Wal-Mart's 1Q net income rises 10 percent

NEW YORK (AP) — Wal-Mart Stores Inc.'s first-quarter net income rose 10 percent as the world's largest retailer benefited from cost-cutting and robust growth in its international business.

But Wal-Mart said a key measure of revenue dropped for the fourth consecutive quarter as it continued to see a decline in customer counts at its U.S. namesake stores.

It also offered a muted outlook for the current quarter as shoppers worry about jobs and their finances.

Wal-Mart said today net income was $3.32 billion, or 88 cents per share for the period ended April 30. That compares with $3.02 billion, or 77 cents per share in the same quarter last year.

Revenue rose almost 6 percent to $99.85 billion, from $94.24 billion.