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By
Reuters
Published
Nov 17, 2015
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Wal-Mart earnings beat expectations; shares up

By
Reuters
Published
Nov 17, 2015

Wal-Mart Stores Inc reported stronger-than-expected quarterly earnings on Tuesday as it booked its fifth straight gain in U.S. same-store sales, sending its shares up nearly 3 percent.



Net profit attributable to the world's largest retailer fell to $3.304 billion, or $1.03 per share, in the third quarter ended on Oct 31 from $3.711 billion, or $1.15 per share, a year earlier.

Analysts on average had expected 98 cents per share, according to Thomson Reuters I/B/E/S.

Wal-Mart said consolidated revenue fell 1.3 percent to $117.4 billion, weighed down by its international operations, which have been hurt by a stronger dollar.

Wal-Mart's earnings have been under pressure from costs to boost entry-level wages, although the company says those investments have translated into better customer service and sales.

Sales of U.S. stores open at least a year rose by 1.5 percent. Wal-Mart said traffic to its roughly 4,600 stores increased by 1.7 percent.

Shares of Wal-Mart were up 2.6 percent at $59.36 in premarket trading.


 

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Retail