Walmart’s promise of low prices proves to be a powerful draw in the third quarter

AP Retail Writer

NEW YORK (AP) — Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could. The nation’s largest retailer raised its outlook for the year as well. Walmart, based in Bentonville, Arkansas,  reported net income of $4.58 billion, or 57 cents per share,  in the three months ended Oct. 31. That compares with $4.53 billion, or 6 cents per share in  the year-ago period. Adjusted earnings were 58 cents per share, five cents better than Wall Street had expected. Sales rose 5.5% to $169.59 billion, up from $160.8 billion in the year-ago period, and also easily beat analyst projections.