Walmart investing in e-commerce and small format units
SEAFOODNEWS.COM [Progressive Grocer] - October 17, 2014 -
At its annual meeting for the investment community, Wal-Mart Stores Inc. projected total capital spending for fiscal 2016 to range between $11.6 billion and $12.9 billion, including about $1.2 billion to $1.5 billion for e-commerce and digital initiatives.
"We'll change the mix of our capital spend next year noted President and CEO Doug McMillon, who outlined the mega-retailer's growth strategy.
"Our business and customers continue to evolve and so will the way we deploy capital," added Charles Holley, Walmart's EVP and CFO. "We will invest more heavily in e-commerce initiatives, while temporarily moderating our global physical growth, particularly larger stores. We are focused on creating an endless aisle and appealing to our customers’ changing needs."
Continued Holley: "Globally, we expect to finish this year with approximately $12.5 billion in e-commerce sales. Looking forward, we expect an increase in global e-commerce sales of around 25 percent in fiscal year 2016, and we anticipate growth over the three-year period from fiscal years 2016 through 2018 to average 30 percent to 40 percent."
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