Wal-Mart tops 3Q profit forecasts, but revenue, earnings dip

Bentonville, Ark.-based retail giant Wal-Mart Stores Inc. (NYSE: WMT) bested Wall Street profit forecasts for the third quarter, but both net income and revenue were down compared to the same quarter last year.

For the quarter ended Oct. 31, Wal-Mart’s net income dropped 11 percent to $3.3 billion. Earnings of $1.03 per share, however, beat market expectations by 6 cents per share, according to Arkansas Business, which cited Zacks Investment Research.

Revenue dipped to $117.42 billion from $119 billion in the third quarter last year. Wall Street analysts had predicted $117.82 billion. For the fourth quarter, which includes the holiday shopping season, company officials expect sales at established locations to increase 1 percent.

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