Wal-Mart’s 2Q Earnings Jump 17%; Company Boosts Full-Year Outlook

Retailer Wal-Mart Stores said Thursday its fiscal second-quarter earnings jumped 17% and the company boosted its full-year outlook.

Net earnings for the quarter ended July 31 rose to $3.45 billion, or 87 cents a share, from $2.95 billion, or 72 cents, a year earlier.

Profit from continuing operations rose 9.3% to $3.4 billion, while net sales gained 10% to $101.6 billion for the period ended July 31, Wal-Mart said.

Wal-Mart said it used tighter inventory controls, which led to fewer markdowns on merchandise, the Associated Press reported.

The company also acknowledged the difficult U.S. economy and high fuel prices, AP said.

Wal-Mart said it expects to earn $3.43 to $3.50 per share for the year, up from an earlier forecast of $3.30 to $3.43 per share.

With about 8,000 tractors and 1,400 straight trucks, Wal-Mart is ranked No. 3 on the Transport Topics Private 100 listing of the largest U.S. and Canadian private carriers.