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)
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