Wal-Mart Stores has said its third-quarter profit rose 9.8% from a year earlier to $3.14 billion. The figure was in line with most forecasts, but the company said a stronger US dollar may hurt upcoming results.
The world's biggest retailer said its profit for the quarter ended October 31 amounted to 77 cents a share. Revenues grew 7.5% from a year ago to $97.6 billion.
'Despite economic difficulties around the world, we achieved solid sales and earnings growth and we are optimistic about the upcoming holidays,' said Lee Scott, president and chief executive.
But Wal-Mart lowered its outlook for the fourth quarter and full year, projecting earnings per share in a range of $3.42 and $3.46, below most analysts' projections. Part of the lower forecast comes from the rise in the dollar, which hurts results from overseas.
