Wal-mart Cuts Guidance Despite Profit Gain
Even though Wal-Mart posted a third-quarter profit 10 percent higher than that of a year ago, the retail giant nevertheless lowered its profit guidance, due to the continuing financial crisis.
Wal-Mart earned $3.14 billion in the three months ended Oct. 31, on $97.6 billion in revenues.
"We are very pleased with our results this quarter," President and CEO Lee Scott said as part of the earnings release. "Despite economic difficulties around the world, we achieved solid sales and earnings growth and we are optimistic about the upcoming holidays. At a time when our customer is feeling the pressure of a tough economy, Wal-Mart's price leadership is more important than ever."