Wal-Mart 3Q profit up, but cuts outlook

NEW YORK Wal-Mart Stores Inc. (WMT) says that its third-quarter profit rose 2.8 percent, but the world's largest retailer reported a sales shortfall as its low-income shoppers feel squeezed around the globe.

The discounter also cut its outlook for the full year and issued fourth-quarter profit guidance that was below analysts' projections.

Its shares slipped 1 percent in premarket trading.

The retailer based in Bentonville, Ark., said that it earned $3.74 billion, or $1.14 per share in the three-month period ended Oct. 31. That compares with $3.64 billion, or $1.08 per share, in the year-ago period.

Net sales rose 1.6 percent to $114.88 billion, up 1.6 percent in the year ago period.

Analysts were expecting $1.13 per share on net sales of $116.9 billion.

Revenue at store opened at least a year for its U.S. namesake business was down 0.3 percent.