Wal-Mart 3Q Profit Jumps 10%

Bentonville, Ark. Wal-Mart Stores Inc. reported a 10% increase in third-quarter profit Thursday.

Wal-Mart said its renewed focus on low prices was attracting cash-strapped shoppers and that it was pleased with the results of early holiday price promotions.

However, Wal-Mart said it expects its current fourth-quarter results to suffer because of currency fluctuations as a stronger U.S. dollar lowers the value of its international sales.

Wal-Mart said it earned $3.14 billion in the quarter ended Oct. 31, up from $2.86 billion a year earlier.

Net sales for the third quarter were $97.6 billion, up 7.5% from $90.8 billion a year earlier. Same-store sales rose 3%.

Wal-Mart is also scaling back its store growth and capital expenditures while focusing on remodeling existing locations and creating smaller outposts. The goal is to continue to increase its cash flow to invest in its business.