Wal-Mart Stores Inc., the world’s largest retailer, said Tuesday that its first-quarter profit rose a better-than-expected 10 percent, helped by expense control and gains from Canada to China, offsetting a decline in the U.S.
The company also gave a second-quarter outlook that may miss Wall Street expectations, citing a “continuing challenging sales environment” in the U.S.
Investors shrugged off the outlook, sending shares of Wal-Mart, a Dow member, up 2.3 percent in early trading. The company’s stock has risen about 1 percent this year, lagging the 11% increase of the S&P Retail Index and the 16 percent increase of its top discount rival Target Corp.
Full story: Wal-Mart profit beats views, led by overseas gain – MarketWatch