Outlook is trimmed despite rise in profit

Wal-Mart Stores Inc. reported a 10% increase in third-quarter profit but trimmed its profit outlook because of the troubled global economy and the renewed strength of the dollar.

The world’s largest retailer said it earned $3.14 billion, or 80 cents a share, in the quarter that ended Oct. 31. That’s up from $2.86 billion, or 70 cents, a year earlier. Total sales for the quarter rose 7.4% to $98.64 billion. Analysts surveyed by Thomson Reuters had expected earnings of 76 cents a share on sales of $98.28 billion.

Despite economic difficulties around the world, “Wal-Mart has momentum as we move into the fourth quarter,” said Lee Scott, the company’s chief executive and president.

For the full year ending Jan. 31, Wal-Mart expects earnings from continuing operations of $3.42 to $3.46 a share, compared with its August forecast of $3.43 to $3.50 a share.

Wal-Mart’s shares on Thursday rose $2.31, or more than 4%, to $54.93.