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New York - Wal-Mart, the world's largest retailer, said on Tuesday its net quarterly profit climbed 9.8% to $3.4bn, beating expectations, as it expands international operations.
Net sales for the third quarter of 2011 reached $101.2bn, an increase of 2.6% from $98.7bn in the same quarter last year, it said in a statement.
Profits rose 9.8% from $3.2bn a year ago to R3.4bn, or 95 cents per share, more than the 90 cents per share predicted by most analysts.
"Walmart performed well in the third quarter, and we delivered solid earnings per share growth for our shareholders," said chief executive officer Mike Duke.
"Our company now has delivered four consecutive quarters of operating expense leverage, and we continue to grow operating income faster than sales."
The retailer's expanding overseas operations helped boost its performance, as international net sales grew more than 9% this quarter compared to last year.
Wal-Mart added almost 10 million square feet (920 square meters) of retail space this quarter, with 37% of the growth in Walmart International.
"Our international business continues to deliver impressive results, with sales up more than nine percent," Duke said.
"Our Walmart US business is on the right track, with third quarter comp sales within guidance and operating income growing faster than sales.
"Walmart US will be the price leader this holiday season, and I am confident about improving comp trends for the fourth quarter," Duke added.
