No. 1 retailer sees improved sales lift profit in line with recently raised 2Q guidance.
August 13, 2003: 6:49 AM EDT
NEW YORK (CNN/Money) - Wal-Mart Stores Inc. reported improved earnings Wednesday in line with its recently raised guidance for the fiscal second quarter.
The world's largest retailer earned $2.3 billion, or 52 cents a share, from continuing operations in the quarter ended July 31, up from $2 billion, or 45 cents a share, on the same basis a year earlier. Analysts surveyed by earnings tracker First Call raised their forecast for the quarter to 52 cents from 51 cents when the company reported better than expected July sales last week.
Sales rose 11.3 percent to $62.6 billion, while sales at U.S. stores open at least a year, a closely watched retail measure known as same-store sales, increased 3.2 percent for the quarter.
Shares of Wal-Mart (WMT: Research, Estimates), a component of the Dow Jones industrial average, gained $1.10 to $58.80 in trading Tuesday.
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