Wal-Mart sees fall in profit but edges upwards with sales

Profits at Wal-Mart Stores fell 8.2% compared with the same quarter last year as the company invests heavily in boosting its e-commerce operations to compete with the likes of Amazon.

However, sales rose for the company's third quarter, coming in 1.2% higher than last year. It represents the ninth consecutive sales increase for Wal-Mart.

E-commerce sales also rose by 21%, reflecting the retailer's increased efforts in that sector.

In pre-market trading, Wal-Mart's stock fell 2.9% to $69.31.

The biggest retailer in the US focused on the positives in a call following the results release with chief executive Doug McMillon.

"We're executing well in our stores and making strategic investments in e-commerce to accelerate growth," McMillon said.

"We view the same-store sales growth as evidence that Wal-Mart's investment in labor, e-commerce and marketing its value message are working," he added. "However, some investors may be disappointed that traffic and comps decelerated slightly."

Wal-Mart's main rival Target said on Wednesday that sales in existing stores had fallen slightly for the quarter, but forecast a growth in sales over the holiday season.