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updated: 8/16/2012 7:26 AM

Wal-Mart 2Q profit rises 5.7 pct, raises outlook

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  • Wal-Mart Stores Inc. is reporting a 5.7 percent increase in second-quarter net income, as the world's largest retailer is wooing back frugal shoppers by doubling down on low prices.

    Wal-Mart Stores Inc. is reporting a 5.7 percent increase in second-quarter net income, as the world's largest retailer is wooing back frugal shoppers by doubling down on low prices.

 
Associated Press

NEW YORK -- Wal-Mart Stores Inc. is reporting a 5.7 percent increase in second-quarter net income, as the world's largest retailer is wooing back frugal shoppers by doubling down on low prices.

The discounter also is raising its full-year profit outlook.

The company says it earned $4.02 billion, or $1.19 per share, for the quarter ended July 31. That compares with $3.80 billion, or $1.09 per share, a year ago.

Revenue excluding membership fees at Sam's Club rose 4.5 percent to $113.53 billion.

Analysts had expected earnings of $1.17 per share on revenue of $114.63 billion.

The company reported revenue at stores open at least a year at its namesake U.S. business rose 2.2 percent, excluding fuel. That marks the fourth consecutive quarterly gain after more than two years of declines.

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