Wal-Mart profit up, US sales fall 0.9 percent

By REUTERS
August 16, 2011 14:32

 
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CHICAGO - Wal-Mart Stores Inc. said on Tuesday that sales at its US discount stores open at least a year fell 0.9 percent during its second quarter, marking the ninth straight quarterly decline as it tries to bring bargain hunters back to its stores.

The world's largest retailer earned $1.09 per share from continuing operations, up from 97 cents a year earlier and near the high end of its forecast of $1.05 to $1.10. The average analyst estimate was $1.08, according to Thomson Reuters I/B/E/S.

In May, Wal-Mart said same-store sales at the Walmart chain in the United States, excluding fuel, would be down 1 percent to up 1 percent. Analysts, on average, were expecting a decline of 0.6 percent, according to Thomson Reuters data.

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