Wal-Mart Profit Rises 6.9 Pct, Beats Street View
Wal-Mart Profit Rises 6.9 Pct, Beats Street View
BENTONVILLE, Ark. — Wal-Mart Stores Inc. says its profit rose nearly 7 percent in its first quarter on higher sales. The results beat Wall Street’s expectations.
The world’s biggest retailer said Tuesday it earned $3.02 billion, or 76 cents per share, in the three months ended April 30. That was up from $2.83 billion, or 68 cents per share a year earlier.
Analysts polled by Thomson Financial had projected earnings of 75 cents per share.
The company had overall revenue of $95.30 billion compared to $86.41 billion in the prior year.
The company cited its low prices as a reason for its improvement, along with improved customer service and internal cost savings.
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