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Wal-Mart profits up 3pc to $3.4bn

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By Imad Uddin
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Wal-martNEW YORK: US retail giant Wal-Mart's net profit rose three percent to $3.4 billion in its first quarter, exceeding expectations, the company reported on Tuesday.

"Walmart is reporting first quarter earnings from continuing operations of $0.98 per share, which was above guidance," said Wal-Mart president and CEO Mike Duke.

"This reflects the stability and strength of our global operations," he said in a statement announcing the results for the three months ending April 30.

Copyright AFP (Agence France-Presse), 2011

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