News

Wal-Mart bests expectations on quarterly earnings

Financial results arrive as retailers put finishing touches on holiday sales strategies.

November 19, 2015

In what has to be confidence-building news, mega retailer Wal-Mart did better than expected with its quarterly earnings and the market responded favorably as shares jumped more than 4 percent earlier this week.

The news comes as online and brick-and-mortar retailers are on the cusp of launching holiday sales strategies, with a good number kicking off Black Friday sales initiatives a week before the biggest annual shopping day.

The earnings result, according to a Reutersreport, is Wal-Mart’s fifth straight earnings growth report.

"We are starting to get some good momentum," Greg Foran, chief executive of U.S. operations, said on a call with reporters, according to Reuters.

Street analysts expected Wal-Mart to deliver about 98 centers per share, and final earnings brought in $1.03 per share. Sales at stores increased between 1.5 percent, for those open at least a year, to 1.7 percent at older store units.