Wal-Mart Stores Inc., the world's largest retailer, said Tuesday that third-quarter earnings rose 11.5 percent, in line with expectations, and slightly lowered guidance for the year.
For the quarter ended Oct. 31, the company posted net income of $2.65 billion, or 63 cents per share, compared with $2.37 billion, or 57 cents per share, a year earlier.
Net sales totaled $83.5 billion, an increase of 12 percent from $74.6 billion the last third quarter.
Excluding income from operations in Germany and South Korea that it has sold, Wal-Mart's profit amounted to 62 cents a share. Wall Street expected a profit from continuing operations of 59 cents per share, the average estimate of 21 analysts surveyed by Thomson Financial, on projected sales of $84.48 billion.
Wal-Mart said it expects earnings per share from continuing operations for the fourth quarter to be between 88 cents and 92 cents, resulting in a full-year forecast for earnings per share of $2.85 to $2.89.
In August, Wal-Mart had forecast full-year earnings per share between $2.88 and $2.95.
"Although sales in the U.S. were softer than we hoped for in the third quarter, there are real opportunities in the fourth quarter to build on the momentum of the aggressive pricing strategy we have implemented in our stores for the holiday season," Chief Executive Lee Scott said in a statement.
"This season, no one will doubt Wal-Mart's leadership on price and value," Scott said.
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