Wal-Mart's second-quarter earnings and revenue rose.
NEW YORK (CNNMoney) -- Wal-Mart Stores, the world's largest retailer, reported higher second-quarter earnings and revenue Thursday, and raised its forecast for the remainder of its fiscal year.
Wal-Mart (WMT, Fortune 500) said earnings from operations in the quarter ended July 31 rose to $1.18 a diluted share, an 8% increase from $1.09 a year earlier. The retailer was forecast to post earnings of $1.17 a share, according to Briefing.com.
But while the company's revenue rose 4.5%, it missed expectations. Wal-Mart reported total revenue of $114 billion, below the $115.8 billion consensus forecast.
The company cited strong international sales and a boost from its membership-only warehouse retailer Sam's Club for its earnings increase.
It also raised its earnings outlook for the rest of the fiscal year to between $4.83 and $4.93 a share. The previous forecast called for a range of $4.72 to $4.92.
Wal-Mart CEO Mike Duke said weakness in the U.S. and global economy is an opportunity for the retailer known for its cut-rate pricing.
"Given continuing economic pressures, we believe that our price leadership and value are growing in importance to customers across income levels," Duke said in a company statement.
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The 6.4% sales increase from Wal-Mart International comes as welcome news for the company, which has come under fire for alleged corrupt business practices this year. The company is being investigated for allegations that Eduardo Castro-Wright, the former CEO of Wal-Mart de Mexico and former head of Wal-Mart U.S., orchestrated $24 million worth of alleged bribes in Mexico to streamline construction projects dating from 2005.
Stock in Wal-Mart, whose rivals include Target (TGT, Fortune 500) and JCPenney (JCP, Fortune 500), fell more than 3% in premarket trading.
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