Wal-Mart profit beats expectations; stock jumps

May 19, 2016 12:01 PM

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Wal-Mart profit beats expectations; stock jumps

Wal-Mart Stores Inc on Thursday reported a higher-than-expected quarterly profit as sales in the U.S. market rose, an improvement the retailer attributed in part to its increasing wages, and its shares jumped nearly 8 percent.

Excluding special items, earnings per share came to 98 cents in the first quarter ended on April 29, exceeding the analysts' average estimate of 88 cents, according to Thomson Reuters I/B/E/S.

Also read: GM, Ford sales up; FCA down 14.3% in November

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