"Wal-Mart to cut US openings, spending" by Reuters | October 28, 2008
CHICAGO - Wal-Mart Stores Inc. will slow the pace of US store openings and cut back on capital spending, aiming to boost sales by remodeling existing stores and improving its merchandise selection.
The world's largest retailer also said yesterday it is attracting higher-income shoppers with discounts as the US economy reels from tighter credit, mounting job losses, and falling home prices. Traffic at stores serving households with income above $65,000 has been growing much faster than at the chain as a whole, Wal-Mart's US president and chief executive Eduardo Castro-Wright said at the retailer's annual analysts' meeting, which was broadcast over the Internet.
"What that means is we are seeing a lot of new customers that did not consider Wal-Mart before, that consider Wal-Mart now," Castro-Wright said.
How does that BITE of SHIT taste as you BAIL OUT BANKS, and ENDLESSLY FUND WARS and ISRAEL, Amurkn crap-chewers?
Wal-Mart is holding its annual two-day analyst meeting in Bentonville, Ark. Its US business is making a comeback after the retailer saturated markets with stores and saw slower growth in recent years. Cash-strapped shoppers are increasingly heading to its stores for low prices for necessities, such as food and medicine.
Analysts are watching to see if Wal-Mart can keep its momentum going amid the threat of a global recession. While Castro-Wright provided an update on its US business, chief financial officer Tom Schoewe is to outline expansion and spending plans for the entire business today.
Wal-Mart's US division plans to open 191 stores in the current fiscal year, which ends in early 2009, and 142 to 157 stores in the next fiscal year, Castro-Wright said. The company opened 218 US stores in fiscal 2008. Wal-Mart also plans $5.8 billion to $6.4 billion in capital spending this fiscal year for its US division, down from $9.1 billion last year. --more--"Looks like Wal-Mart doesn't have a CREDIT CRISIS on its hands, 'eh Amurkns (only you do)?!!!!
Heck, they are EXPANDING -- which means YOUR MISERY and LOST MANUFACTURING JOBS are GOOD BIDNESS for Wal-Mart!!!
