Wal-Mart boosts forecast on higher earnings; shares up

Wal-Mart Stores reported higher second-quarter earnings and lifted its profit forecast Thursday after notching higher sales in the US.

Earnings for the quarter ending July 31 were $3.8 billion, up 8.6 percent from the year-ago period.

Sales were up 0.5 percent at $120.9 billion.

Wal-Mart scored higher comparable sales and customer traffic in the US, the linchpin of the company. The company has invested heavily in the last year and a half in higher wages for workers and in stronger e-commerce infrastructure.

E-commerce sales rose 11.8 percent in the quarter. Wal-Mart announced on Aug. 8 that it would acquire e-commerce company Jet.com for $3.3 billion in an effort to boost the division.

"We're pleased with the positive momentum in our business," said chief executive Doug McMillon. "Our strategy in the US is working as we delivered an eighth consecutive quarter of positive comps."

Wal-Mart projected full-year adjusted earnings at $4.15 to $4.35 per share, up from the prior range of $4.00 to $4.30 per share.

Shares of Wal-Mart jumped 3.5 percent to $75.50 in pre-market trade.