Wal-Mart's 2Q profit rises 17 percent

August 14, 2008 4:40:21 AM PDT
Wal-Mart Stores says profit rose 17 percent in the second quarter and is raising its full-year forecast as the world's largest retailer benefits from low prices that are attracting shoppers in a challenging economy, and its moves to cut costs. The Bentonville, Ark.-based retailer says net income was $3.45 billion, or 87 cents per share, in the three-month period ended July 31. That compares with $2.95 billion, or 72 cents per share, in the year-ago period.

Sales were $101.6 billion, a 10.4 percent increase from $92 billion in the year-ago period. Analysts surveyed by Thomson Reuters expected sales of $101.9 billion. Total revenue, which includes membership and other income was $102.7 billion.