Wal-Mart profit rises 17% in second quarter

Wal-Mart Stores Inc., the world's largest retailer, said Tuesday that helped by tight inventory controls and a renewed focus on low prices, its second quarter profit rose 17 percent.
The company said it earned 3.45 billion U.S. dollars, or 87 cents per share, in the quarter ended July 31, up from 2.95 billion dollars, or 72 cents per share, a year earlier.
For the quarter, the discounter posted same-store sales growth of 4.5 percent, excluding fuel sales, compared to a 1.9 percent increase a year earlier.
"While inflation and higher fuel costs are pressuring suppliers, retailers and customers worldwide, we're confident that Wal-Mart is well positioned for this economy," said President and Chief Executive Lee Scott said in a statement.
The company raised its full-year earnings forecast as high as of 3.43 to 3.50 dollars per share for the year, up from a full-year forecast issued in February of 3.30 to 3.43 dollars per share.
Source:Xinhua