Wal-Mart Stores, the world's largest retailer, has reported better than expected quarterly sales at established US stores on Thursday.
The company said its sales were boosted by hurricane-related purchases and soaring online sales.
Wal-Mart has recorded more than three years of comparable sales growth in a row, despite slow demand and a tough retail environment that has hurt brick-and-mortar rivals.
Excluding special items, earnings per share came to $1 in the third quarter ended October 31, exceeding the average analyst estimate of 97 cents, according to Thomson Reuters.
Sales at US stores open at least a year rose 2.7%, excluding fuel price fluctuations. That is stronger than market expectations for a rise of 1.7%, according to Consensus Metrix.
Online sales soared 50% during the quarter, exceeding growth rates in the industry, but slower than the previous quarter's 60% rise.
Wal-Mart also today raised its full-year profit forecast. It now expects earnings per share of $4.38 to $4.46 for the fiscal year compared to its previous outlook of $4.30 to $4.40.
Rival Target's fourth quarter profit forecast fell short of analysts' expectations yesterday, sending its shares down 10 percent.
Wal-Mart said its operating income fell 6.9% to $4.76 billion.
Operating margins fell to 3.9% from 4.4% the same time last year due to continued investments in making its prices more competitive compared to rivals.
Earlier this year, devastating Hurricanes Harvey and Irma spurred demand at retailers for prevention and recovery materials along with food and grocery items.
