Fresh and pharmacy is the key to smaller-box retailing, Walmart reported Thursday as it announced plans to increase its capital investment in smaller formats from 120 to 150 new stores for the fiscal year to between 270 and 300.
Walmart knew fourth quarter results and its outlook would be weak so it gave investors Thursday morning something more substantial to digest by announcing plans to double the number of small format stores it will open this year and an increased omnichannel focus.
Bad weather and a reduction in food stamps led to weaker-than-expected sales at Walmart and Sam’s Club, which — combined with greater than expected international expense — prompted an uncharacteristic preannouncement from the company that fourth quarter profits would be worse than expected.
The Walmart Foundation, Goodwill Industries International, National Disability Institute and United Way on Monday launched the 2014 MyFreeTaxes program, an initiative offering free online federal and state tax preparation in all 50 states.
Walmart International president and CEO Doug McMillon was given the nod over Walmart U.S. president and CEO Bill Simon to succeed Mike Duke as president of Wal-Mart Stores, Inc., the company announced Monday morning.
Walmart managed to achieve its third-quarter profit target despite reporting weaker than expected U.S. sales, which prompted the company to issue a tepid outlook for fourth-quarter sales at Walmart U.S. stores and Sam’s Club units.
Walmart’s pharmacy footprint is poised for its most meaningful expansion in decades, thanks to shifting capital expenditure priorities that have begun to favor more aggressive expansion of smaller stores.