Walmart reports $453 million third-quarter profit

This June 25, 2019, file photo shows the entrance to a Walmart in Pittsburgh. (AP Photo/Gene J. Puskar, File)
This June 25, 2019, file photo shows the entrance to a Walmart in Pittsburgh. (AP Photo/Gene J. Puskar, File)

Walmart extended its streak of strong quarterly gains heading into the Christmas holiday season as its low prices attract shoppers looking for deals in a tough economic environment.

The company reported better-than-expected financial results for the period. It upped its annual outlook, though it was slightly below what analysts expected. Shares fell nearly 3% in premarket trading.

Walmart reported that profits were $453 million, or 17 cents per share, for the three-month period ended Oct. 31. That compares with a loss of $1.79 million, or 66 cents per share, in the year-ago period. Adjusted earnings per share results were $1.53 per share.

Revenue rose 6.1% to $160.84 billion, from $152.81 billion in the year-ago period.

Analysts were expecting $1.52 per share on sales of $159.651 billion, according to FactSet estimates.

Comparable store sales — those from established stores and online operating over the past 12 months — rose 4.9% for the Walmart U.S. division for the quarter. They rose 6.4% last quarter. Global e-commerce sales rose 15%.

The company expects annual sales to be up anywhere from 5% to 5.5%. It expects adjusted earnings per share of $6.40 to $6.48. Analysts were expecting $6.50 per share on sales of $642.32 billion.