Wal-Mart's profit up 9 percent in third quarter

NEW YORK — Wal-Mart Stores Inc. is reporting a 9 percent increase in third-quarter net income as the world's largest retailer continues to woo back shoppers by re-emphasizing that it has the lowest prices.

The company, based in Bentonville, Ark, says Thursday it earned $3.63 billion, or $1.08 per share, in the quarter ended Oct. 31. That compares with $3.33 billion, or 96 cents per share, in the year-ago period.

Net sales, excluding Sam's Club membership fees, rose 3.4 percent to $113.2 million.

Analysts were expecting $1.07 per share on revenue of $114 billion.

Wal-Mart says its revenue at stores opened at least a year rose 1.5 percent, below Wall Street's estimate of 1.8 percent.

Wal-Mart narrowed its full year earnings guidance and issued a fourth-quarter profit outlook that's below analysts' forecasts.

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