Wal-Mart's 2Q Profit Up 17%

It's a housing crisis and not a full-fledged recession.

Wal-Mart Stores Inc. has announced second-quarter profit rose 17% and raised its full-year forecast. Net income was $3.45 billion, or 87 cents per share, in the three-month period ended July 31, up from $2.95 billion, or 72 cents per share, in the year-ago period.

Income from continuing operations for the second quarter was $3.39 billion, an increase of 9.3% from $3.09 billion in the second quarter last year.

Net sales were approximately $101.6 billion in the second quarter, a 10.4% increase from $92 billion in the year-ago period.

Same-store sales showed a gain of 4.5%.

Wal-Mart expects third-quarter same-store sales to rise between 1% and 2 % and full-year profit between $3.43 and $3.50 per share.