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

NEW YORK (AP) - Wal-Mart Stores Inc. says its first-quarter net income rose 10 percent as the world's largest retailer benefited from cost-cutting. But the discounter says a key measure of revenue dropped for the fourth consecutive quarter.

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

Wal-Mart says 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 year-ago period.

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

Analysts expected profit of 84 cents per share on revenue of $98.45 billion for the period.

Revenue at stores open at least a year dropped 1.1 percent.