US: Wal-Mart lowers Capex forecast
US retail giant Wal-Mart has lowered its capital expenditure forecast for the current fiscal year to the end of January 2009. Wal-Mart said it expects capital expenditures to fall within a range of US$13.0bn to $14.0bn for current fiscal year, against a previously forecast range of $13.5bn to $15.2bn.
"This range, based on our latest projections, is lower than the $13.5bn to $15.2bn range we provided last October, and it reflects Wal-Mart's ability to grow more efficiently with reduced capital expenditures," said executive vice president and chief financial officer Tom Schoewe. "We first announced our capital efficiency model and reduction in capital expenditures in June 2007. We continue to be focused in the United States on moderating supercenter growth."
Wal-Mart said it planned to report US comparable store sales for the June sales period and provide an update to its earnings per share guidance for the second quarter of the current fiscal year on 10 July.
This week has seen two major appointments shake the food retail landscape. Just days after Carrefour named a new CEO, arch-rival Wal-Mart looked within and appointed Mike Duke, the head of its interna...
Asda president and CEO Andy Bond has predicted that the recession will "fundamentally change" the buying patterns of UK consumers....
Wal-Mart has agreed to pay up to US$54.25m to settle a class action lawsuit bought against the US retail giant by Minnesota hourly employees who claimed they were denied breaks and forced to work off ...
Retail giant Tesco is set to overtake Carrefour as the second largest retailer in the world in the next five years, according to new research....
Carrefour has insisted it is pursuing expansion in the Indian market both in the cash-and-carry and consumer retail sectors....
Wal-Mart has agreed to pay a US$1.4m penalty after an investigation by Californian authorities found evidence of price-scanning errors....
US retail giant Wal-Mart has announced that Mike Duke, currently head of its international businesses, will replace Lee Scott as president and CEO....
There was movement at the top of the world's two largest retailers this week, when both Wal-Mart and Carrefour appointed new CEOs....
- Interview: Sir Kensington's on sale to Unilever
- Analysis: Post discusses rationale for Weetabix
- Who will buy Danone's Stonyfield business?
- Interview: "Disruptive" snack brand Hippeas
- Column: Why snacking is the new meal
- Unilever buys US condiments maker Sir Kensington's
- Ice cream helps Unilever sales, food flat
- Nestle organic growth slows but beats expectations
- Dairy dampens Danone in Q1
- Icelandic to sell Saucy Fish Co. owner Seachill