Wal-Mart Sails on

With first-quarter sales nearing $30 billion, it appears there's no slowing the nation's largest retailer down. Wal-Mart beat analysts estimates on Tuesday, reporting earnings of 37 cents a share, a 28 percent increase.

Analysts surveyed by First Call had expected the retailer to report earnings of 34 cents a share. Net income rose to $828 million, up from$652 million in the year-ago quarter.

Wal-Mart's stock rose 1 point to 52 1/8 on the news.

Discounters K Mart and Target's, a unit of Dayton Hudson, are also expected to post healthy results for the quarter, analysts said.

"I think this certainly shows that the economy is doing better, and that the consumer is feeling better about his own financial status and is spending money," said Sally Schaadt, industry analyst at Fourteen Research. "Wal-Mart has always been aggressive, but you have to have willing consumers as well."

Arkansas-based Wal-Mart said sales at stores that were open at least one year ago rose 9 percent over the quarter, representing a 9.3 percent increase at Wal-Mart stores and a 7.6 percent increase at its Sam's unit, a wholesaler.

Also of note, international sales rose 98 percent to $2.6 billion. The company opened a total of 6 stores in Latin America and Canada.

By Emily Church, CBS MarketWatch