Walmart profit beats expectations; US sales up

It is stronger than market expectations for a rise of 0.5%

Walmart Stores Inc on Thursday reported a higher-than-expected quarterly profit as sales in the US market rose and the retailer kept a lid on costs.

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.

Walmart said sales at US stores open at least a year rose 1.0 per cent, excluding the impact of fuel prices.That is stronger than market expectations for a rise of 0.5 per cent, according to Consensus Metrix.