Walmart Stores topped third-quarter profit estimates and increased the low end of its annual forecast – a sign that the retailer is making progress reining in costs and revamping its stores.
Earnings were 99 cents a share in the period, excluding some items, the Arkansas-based company said in a statement.
Analysts had predicted 98 cents on average, according to data compiled by Bloomberg. The company now expects profit of at least $4.50 a share this year, up from a previous forecast of at least $4.40.
The outlook brought a dose of good news to investors after a dour profit forecast crushed the stock last month. Walmart suffered its worst stock decline in more than 27 years after saying that earnings will decrease 6 per cent to 12 per cent next year.
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