Wal-Mart cut forecast

By: trademagazin Date: 2008. 11. 14. 00:00

No. 1 retailer reported third-quarter profit grow by 9.8%, but said a stronger dollar would squeeze its full-year profit.

Wal-Mart logged operating income of
$3.03 billion, or 77 cents a share, up from $2.85 billion, or 70
cents a share, a year earlier. Including a gain from discontinued
operations, net income in the latest quarter was $3.14 billion, or 80
cents a share, up from $2.86 billion, or 70 cents, in the prior year.
Revenue rose 7% to $97.63 billion from $90.82 billion.

For the full year ending Jan. 31,
Wal-Mart (WMT, Fortune 500) lowered its earnings forecast to $3.42 to
$3.46 a share based on currency-related issues impacting its
fourth-quarter results.

For the fourth quarter, which includes
the critical holiday shopping period, Wal-Mart expects same-store
sales to increase between 1% to 3%.