Wal-Mart Stores Inc. shares jumped 8.2% in Thursday premarket trading after the retail giant announced earnings that beat estimates. The company reported net income of $3.08 billion, or 98 cents per share, down from $3.34 billion, or $1.03 last year. The FactSet consensus was 88 cents per share. Sales for the quarter totaled $115.9 billion, up from $114.8 billion and exceeding the FactSet consensus of $113.2 billion. Wal-Mart same-store sales grew 1%, driven by a 1.5% increase in traffic. The FactSet consensus was 0.5%. Wal-Mart U.S. same-store sales were up 1% with sales totaling $73.3 billion. Sales at Wal-Mart International totaled $28.08 billion, and sales at Sam's Club were $13.6 billion. The retailer expects second-quarter earnings per share between 95 cents and $1.08, within range of the 98 cents per share FactSet estimate. And same-store sales for Wal-Mart U.S. are expected to rise 1% with a "slightly positive" same-store sales increase at Sam's Club. Wal-Mart shares are up 3% for the year so far, but down 17.4% for the past year. The S&P 500 is up 0.2% for the year to date.
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