Wal-Mart's 3Q profits down 2.9 percent
NEW YORK (AP) — Wal-Mart is reporting that the third-quarter profits slipped 2.9 percent and offered a conservative fourth-quarter outlook. But the world's largest retailer announced its first quarterly gain in its U.S. namesake business, reversing a more than two year sales slump.
Wal-Mart says Tuesday it earned 97 cents per share, or $3.33 billion in the three-month period ended Oct. 31. That compares with 95 cents per share, or $3.43 billion, in the year-ago period. Net sales rose 8.2 percent to $109.5 billion. Wal-Mart's U.S. namesake division's revenue at stores opened at least a year rose 1.3 percent, beating estimates for a 0.3 percent increase.
Analysts had expected 98 cents per share on $108.86 billion, according to Factset.