Wal-Mart profit beats expectations

Wal-Mart's U.S. discount stores have lost sales to competitors in recent months as consumers renew shopping for discretionary items like clothes and home furnishings, rather than focusing on low-priced essentials that helped boost Walmart stores during the recession.

The world's largest retailer said on Tuesday that its customers are still hurt by persistently high unemployment rates and concerns about their future financial health.

"Our customers, particularly in the United States, are still concerned about their personal finances and unemployment, as well as higher fuel prices," Wal-Mart Chief Executive Mike Duke said in a statement. "Our commitment to reducing prices and managing expenses positions us well across the retail landscape."

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- Posted: 2010-05-18 08:00:32

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