BENTONVILLE, Ark. – Walmart’s flagship U.S. division has recorded three consecutive months of improved same-store sales.
The retailer intends to sustain its rebound with a $2 billion program to invest in lower prices over the next two years.
Speaking to analysts at the retailer’s annual analysts’ conference here, Walmart U.S. president and chief executive officer Bill Simon said that his division will cut its capital budget for fiscal 2013. However, spending on new stores will increase as the retailer continues to convert discount stores to Supercenters and rolls out its small Walmart Express concept. Five test units of the new format in Arkansas, North Carolina and Chicago have surpassed expectations with strong early sales, he said.