Wal-Mart 3rd-Quarter Profit Beats Forecasts

Wal-Mart Stores Inc. said its profit rose 29% in its fiscal third quarter to $1.3 billion, or 29 cents a share, a penny better than forecasts, and said it expects to meet profit estimates of 39 cents to 41 cents in its fourth quarter. That estimate is at the low end of forecasts compiled by First Call Corp., which range from 39 cents to 43 cents, or an average of 41 cents. The retail giant’s sales rose 21% to $40.4 billion in the latest quarter as international sales doubled. Sales at stores open at least a year rose 7% in the quarter. Shares of Bentonville, Ark.-based Wal-Mart slipped 50 cents to close at $58 on the NYSE.