Chicago — Wal-Mart Stores reported higher-than-expected US sales on Tuesday for the crucial holiday quarter as its low prices attracted more customers to its stores and online activity accelerated. Shares of the world’s largest retailer rose more than 3% as its results bucked a string of disappointing holiday sales figures from rivals including Target, which was due to report earnings on February 28. Investors shrugged off an 8% drop in gross profit margins stemming from Wal-Mart’s continued efforts to cut prices to make them more competitive, along with discounts offered after the holiday season. "A number of things helped Wal-Mart over the holiday quarter," said Neil Saunders, MD of retail research firm Global Data. "Foremost among these was the strategic decision to invest in price and to heavily promote this fact to consumers." Wal-Mart said it expected earnings per share of 90 US cents to $1 for the current quarter and $4.20 to $4.40 for this financial year. Analysts’ estimates...
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