NEW YORK: Wal-Mart Stores, the world's biggest retailer, posted solid third-quarter earnings Thursday after a long-awaited turnaround in its key domestic US market.
Net income was $3.71 billion in the quarter that ended October 31, down 0.7 percent from a year ago.
Earnings of $1.15 per share were up 0.9 percent from a year ago, well above the Wall Street consensus of $1.12.
Total revenue surged nearly three percent higher to $119.0 billion
Net sales in the US market rose 3.4 percent to $70 billion.
US comparable sales - sales in stores open a year ago - rose 0.5 percent, the first increase in seven quarters.
Wal-Mart tightened its full-year earnings forecast to earnings per share between $4.92 and $5.02 - from its previous outlook of between $4.90 and $5.15 - due in part to the planned closure of underperforming stores in Japan. (AFP)
