Net income rose to $3.02 billion, or 76 cents per share, in the first quarter ended on April 30, from $2.83 billion, or 68 cents per share, a year earlier.
NEW YORK (Reuters) - Wal-Mart Stores Inc <WMT.N>, the world's largest retailer, reported higher quarterly profit on Tuesday as discounts drew U.S. shoppers looking for bargains on necessities like food and pharmacy items.
Net income rose to $3.02 billion, or 76 cents per share, in the first quarter ended on April 30, from $2.83 billion, or 68 cents per share, a year earlier.
Last month, Wal-Mart forecast first-quarter earnings of 74 cents to 76 cents per share from continuing operations, up from a previous view of 70 cents to 74 cents.
Consumers are seeking out Wal-Mart's low prices, especially for basic items like groceries, shampoo and cleaning supplies, as the U.S. economy falters and prices of food and fuel soar.
!ADVERTISEMENT!The economic downturn comes as Wal-Mart has gotten back to the basics, trumpeting its low prices and slowing its aggressive expansion plans, to improve results at its existing U.S. stores.
Wal-Mart shares have jumped 22 percent this year, while smaller rival Target Corp <TGT.N> is up almost 7 percent and the Standard and Poor's Retail Index <.RLX> is down 1 percent.
(Reporting by Nicole Maestri; Editing by Lisa Von Ahn)
