The necessary land acquisition is contingent upon building permits, for which Wal-Mart is soon expected to apply. Wal-Mart wants to break ground this summer and open by next spring. Its biggest competitor will be Fred Meyer, which has a 170,000-sf store less than two miles from the site.
For the fiscal year ended January, the company's net income--before an accounting change-- rose 13% to $6.30 billion on a 13% rise in revenue to $193.30 billion. In afternoon trading Thursday, stock in Wal-Mart was trading at $49.80 a share, 14 cents above Wednesday's close. The price is much closer to its 52-week low of $41.43 than its 52-week high of $64.93.
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