Wal-Mart predicts 'good' holiday season
Last Updated: Monday, November 14, 2005 | 8:41 AM ET
CBC News
The upbeat assessment followed the release of the company's third-quarter financial results.
Wal-Mart (NYSE:WMT) said its sales jumped 10.1 per cent in the quarter as profits rose by a more modest 3.8 per cent.
Wal-Mart made $2.4 billion US (57 cents a share) in Q3, compared to last year's $2.3 billion (54 cents a share). Net sales in the quarter came to $75.4 billion.
The results were largely in line with analysts' expectations.
"Even with the lingering impacts of the hurricanes, and the impact of higher energy prices, I believe we will have a good holiday season," Wal-Mart CEO Lee Scott said in a pre-recorded call.
The company estimates that hurricanes Katrina, Rita and Wilma cost it $40 million, as hundreds of stores in the U.S. south had to close temporarily.
Looking forward, Wal-Mart pegged its fourth-quarter earnings per share at 82 to 86 cents. For the year, it forecasts net income of $2.64 to $2.68 US per share.
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