Wal-Mart posts flat 2Q profit; boosts outlook

NEW YORK: Wal-Mart Stores Inc is reporting second-quarter profit virtually unchanged from a year ago, but results beat Wall Street expectations.

The world's largest retailer says it is boosting its profit outlook as it benefits from a series of cost-cutting moves and draws frugal shoppers away from rivals.

Wal-Mart says Thursday it earned $3.45 billion, or 88 cents per share, in the quarter. That compares with $3.4 billion, or 87 cents per share, in the year-ago period.

Revenue fell 1.4 per cent to $100.08 billion. Analysts projected earnings per share of 85 cents on revenue of $102.9 billion.