
Wal-Mart, the world's largest retailer, on Wednesday cut its sales forecast for its next fiscal year and projected a drop in capital spending.
Wal-Mart Stores said it now expected sales would grow between two and three percent in fiscal year 2015 that begins February 1, down from the previous forecast of three percent to five percent.
For fiscal 2016, the US retail giant projected sales growth of two-four percent.
The company also said it plans capital spending of $10.6-$11.6 billion in 2016, down from its projection of $11.3-$11.8 billion for 2015. One reason is a shift to greater emphasis on e-commerce.
"Our business and customers continue to evolve and so will the way we deploy capital," said chief financial officer Charles Holley.
"We will invest more heavily in e-commerce initiatives, while temporarily moderating our global physical growth, particularly larger stores."
In August, Wal-Mart cut its profit outlook for this year amid weak sales in its key US division.
The retail giant has said sales in the US have been hit by cautious consumer sentiment, cutbacks in public assistance programs and an uncertain labor market.
Shares in Dow member Wal-Mart closed 3.6 percent lower at $75.20 on the New York Stock Exchange.
GMT 17:56 2018 Wednesday ,17 January
Ericsson to write down 1.4 billion euros in fourth quarterGMT 19:16 2018 Saturday ,13 January
China shuts Marriott website over Tibet error, scolds other firmsGMT 17:31 2018 Thursday ,11 January
UK group bids for Europe's biggest aluminium smelterGMT 17:24 2018 Thursday ,11 January
UK supermarket Sainsbury's lifts outlook after bumper ChristmasGMT 17:52 2018 Tuesday ,09 January
H&M removes 'black boy' ad after racism accusationGMT 19:38 2018 Wednesday ,03 January
Petrobras pay $2.95bn to settle US class action on corruptionGMT 13:49 2018 Wednesday ,03 January
China’s Ant Financial drops $1.2 billion MoneyGram deal as US approval failsGMT 17:47 2017 Sunday ,31 December
BA owner to buy bankrupt Austrian airline Niki
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor