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.