Wal-Mart beats expectations on earnings, misses on revenue
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Wal-Mart Stores Inc. (WMT) announced its third quarter financial results for the 2013 fiscal year, reporting earnings that exceeded expectations, but falling short on revenue. The largest retailer in the world reported earnings up from last year to $3.7B and $1.14 per share, beating expectations by $0.01 per share. Wal-Mart U.S. comparable-store sales declined 0.3%, while Sam’s Club comparable sales improved 1.1%. Wal-Mart President and CEO Mike Duke commented that the retail environment remains highly competitive and that it has aggressive plans to boost holiday sales. Total revenues of $115.7B improved 1.7% from a year ago but missed analyst expectations of $116.8B. Business is not any easier for the company internationally as Wal-Mart International net sales increased 0.2% to $33.1B. President and CEO of Wal-Mart International, Doug McMillan remarked that the macroeconomic environment is challenging and continues to challenge the company into the first month of the new quarter.