(Reuters) - At Wal-Mart's annual shareholders' meeting on Friday, Chief Financial Officer Tom Schoewe said the company will cut the number of supercenters it plans to open this year by as much as 30 percent as it tries to boost sales at U.S. stores. He also announced that the company would buy back $15 billion of its own stock.
Analysts and investors, who had eagerly awaited those comments, have pushed Wal-Mart to rein in U.S. expansion plans as sales growth at its existing stores, known as comparable store sales, has slowed and it has saturated several markets.
Read more at Reuters.com Business News
Analysts and investors, who had eagerly awaited those comments, have pushed Wal-Mart to rein in U.S. expansion plans as sales growth at its existing stores, known as comparable store sales, has slowed and it has saturated several markets.
Read more at Reuters.com Business News
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