BENTONVILLE, AR-Wal-Mart Stores is cutting back its store growthwith plans to open just 195 of its US Supercenters during thecurrent fiscal year, down from 281 last year. It will grow evenmore slowly in fiscal 2009, with 170 units and drop to 140 newlocations the following period.
“This strategy will increase free cash flow, allowing Wal-Martto fund strategic acquisitions and provide returns for ourshareholders through dividends and share repurchase,” says TomSchoewe, the company's EVP and CFO. Wal-Mart has bought chainsoutside of the US but has not traditionally purchased otheroperations in this country.
The retailer will also convert its existing discount stores intoSupercenters.
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