Walmart,the world’s biggest retailer by sales, is slowing its opening of new stores in China and Brazil after admitting it had made mistakes and let profitability slip in its haste to expand.
Charles Holley, chief financial officer, said: “Clearly, we’d gotten ahead of ourselves,” but stressed the decision was not a response to slowing economic growth in China and Brazil, or to allegations of corruption in Mexico.
Walmart International cut its plans for new store space this year by about 30 per cent to the equivalent of between 115 and 126 US Supercenters. This will reduce its capital expenditure by about $500m.
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