Wal-Mart Stores Inc third-quarter sales rise 2.9 per cent

Wal-Mart Stores Inc reported a higher-than-expected profit as comparable sales at its US stores rose for the first time in seven quarters, helped by its small-format 'Neighborhood Market' stores and higher prices.

Wal-Mart's shares rose 2.2 per cent in premarket trading.

The world's largest retailer said overall US same-store sales rose 0.5 per cent in the third quarter.

Wal-Mart has been facing sluggish sales in the United States as its core low-income customers struggle with stagnant wage growth and higher taxes. A cut in government food stamp benefits has also reduced their spending power.

Wal-Mart-Stores-Inc-third-quarter-sales-rise-2-per-cent

The company cut the top end of its full-year forecast for earnings from continuing operations to $5.02 per share from $5.15. It raised the lower end by 2 cents to $4.92.

The company said its forecast took into account higher health-care costs for its US employees, investments in e-commerce and a highly promotional holiday season.

Net profit attributable to Wal-Mart fell marginally to $3.71 billion, or $1.15 per share, for the quarter ended Oct. 31, from $3.74 billion, or $1.14 per share, a year earlier.

Total revenue rose to $119 billion from $115.7 billion.

Same-store sales at its Neighborhood Market stores rose about 5.5 per cent.

Analysts on average were expecting earnings of $1.12 per share on revenue of $118.32 billion, according to Thomson Reuters I/B/E/S.

Share this:
Tags:

About Jessica Priston

Ut tellus dolor, dapibus eget, elementum vel, cursus eleifend, elit. Aenean auctor wisi et urna. Aliquam erat volutpat. Duis ac turpis. Integer rutrum ante eu lacus. Vestibulum libero nisl, porta vel, scelerisque eget, malesuada at, neque. Vivamus eget nibh. Etiam cursus leo vel metus. Nulla facilisi. Aenean nec eros.

  • Website
  • Google+
  • Rss
  • Pinterest
  • Instagram
  • LinkedIn
  • Vimeo
  • Youtube
  • Flickr
  • Email

Related News

  • Karl Lagerfeld is plans to launch his first flagship store in UK

    Karl Lagerfeld is planning to launch his first flagship store in UK on one of the major shopping streets in West End of London, 145-147 Regent Street. Expected to open its doors on March 14, the brand new store will be the luxury fashion designer&

  • Smiggle to opens a new store in Brighton

    Australian stationary retailer Smiggle has opened a new store at Churchill Square shopping centre in Brighton as it continues its expansion across the UK. The store, which sells colourful stationary for 6-13 year-olds, will mark the firms first op

  • H and M open first standalone UK store

    The H&M-owned Cheap Monday which prides its self as selling “high level design at a low price” is to open its first standalone UK store today on London’s trendy Carnaby Street. The clothes retailer- which currently has conc

  • H&M opens new Texas flagship Store
    H&M opens new Texas flagship Store
    July 01, 2014 5:50 am

    The newest H&M store in the state covers 24,000 square feet and stands in Austin at The Domain – a high-end retail complex. The store will stock menswear, womenswear and childrenswear with separate areas for accessories, maternity wear