Walmart details spending for store openings, remodels
Walmart plans to spend invest more money in its stores in Texas this year than any other state.
The discounter detailed its spending plans for store openings and remodels along with in-store technology initiatives. The spend is part of Walmart’s total capital expenditures guidance of approximately $11.0 billion for its current fiscal year.
As previously announced, the chain’s store spends this year leans more toward remodeling than new store openings. The retailer also plans to expand several in-store services, including adding more online grocery pickup locations, and more high-tech pickup towers.
Here is how the discounter’s plans shape up in several states:
- Texas: Walmart will invest $277 million in the Lone Star State to open four stores and remodel more than 40 locations, with many in the Dallas-Fort Worth area. Texas is Walmart’s largest state, with 508 Walmart stores, 85 Sam’s Club stores and 19 distribution centers.
- Florida: Walmart will spend about $200 million during the next year through the opening and remodeling of 43 stores in Florida.
- New stores are planned for Central Florida (one), Jacksonville (two) and Miami-Fort Lauderdale (three), with remodels in in Central Florida, the Panhandle, Tampa Bay, West Palm Beach, and other parts of the state. Walmart will open a new distribution center in the City of Cocoa later this year.
- California: Walmart is making a $145 million investment in its California stores. The money will be used to remodel 33 stores in the state, and open a new location in Fresno.
- Ohio: The retailer will spend $94 million on its Ohio footprint, with 27 remodels planned.
- New Jersey: Walmart is spending $68 million to extend its presence in the Garden State. It will open one new store, in Mount Laurel, and remodel 11 existing sites.
The discounter also plans to expand its grocery pickup service to 13 additional locations.
Bed, Bath & Beyond dips in 4th quarter
Bed Bath & Beyond, the parent company of Harmon, issued its fourth-quarter sales and earnings, which beat the Street but also reported gloomy guidance for its current year.
Bed Bath & Beyond said it earned $194 million, or $1.41 a share, in the quarter ended March 3, compared with $269 million, or $1.84 a share, in the year-ago period. Excluding items, the retailer reported adjusted earnings of $204.59 million or $1.48 per share, better than analysts had expected.
Sales rose 5.2% to $3.7 billion in the quarter. Same-store sales fell by about 0.6%.
The company said it expects fiscal 2018 per-share net earnings to be in the low-to-mid $2 range. Analysts had expectations of $3.07 a share for the year.
The Exchange’s retail mission supports soldiers worldwide
The Exchange is focused on fulfilling its retail mission in supporting active duty personnel, the military retailer told leadership Wednsday.
Gen. Gustave Perna, Commanding General of the U.S. Army Materiel Command and the Army’s senior logistician, met with Army & Air Force Exchange Service director and CEO Tom Shull and senior Exchange executives. The meeting helped lay the foundation for how AMC sees the Exchange fitting into its logistical footprint, the Exchange said. Perna and Shull also discussed how AMC and the Exchange can more effectively support soldiers.
Shull briefed Perna on the Exchange’s retail mission. Shull discussed how the Exchange’s BE FIT program supports soldier readiness and resiliency through a large selection of fitness products in store and at ShopMyExchange.com; the expansion of MILITARY STAR card acceptance at commissaries; and the veterans online shopping benefit. The shopping benefit, which launched last Veterans Day, welcomed home 18.5 million honorably discharged Veterans with tax-free shopping and military exclusive pricing at ShopMyExchange.com.
“Meetings like these are very helpful,” Perna said. “It’s good for me to be informed on what we are or are not doing.”
Perna, the second four-star general to visit the Exchange in the last two years, understands the importance of the Exchange, having served on the Exchange board of directors from January 2015 to September 2016, including about a year as board chairman. As commander of AMC, Perna oversees superior technology, acquisition support and logistics to ensure dominant land force capability for soldiers, the United States and its allies.
“It’s a great privilege to have a soldier’s soldier such as Gen. Perna in the Exchange’s corner,” said Shull. “He understands the unique challenges that we face and we truly appreciate all that he does for the Exchange.”