Bentonville-based Wal-Mart says its third-quarter earnings rose 11.5 percent, an amount that is in line with Wall Street expectations. The company also slightly lowered its earnings guidance for the year.
For the quarter ended Oct. 31, the company posted a profit of $2.65 billion, or 63 cents per share. That's compared with $2.37 billion, or 57 cents per share, a year earlier.
Sales were up 12 percent at $83.5 billion.
Wal-Mart says it expects earnings per share from continuing operations for the fourth quarter to be between 88 cents and 92 cents.
The company says it hopes to improve holiday sales through price cuts -- something the company has already begun.
(Copyright 2006 by The Associated Press. All Rights Reserved.)