Wal-Mart Stores Inc. said Monday that it is scaling back the growth of its namesake stores in the U.S., while focusing on remodeling existing locations as the world's largest retailer navigates through a tough consumer spending climate.
Eduardo Castro-Wright, president and chief executive of Wal-Mart's U.S. division, told analysts gathered on the first day of the two-day annual investors' meeting at its headquarters in Bentonville, Arkansas that the company plans to open 191 stores in fiscal 2009 and from 142 to 157 stores in fiscal 2010. That compares to 218 stores opened in fiscal 2008.
As a result, capital expenditures will be down to $5.8 billion to $6.4 billion for fiscal 2009 and from $6.3 billion to $6.8 billion in fiscal 2010. That compares with the $9.1 billion the company spent in capital expenditures in its last fiscal year.
Company officials are expected to offer the capital expenditures forecast for the entire company on Tuesday.