Wal-Mart Reports Q3 Profit Up 13 Percent

Wal-Mart Stores Inc, the largest jewelry retailer in the United States and the world's biggest retailer, reported a 13 percent rise in quarterly profit on Tuesday.

The results were in line with expectations, and the retailer has raised its outlook for the full year.

Chief Executive Lee Scott said that with oil prices falling and an improvement in employment levels, he was optimistic about the crucial holiday shopping season.

Earnings for the third quarter ended October 31 rose to $2.29 billion from $2.03 billion a year earlier.

Scott said sales had grown in the quarter by 9.7 percent to $68.5 billion, while sales at U.S. stores open at least a year rose 1.7 percent.

The company said customers had been affected by oil prices that set record highs before the U.S. presidential elections on November 2 but have since declined.

Wal-Mart said it expects same-store sales to rise 2-4 percent in the fourth quarter.