Wal-Mart's 3Q profits down 2.9 percent

[November 15, 2011]  NEW YORK (AP) -- Wal-Mart is reporting that the third-quarter profits slipped 2.9 percent and offered a conservative fourth-quarter outlook. But the world's largest retailer announced its first quarterly gain in its U.S. namesake business, reversing a more than two year sales slump.

Wal-Mart says Tuesday it earned 97 cents per share, or $3.33 billion in the three-month period ended Oct. 31. That compares with 95 cents per share, or $3.43 billion, in the year-ago period. Net sales rose 8.2 percent to $109.5 billion. Wal-Mart's U.S. namesake division's revenue at stores opened at least a year rose 1.3 percent, beating estimates for a 0.3 percent increase.

Analysts had expected 98 cents per share on $108.86 billion, according to Factset.

[Associated Press; By ANNE D'INNOCENZIO]

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