Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could.
The nation's largest retailer raised its outlook for the year as well and shares rose nearly 4 in premarket trading Tuesday.
Walmart, based in Bentonville, Arkansas, reported net income of 4.58 billion, or 57 cents per share, in the three months ended Oct. 31. That compares with 453 billion, or 6 cents per share in the year-ago period.
Adjusted earnings were 58 cents per share, five cents better than Wall Street had expected, according to a survey by FactSet.
Sales rose 5.5 to 169.59 billion, up from 160.8 billion in the year-ago period, and also easily beat analyst projections.
