Wal-Mart Stores Inc reported a higher quarterly profit as the world's biggest retailer clamped down on inventory and controlled expenses, but forecast earnings for the current period that could miss current Wall Street estimates.

Profit for the third quarter ended October 31 rose to $3.23 billion, or 84 cents per share, from $3.14 billion, or 80 cents per share, a year earlier.

Analysts on average were expecting earnings of 81 cents per share, according to Thomson Reuters I/B/E/S.

Wal-Mart had forecast earnings per share from continuing operations of 78 cents to 82 cents.

Sales rose 1.1 percent to $98.67 billion. Sales at U.S. stores open at least a year fell 0.4 percent.

Wal-Mart forecast fourth-quarter earnings per share from continuing operations of $1.08 to $1.12. Analysts on average were expecting $1.12.

Shares of Wal-Mart were down 0.7 percent at $52.62 in trading before the market opened.

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

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