Wal-Mart reported quarterly earnings on Thursday that exceeded analysts' estimates, but revenue fell short of the consensus.
The retail giant's shares (WMT) dropped before the opening bell, following the news. (Click here to get real-time quotes for Wal-Mart.)
The company earned $3.63 billion, or $1.08 per share, in the quarter ended Oct. 31. That compares with $3.33 billion, or 96 cents per share, in the year-earlier period.
Revenue improved to $113.93 billion from $110.23 billion a year ago. Sales were negatively impacted by exchange-rate fluctuations, the company said. Without the currency impact, sales would have been $114.9 billion, the company said.
Wall Street had expected Wal-Mart to report earnings excluding items of $1.07 a share on $114.96 billion in revenue, according to Thomson Reuters consensus estimates.
U.S. same-store sales rose 1.5 percent, well shy of the 4.6 percent forecast by Thomson Reuters.
Wal-Mart narrowed its full-year earnings guidance, narrowing the range by five cents a share to $4.88 to $4.93 a share.
"Price will continue to be a major factor for U.S. customers over the holidays. Our strong price position and broad assortment are clear competitive advantages," Mike Duke, Wal-Mart president and chief executive officer, said in a statement. "Across all of our markets, we are seeing the same price consciousness as we do in the United States."
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