Wal-Mart lifts profit forecast; sales miss |
| MarketWatch - Oct 11, 2007 |
Wal-Mart Stores Inc., the world's largest retailer, raised its third-quarter profit forecast even as it posted smaller-than-expected September same-store sales and said customers remain concerned about their finances.
Wal-Mart shares gained in pre-market trading.
The company raised its third quarter per-share profit forecast to 66 cents to 69 cents from a previous estimate of as much as 65 cents as it sees improvement in "initial margin and expense leverage." It wasn't more specific.
Sales at U.S. stores open at least a year rose 1.4% for the five weeks ended Oct. 5., boosted by sales of grocery and pharmacy items including the company's $4 generic prescription drug plan. That missed the 1.8% average estimate of analysts surveyed by Thomson Financial
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- Posted: 2007-10-11 10:22:45
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