Walmart Profit Down Slightly
Walmart reported a third quarter profit of $3.3 billion, a small drop from a $3.43 billion profit the same time last year. Sales, however, grew 8.2 percent to $109.5 billion.
Electronics sales, the company said, rose 3.7 percent in the quarter.
"Every business segment is stronger today than it was a year ago, and we delivered solid earnings growth for our shareholders in the third quarter," Mike Duke, Wal-Mart Stores, Inc. president and chief executive officer, said as part of the earnings release. "Both Walmart U.S. and Sam's Club exceeded comp sales guidance, and I'm pleased that the sales momentum positions us exceedingly well for the holidays. We also are pleased with the growth in both sales and operating income for Walmart International.