Wal-Mart plans to slow new store openings, invest in online
NEW YORK — Wal-Mart Stores Inc. plans to slow its new store openings and pour more money into its online efforts, technology and store remodels, the company said Thursday.
The world’s largest retailer completed its more than $3 billion buyout of the fast-growing online retailer Jet.com last month, showing how heavily it’s willing to invest to boost online sales that totalled $13.7 billion last year — still just a fraction of its annual revenue.
“This company is going to look more like an e-commerce company,” CEO Doug McMillon told analysts at the company’s annual investment meeting.
Wal-Mart also tempered its outlook, saying it anticipates fiscal 2018 earnings per share being about flat with its fiscal 2017 adjusted earnings per share. It foresees fiscal 2019 earnings per share growth of about 5 per cent.