Wal-Mart 2Q profit rises 3.6 pct on cost-cutting

[August 17, 2010]  NEW YORK (AP) -- Wal-Mart Stores Inc. is reporting a 3.6 percent increase in second-quarter net income and is raising its earnings guidance for the full year as it benefits from cost-cutting.

But a closely watched measure of revenue at its namesake U.S. stores fell more than expected as it struggles to keep customers.

The discounter says it had net income of $3.59 billion, or 97 cents per share, for the period ended July 31. That compares with $3.47 billion, or 89 cents per share, a year ago.

Revenue rose almost 3 percent to $103.7 billion. Revenue at stores opened at least a year fell 1.4 percent, worse than the 0.26 percent expected by Thomson Reuters.

Analysts had expected earnings per share of 96 cents on revenue of $105.3 billion.

[Associated Press]

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