Wal-Mart raises third quarter outlook

BENTONVILLE, Ark. Wal-Mart Stores raised its earnings outlook for the third quarter Thursday, saying the company’s U.S. division has improved its cost controls.

Wal-Mart boosted its forecast for earnings from continuing operations in the third quarter to a range of $0.66 to $0.69 per share, up from an earlier outlook for of $0.62 to $0.65 per share.

"For the first two months of the quarter, we have seen improvement in initial margin and expense leverage at the Wal-Mart Stores division, which is driving this change," said Tom Schoewe, the company’s cfo.

Lee Scott, ceo of the retail giant, said the quarter was seeing an improvement from what he called a "very poor performance" in the second quarter.