UPDATE: Wal-Mart Q3 Profit Rises 9%

Wal-Mart Stores (NYSE: WMT) reported a 9% rise in its third-quarter profit.

Wal-Mart's quarterly profit surged to $3.64 billion, or $1.08 per share, versus $3.34 billion, or $0.96 per share, in the year-earlier period.

Its sales climbed 3.4% to $113.2 billion. However, analysts were expecting earnings of $1.07 per share on sales of $114 billion.

Wal-Mart projects full-year profit of $4.88 to $4.93 per share, versus its previous forecast of $4.83 to $4.93 per share. However, analysts were expecting earnings of $4.93 per share.

Wal-Mart shares dropped 3.03% to $69.15 in pre-market trading.

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