Wal-Mart Stores Inc., the world's largest retailer, has pledged to investors solid revenue growth for the current fiscal year and faster growth next year. It also said it will concentrate on emerging markets when it opens new stores.
Company officials forecast that total sales growth for the current fiscal year ending Jan. 31, 2010 to be 1 % to 2 %. That's down from the original estimate of 5 to 7 %. But it expects sales to accelerate anywhere from 4 to 6 % in the following year.
Company officials said that a new look in its U.S. stores has helped retain existing customers and attract new ones, so it wants to increase the pace of remodeling. The company singled out China and Brazil as international markets where it wants to focus on building new stores.
Wal-Mart says its overall capital spending will be between $12.5 billion and $13.1 billion for the fiscal year ending Jan. 31, 2010. That compares with $11.5 billion last year. For the fiscal year ending Jan. 31, 2011, Wal-Mart expects to spend between $13 billion and $15 billion on capital projects.
The Associated Press has contributed to the report.