Wal-Mart amends expenditure plans
Wal-Mart, the country’s third largest retailer of home channel goods, has trimmed its capital expenditure plan for the year.
The Bentonville, Ark.-based chain plans to spend $13 billion to $14 billion on growth plans for fiscal 2009, amended from an original plan to spend $13.5 billion to $15.2 billion.
"We first announced our capital efficiency model and reduction in capital expenditures in June 2007,” noted Tom Schoewe, Wal-Mart’s chief financial officer. “We continue to be focused in the United States on moderating supercenter growth."
Wal-Mart will report U.S. comparable-store sales for the June sales period on July 10. The retailer also said it plans to update its earnings guidance for the fiscal year at that time.
Wal-Mart earlier said it would slow the number of planned U.S. supercenter store openings this year by more than 25 percent. The company’s growth plan calls for 190 to 200 new supercenters in the United States during this fiscal year and about 170 supercenters each year for the next three fiscal years.