Wal-Mart's 3Q profit rises 10 pc

NEW YORK: Wal-Mart Stores Inc reported a 10 per cent increase in third-quarter profit as the world's largest retailer's renewed focus on low prices is attracting financially squeezed shoppers around the world.

The company, however, trimmed its profit outlook amid a weak economy and unfavorable exchange rates. The retailer, which is based in Bentonville, Arkansas, said Thursday that profits rose to $3.14 billion, or 80 cents per share, in the quarter ended October 31. That compares with $2.86 billion, or 70 cents per share, a year earlier.

Earnings from continuing operations were 77 cents per share. Analysts surveyed by Thomson Reuters expected 76 cents per share. Net sales for the third quarter were $97.6 billion, up 7.5 percent from $90.8 billion in the year-ago period.