Lee Scott, chief executive of Wal-Mart, has said the US retail giant is unlikely to expand its European operations in the near-term.

"It's not liable to happen next month or even next year, maybe," Scott was quoted by Dow Jones News as saying. 

During a recent visit to Europe, Scott said Wal-Mart wants to expand its operations in Europe, either through acquisitions or building new stores. He also said the company may expand in Europe via its UK subsidiary Asda.

However, Scott has now clarified that such expansion is not likely to happen imminently.

"I think it's a matter of when the... valuations of the companies would be attractive to us," Scott was quoted as saying. He also said it may take a while for Wal-Mart to decide on companies that are a good fit with the US retailer.