Wal-Mart Hikes Full-Year Profit Outlook After Strong Fiscal 3Q

Outlook misses Street view and shares fall

on August 16 2012 8:32 AM

Wal-Mart Stores Inc. (NYSE: WMT), the world's largest retailer, said Thursday increased sales from U.S. stores that have been open at least one year plus strong international sales lifted its fiscal third-quarter profit 5.7 percent.

The Bentonville, Ark., company also raised its estimate for full-year earnings from continuing operations to between $4.83 and $4.93 a share from its February forecast of $4.72 to $4.92 a share, the Wall Street Journal reported. Wall Street analysts were expecting stronger guidance, and shares fell $1.69, or 2.27 percent, to $72.76 in premarket trading.

For the quarter ended July 31, Wal-Mart posted net income of $4.02 billion, or $1.18 a share, up from $3.8 billion, or $1.09, in the year-earlier quarter.