Wal-Mart boosts forecast on higher earnings

AFP, NEW YORK: Wal-Mart Stores reported higher second-quarter earnings and lifted its profit forecast Thursday after notching higher sales in the US. Earnings for the quarter ending July 31 were $3.8 billion, up 8.6 per cent from the year-ago period. Sales were up 0.5 per cent at $120.9 billion. Wal-Mart scored higher comparable sales and customer traffic in the US, the linchpin of the company. The company has invested heavily in the last year and a half in higher wages for workers and in stronger e-commerce infrastructure. E-commerce sales rose 11.8 per cent in the quarter. Wal-Mart announced on Aug.  8 that it would acquire e-commerce company Jet.com for $3.3 billion in an effort to boost the division. “We’re pleased with the positive momentum in our business,” said chief executive Doug McMillon. “Our strategy in the US is working as we delivered an eighth consecutive quarter of positive comps.”

Wal-Mart boosts forecast on higher earnings

AFP, NEW YORK: Wal-Mart Stores reported higher second-quarter earnings and lifted its profit forecast Thursday after notching higher sales in the US. Earnings for the quarter ending July 31 were $3.8 billion, up 8.6 per cent from the year-ago period. Sales were up 0.5 per cent at $120.9 billion. Wal-Mart scored higher comparable sales and customer traffic in the US, the linchpin of the company. The company has invested heavily in the last year and a half in higher wages for workers and in stronger e-commerce infrastructure. E-commerce sales rose 11.8 per cent in the quarter. Wal-Mart announced on Aug. 8 that it would acquire e-commerce company Jet.com for $3.3 billion in an effort to boost the division. Were pleased with the positive momentum in our business, said chief executive Doug McMillon. Our strategy in the US is working as we delivered an eighth consecutive quarter of positive comps.