Wal-Mart Stores Inc. (NYSE:WMT - news) on Tuesday posted higher quarterly profit as strength in its international business and new store openings helped offset disappointing U.S. sales.

The world's biggest retailer said net income rose to $2.65 billion, or 63 cents per share, in the third quarter that ended on October 31, from $2.37 billion, or 57 cents per share, a year earlier. Results in the latest period include a 1-cent-per-share gain related to property insurance.

Analysts on average expected earnings of 60 cents per share, according to Reuters Estimates. Wal-Mart said on October 5 that profit would probably be in the range of 59 cents to 63 cents.

Wal-Mart posted lackluster sales growth at its U.S. stores open at least a year, hurt by disruptions from store remodeling efforts and a poor reception for its trendier clothing.

Shares of the Bentonville, Arkansas-based company are roughly flat year-to-date and trade at 14.4 times analysts' profit forecasts for next year, compared with a multiple of 16.3 for smaller rival Target Corp. (NYSE:TGT - news).

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