Wal-Mart Stores Inc., the world’s biggest retailer, Tuesday posted a 21 percent increase in net income for its fiscal third quarter, beating Wall Street estimates, but warned that fourth-quarter earnings may fall below expectations because of difficult comparisons with the year-ago period.
The Bentonville, Ark.-based retailer said its earnings for the quarter, ended Oct. 31, rose to $1.2 billion, or 29 cents a share, from $1 billion, or 23 cents a share, in the year-earlier period.
A strong economy and improved gross margins on the back of better merchandising were cited for the gain. Analysts surveyed by First Call Corp. had expected a profit of 28 cents a share.
Net sales at the company climbed 20.6 percent, to $40.4 billion from $33.5 billion a year earlier. Wal-Mart chief David Glass said earnings were also bolstered by the firm’s acquisition of the Asda supermarket chain in the United Kingdom.
The consensus profit estimate for the current quarter is 41 cents a share–at the top end of the range that Glass provided Tuesday of 39 to 41 cents a share. Same-store sales growth will be in the mid-single digits, he predicted.
![Four years into cannabis legalization in Illinois, celebrations of the April 20 informal weed holiday known as 420 are getting bigger and more widespread. Named for the time of day a group of friends met to get high, 420 has become a chance for marijuana users to publicly share a previously illegal drug and the counter-cultural atmosphere surrounding it. The main event in downtown Chicago likely will be the second annual 420 Sesh Fest, at Green Rose Dispensary. The party will include live music, a magic show, carnival games, food trucks, pop ups, and product discounts. It also will feature Grammy-nominated […]](https://www.chicagotribune.com/wp-content/uploads/2024/04/ctc-l-Illinois-marijuana_175925141.jpg?w=546 "Four years into cannabis legalization in Illinois, celebrations of the April 20 informal weed holiday known as 420 are getting bigger and more widespread. Named for the time of day a group of friends met to get high, 420 has become a chance for marijuana users to publicly share a previously illegal drug and the counter-cultural atmosphere surrounding it. The main event in downtown Chicago likely will be the second annual 420 Sesh Fest, at Green Rose Dispensary. The party will include live music, a magic show, carnival games, food trucks, pop ups, and product discounts. It also will feature Grammy-nominated […]")