Wal-Mart reported record earnings in the second quarter despite a weaker economy as US consumers sought bargains at the discount giant, according to dpa. Net profits rose 17 per cent to 3.5 billion dollars, or 87 cents per share, from 2.95 billion dollars, or 72 cents per share, in the year-earlier period, the Bentonville, Arkansas-based company said. Revenue rose 10 per cent to to 102.7 billion dollars. Rising grocery and petrol prices have pushed more consumers to discount retailers, placing Wal-Mart in a good position to benefit, chief executive Lee Scott said. Wal-Mart also benefited from government tax rebates aimed at pumping more money into the economy as customers spent checks sent as part of an economic stimulus package. "It is clear that customers are voting with their wallet as our price leadership position continues to ensure customer loyalty and drive new customers to Wal-Mart," Eduardo Castro-Wright, chief executive of the company's US operations, said in a conference call. The company raised its earnings forecast for the year.
