Wal-Mart posts higher quarterly profit

NEW YORK (Reuters) - Wal-Mart Stores Inc reported a higher quarterly profit on Thursday as shoppers headed to its stores for low prices on food, health care products and electronics.

Net income rose to $3.45 billion or 87 cents per share, in the second quarter ended July 31, from $2.95 billion, or 72 cents per share, a year earlier.

In the past year, Wal-Mart has benefited both from internal efforts to improve its business and from a weak U.S. economy, which is driving shoppers to its stores in search of bargains.

The retailer also got a boost in the quarter from U.S. tax rebate checks as shoppers came into its stores to spend the excess cash, but its sales waned later in the period as those funds dried up.

In July, Wal-Mart raised its second-quarter earnings-per-share forecast to a range of 82 cents to 84 cents, up from an earlier outlook of 78 cents to 81 cents, citing "improved sales results during the quarter."

(Reporting by Nicole Maestri; Editing by Lisa Von Ahn)