Wal*Mart Raises Outlook
Citing a stronger position due to cost controls in its U.S. operations, Wal*Mart announced late Thursday that it is rising its earnings outlook for the third quarter. The move, CEO Lee Scott told the AP, came because of a recovery from “very poor” performance in the second quarter.
Wal*Mart raised its outlook from the 62-65 cent-per-share range to the 66-69-cent range. The move sent shares jumping more than a dollar on Thursday, to $46.90. Wal*Mart is America’s largest retailer, and its third-largest retailer of consumer electronics.
Earlier this week, Business Week reported that Wal*Mart is backing away from its recent strategy of pursuing high-end customers, instead seeking to provide new services, including banking, to long-time customers.