BENTONVILLE, Ark. — A year after its worst holiday sales season ever, Wal-Mart Stores Inc. may rebound to have a good season after finding the right mix of merchandise and marketing to complement its return to a focus on low prices.

A whiff of this already showed up when the nation's largest retailer posted third-quarter earnings yesterday of $2.86 billion, an 8 percent rise that beat Wall Street expectations.

The company earned 70 cents per share, up from 62 cents per share in the same period a year ago. The 70 cents includes an after-tax gain equal to 1 cent per share.

Analysts surveyed by Thomson Financial had forecast earnings of 67 cents per share on revenue of $91.67 billion.

Wal-Mart had revenue of $91.95 billion in the period ending Oct. 31, up 8.8 percent from $84.47 billion a year ago.

Wal-Mart shares spiked $2.65, or 6.1 percent, to close at $45.97 yesterday.

Retail experts say Wal-Mart's flagship U.S. stores may be in the midst of a turnaround after two years of a zigzag course between upscale and discount goods that has slowed sales growth.

Third-quarter sales at stores open at least a year, not counting fuel, were up 1.5 percent in the company's U.S. stores, same as a year ago. The company expects same-store sales for the fourth quarter to rise no more than 2 percent.

Michael P. Niemira, chief economist and director of research for the International Council of Shopping Centers, said an uncertain economy will send more shoppers to discounters for holiday purchases.

Even if Wal-Mart's core lower-income shoppers spend less, consumers with more money are likely to switch to discounters including Wal-Mart, he said.

At the same time, Niemira said Wal-Mart is working to address past problems.

"I actually think they may perform remarkably well this holiday season," Niemira said.

Last November, Wal-Mart reported its first negative monthly same-store sales in a decade as a push into higher-end fashion and home decor sold poorly and muddied its low-price image.