Wal-Mart Stores Inc., aided by its new cost-cutting measures, posted a 3.2 percent increase in third-quarter profits. Shares rose 67 cents to $53.64 after the announcement.
Despite the good news, sales for this year are still slipping—the company projected that sales would continue to slide even through the crucial holiday shopping season and fourth quarter.
Wal-Mart is considered an indicator of overall consumer spending trends, so the company’s abysmal sales reports are troublesome, even on the tails of American Express’ announcement of increased consumer spending on credit cards.
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