Wal-Mart posts higher than expected net quarterly profit

Some corporations plug along, changing at a glacial pace, if at all. The Big Three automakers come to mind. You know, those Detroit firms looking for a federal bailout.

Then there is Wal-Mart, the world's largest corporation.

Wal-Mart Stores Inc reported slightly better-than-expected quarterly profit on Thursday as shoppers seeking relief from deteriorating global economic conditions scoured its aisles for discounts on groceries and medicine.

The results, which helped boost stock index futures, come as other retailers see their sales and profits fall as a global financial meltdown and rising unemployment prompt shoppers to severely curb spending.

Wal-Mart, the world's largest retailer, said its low prices and plans to cut prices every week until Christmas were attracting shoppers, giving it momentum headed into the crucial year-end holiday season.

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