Wal-Mart outlines growth plans
Wal-Mart has presented its global plans for store and club growth next year at its annual conference for the investment community and updated its projections for capital expenditures through the fiscal year ending January 2011. Total capital spending for the fiscal year ending January 2010, is projected to be in a range of USD12.5-13.1 billion, up from approximately USD11.5 billion in fiscal year 2009. Total capital spending for the fiscal year ending January 2011 is projected to be in a range of USD13-15 billion.
“Our plan for growth is clearly intended to increase shareholder value," said Tom Schoewe, Executive Vice President and Chief Financial Officer. "In the US, we're building new stores and accelerating the pace of our remodels because they have been so successful at winning and retaining customers. We're stepping up growth in our international operations to take advantage of growing economies and opportunities in emerging markets, such as China and Brazil.”
In the US, Walmart will continue to focus on further improving the returns of its supercenter format through remodels of existing stores and by accelerating growth of new store designs capable of generating greater returns from current assets. By November 2009, Walmart US will have completed Project Impact remodels at more than 30% of its 3,538 stores. By the end of fiscal year 2012, approximately 70% of Walmart US stores, including newly-constructed stores, are expected to be updated under the Project Impact initiative.
"As part of our plan to accelerate growth, we are investing capital in fiscal year 2011 for stores that are planned to open in fiscal year 2012, and we're stepping up the remodels of our existing store base," said Eduardo Castro-Wright, Vice Chairman of Walmart. "The remodelling of our existing store base is important because the investments are delivering strong sales performance, excellent customer response and higher returns."
Sam's Club plans to add between five and 10 new, expanded or relocated clubs in fiscal year 2011 after adding a projected 15 clubs this fiscal year. "We remain committed to opening and operating the optimal number of clubs, in the right sizes and formats, in locations that make the best use of our capital," said Brian Cornell, President and CEO, Sam's Club. "Sam's also is increasing its investment in remodelling to improve operating productivity and efficiency, based on a new club layout." Sam's Club plans to remodel between 50 and 55 clubs by year-end, and expects to remodel between 70 and 90 clubs next fiscal year.
Walmart International plans aggressive investment, particularly in growth markets such as China and Brazil. The International portfolio includes a variety of formats, from supercenters to small grocery stores. New stores are expected to add approximately 6.7 million square metres in fiscal year 2010, and approximately 7.6 million square metres more in fiscal year 2011. These projections are based on the existing store base and do not include possible acquisitions. "We will continue our organic growth strategy, with strong capital discipline and optimisation of our portfolio of formats and brands worldwide," said Doug McMillon, President and CEO of Walmart International. "We will allocate capital, by country and by format, to improve returns from these investments."
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