Walmart plans to dial back investment in new stores as the company in the year ahead will give priority to store remodels and enhanced digital experiences.
Ahead of its annual meeting before the investment community, officials with the retailer outlined key initiatives for fiscal year 2019 that include adding 1,000 online grocery locations in its U.S. division and e-commerce investments that will include enhanced supply chain capabilities.
“We have good momentum in the business, we’re executing our strategy and moving with speed to win with the customer, who is more connected than ever and embracing tools that will save them both time and money,” said Doug McMillon, Walmart president and CEO.
For fiscal year 2019, the company expects net sales to grow at or above 3% driven by comparable store sales and e-commerce growth. In addition, company officials anticipate e-commerce sales growth of approximately 40% in its U.S. division.
Walmart also expects to open less than 15 supercenters and less than 10 Neighborhood Markets in the coming fiscal year. On an international basis, the company sees opportunity for greater expansion with plans to open some 255 locations in key markets such as Mexico and China.