Wal-Mart profits up 5.7%

Wal-Mart Stores says its second-quarter profit rose 5.7%, fuelled by strong international sales and cost-cutting.

But the world’s largest retailer still was not able to reverse a two-year US sales slump.

The company raised its annual profit outlook.

The retailer said it had earned $3.8bn, or 1.09 dollars per share, in the three months ended July 31.

That compares with $3.6bn, or 97 cents per share, in the same period last year.

Revenue, excluding Sam’s Club membership fees, reached $108.6bn.

Analysts had expected 1.08 dollars per share on revenue of $108.08bn.

Revenue at stores open at least a year fell 0.9% for the US namesake division. It was the ninth straight quarter that the measure declined compared with the same quarter a year before.