned $3.02 billion, or $0.76 per share, in the three months ended April 30, up from $2.83 billion, or $0.68 per share, a year earlier.
Wal-Mart Chief Financial Officer Tom Schoewe said the company expects second-quarter sales in stores open at least a year to be between flat and up 2%. The company had overall revenue of $95.30 billion, up 10.3% from $86.41 billion in the prior year. Net sales excluding membership fees rose to $94.1 billion from $85.4 billion a year ago.