Wal-Mart Profit to Be at Low End of Forecast
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Wal-Mart Stores Inc., the world’s largest retailer, said third-quarter profit probably would be at the lower end of its forecast as higher gasoline prices crimped spending by consumers at its U.S. stores.
Wal-Mart had forecast earnings of 52 cents to 54 cents a share for the quarter, Chief Financial Officer Thomas Schoewe said during a meeting at the company’s headquarters in Bentonville, Ark. Wal-Mart was expected to earn 53 cents, the average of 28 analysts surveyed by Thomson First Call.
Wal-Mart shares rose 10 cents to $53.41 on the NYSE.
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