Wal-Mart Announces Big Jump In Earnings

The world's largest retailer posted a stronger-than-expected third-quarter profit. Wal-Mart announced Thursday that sales were up 7 percent and earnings increased 10 percent. Many analysts predicted the economic downturn would be a boon for Wal-Mart.

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MONTAGNE: As retailer after retailer goes bankrupt, and just after many chains reported their worst October sales in decades, Wal-Mart today announced a big jump in sales and earnings. Sales are up more than seven percent. Earnings increased 10 percent. Wal-Mart said income for the most recent three-month period rose to just over $3 billion. Many had predicted the economic downturn and consumer shift to more money-saving shopping habits would be a boon for the world's biggest retailer.

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