Wal-Mart Boosts Full-Year Profit Outlook

The retailer tops estimates for the second quarter.

Author:: TSC Staff
Publish date:: Aug 14, 2008 8:40 AM EDT

Wal-Mart

said its second-quarter sales rose more than 10% from the same period a year ago, and the world's biggest retailer lifted its profit forecast for the full year.

Shares of Wal-Mart were tacking on 0.6% to $58.23 in premarket trading Thursday.

For the quarter ended July 31, net sales rose to $101.6 billion from $92 billion a year ago. Profits from continuing operations were $3.4 billion, or 86 cents a share, up from $3.1 billion and 75 cents a share last year. Analysts surveyed by Thomson Reuters were looking for 84 cents.

Including a 1-cent gain from discontinued operations, Wal-Mart earned 87 cents in the most recent quarter.

Looking ahead, Wal-Mart predicted third-quarter U.S. same-store sales growth of 1% to 2%. The company expects to earn 73 cents to 76 cents a share. For the year, earnings from continuing operations will likely be $3.43 to $3.50 a share.

Wall Street is expecting 76 cents a share for the third quarter and $3.49 for the year.

This article was written by a staff member of TheStreet.com.