Wal-Mart Revises Capital Expenditure Forecast
BENTONVILLE, Ark., June 2008 --- Wal-Mart Stores, Inc. (NYSE: WMT) has updated its total company capital expenditure forecast for the current fiscal year, ending Jan. 31, 2009. Speaking at the William Blair Growth Stock Conference in Chicago today, Wal-Mart Executive Vice President and Chief Financial Officer Tom Schoewe said Wal-Mart expects capital expenditures for the company to fall within a range of $13.0 to $14.0 billion for fiscal year 2009.
“This range, based on our latest projections, is lower than the $13.5 to $15.2 billion range we provided last October, and it reflects Wal-Mart’s ability to grow more efficiently with reduced capital expenditures,” Schoewe said. “We first announced our capital efficiency model and reduction in capital expenditures in June 2007. We continue to be focused in the United States on moderating supercenter growth.”
Wal-Mart will report U.S. comparable store sales for the June sales period and provide an update to its earnings per share guidance for the second quarter of the current fiscal year on July 10.
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, supercenters, Neighborhood Markets and Sam’s Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company’s securities are listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting www.walmartstores.com. Online merchandise sales are available at www.walmart.com and www.samsclub.com.
This release contains a statement that Wal-Mart believes is a “forward-looking statement” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that is intended to enjoy the protection of the safe harbor for forward-looking statements provided by that act. This forward-looking statement relates to our management’s expectations for the Company’s capital expenditures for fiscal year 2009. This statement is identified by use of the word “expects” in the statement. This forward-looking statement is subject to risks, uncertainties and other factors, domestically and internationally, including general economic conditions, the availability of consumer credit, consumer spending patterns and debt levels, unemployment levels, fuel prices, inflation levels, weather conditions, competitive pressures and other risks. The Company discusses certain of these matters and other risk factors more fully in its filings with the SEC, including the most recent annual report on Form 10-K filed with the SEC. This release should be read in conjunction with that annual report on Form 10-K and certain other Company filings with the SEC through the date of this release. The Company urges you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statement made in this release and not to place undue reliance on such statements. As a result of these and other matters, including changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from those discussed in such forward-looking statement. The forward-looking statement included in this release is made only as of the date of this release, and we undertake no obligation to update it to reflect subsequent events or circumstances.
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