Walmart’s profits rise
The world’s largest retailer Walmart announced today, Nov. 12, that is posted a profit this quarter that was higher-than-expected, according to Reuters.
Wal-Mart advertises itself as the low-price leader and has recently been a price-war with rival Amazon.com.
The profit was unexpected as polls show shoppers are still concerned about the nation’s economy. The jobless rate is above 10 percent. However, a report from the United States government released today shows the number of workers filing new unemployment claims fell. Economists say this is proof of signs of economic recovery.
Walmart’s shares have rose 1 percent.
“Walmart’s record third quarter earnings of 84 cents per share exceeded our guidance and were well above First Call consensus,” said Mike Duke, Walmart president and chief executive officer in a press release. “Increased productivity and improved inventory management led to a better customer experience and contributed to our strong financial performance.
“We are encouraged by both our traffic and market share gains across the company,” Duke added. “Few companies have the momentum or opportunity that Walmart has around the world.”
According to the retail giant, Walmart has generated nearly $3.6 billion through the first three quarters of fiscal year 2010.
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