Wal-Mart Boosts Forecast On Higher Earnings; Shares Up

NEW YORK, (UrduPoint / Pakistan Point News - 18th Augst,2016) - Wal-Mart Stores reported higher second-quarter earnings and lifted its profit forecast Thursday after notching higher sales in the US. Earnings for the quarter ending July 31 were $3.8 billion, up 8.6 percent from the year-ago period.

Sales were up 0.5 percent at $120.9 billion.

Wal-Mart scored higher comparable sales and customer traffic in the US, the linchpin of the company. The company has invested heavily in the last year and a half in higher wages for workers and in stronger e-commerce infrastructure. E-commerce sales rose 11.8 percent in the quarter.

Wal-Mart announced on Aug. 8 that it would acquire e-commerce company Jet.com for $3.3 billion in an effort to boost the division.