Wal-Mart profit up but U.S. sales weaken

By Associated Press
Posted Aug. 17, 2010 at 6:35 a.m.

Wal-Mart Stores Inc posted a higher quarterly profit, helped by cost cuts and growth in international markets as sales at U.S. stores open at least a year fell.

The world’s largest retailer said Tuesday profit was $3.60 billion, or 97 cents a share, in the second quarter ended July 31. Analysts on average forecast 96 cents, according to Thomson Reuters I/B/E/S. Sales at discount stores open for a year in the company’s key U.S. market fell 1.8 percent. Same-store sales in that unit had fallen in each of the past four quarters.

A year earlier, it posted a profit of $3.48 billion, or 89 cents a share.

Revenue rose 2.8 percent to $103.73 billion. Analysts on average forecast $105.33 billion.

Wal-Mart also raised its full-year earnings per share forecast to $3.95 to $4.05 a share form a previous forecast of $3.90 to $4.

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