Walmart Scales Back U.S. Store Growth
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NEW YORK (AP) - Walmart Stores Inc. is scaling back its growth in U.S. stores next year, while investing more in e-commerce.
The company also says it's conducting a major diagnostic review of its U.S. Walmart business and will update investors of plans early next year.
The review comes as it aims to revive business at Walmart discount stores, which have not recorded growth in revenue at locations opened at least a year for six straight quarters.
Walmart told investors on Wednesday that it's opening 60 to 70 super centers its next fiscal year, down from the expected 120 stores this year.
The company also plans to add 180 to 200 Neighborhood Markets next year, from the 170 stores slated for this year. It's reducing its expansion growth of its smaller Walmart Express stores.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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