Wal-Mart Profits Rise 8 Percent, Meet Expectations
Tuesday, November 13, 2001
foxnews.com
BENTONVILLE, Ark. — Wal-Mart Stores Inc., the world's largest retailer, on Tuesday reported an 8 percent increase in fiscal third-quarter profits as sales were helped by purchases of groceries and other essential items.
Net income in the quarter ended Oct. 31 rose to $1.48 billion, or 33 cents a diluted share, from $1.37 billion, or 31 cents a share, in the year-ago quarter.
Third-quarter sales and earnings results were records for the Bentonville, Arkansas-based retailer.
Wall Street analysts' estimates ranged from 32 cents to 34 cents a share, with the consensus estimate at 33 cents, according to research firm Thomson Financial/First Call.
President and Chief Executive Lee Scott said earnings met the retailer's expectations despite a depressed economy and the uncertainty of the last several months. |
