Wal-Mart Stores Inc has reported a higher quarterly profit as shoppers headed to its stores for low prices on food, health care products and electronics.
Net income rose to $3.45 billion or 87 cents per share, in the second quarter ended July 31, from $2.95 billion, or 72 cents per share, a year earlier.
In the past year, Wal-Mart has benefited both from internal efforts to improve its business and from a weak US economy, which is driving shoppers to its stores in search of bargains.
The retailer also got a boost in the quarter from US tax rebate cheques as shoppers came into its stores to spend the excess cash, but its sales waned later in the period as those funds dried up.
