Wal-Mart sales miss Wall Street view; shares down
November 15, 2012 11:42 PM EST
Wal-Mart Stores Inc reported quarterly sales below analysts' expectations on Thursday, with sales at established U.S. discount stores up, but not as much as Wall Street expected.
Wal-Mart shares fell 2.7 percent to $69.40 in premarket trading.
Still the world's largest retailer also said sales so far this month were better than expected in the United States as its focus on low prices has resonated in an economy where unemployment continues to be high.
Sales for the third quarter ended October 31 rose 3.4 percent to $113.20 billion. Analysts on average had forecast $114.96 billion, according to Thomson Reuters I/B/E/S.
The world's largest retailer said it had earned $3.64 billion, or $1.08 per share in the third quarter ended October 31, up from $3.34 billion, or 97 cents per share, a year earlier.
Analysts on average had forecast $1.07 a share.
(Reporting by Brad Dorfman in Chicago and Jessica Wohl in Cincinnati; Editing by Lisa Von Ahn)
Most Popular Slideshows
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Kate Middleton First Official Solo Trip: Details For Malta Tour Revealed [PHOTOS]
- Manny Pacquiao Vs. Chris Algieri World Tour Kick Off Press Conference In Macau [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Apple on iPhone 6 Release Date One Week After September 9 Despite Display Shortage Starting $800
- James Foley Video Had A Change Of Actor – Expert Points Out
- Canada Concerned About Russia’s Military Expansion in Arctic
- Hundreds of Men Rape Teen for Three Years
- Nexus 6 Release Date Will Intro Android 5.0 aka Lemon Meringue Pie with Killer Specs & Features
- Nokia X2 vs. Nokia Lumia 530 - Specifications, Features And Price Showdown
- Why Moto X is Not the Best Smartphone to Purchase Now?