David, here's the correction:
In June 6 story headlined "Wal-Mart sees rising
international sales," please read headline as "Wal-Mart sees
rising int'l spending." In the first paragraph, please read
"...international capital spending..." instead of
"...international sales..." In the second paragraph, please
read "...the increased spending should put Wal-Mart on track to
boost capital spending by 32 percent..." instead of "...the
increased sales should put Wal-Mart on track to boost
international revenues by 32 percent..." (corrects to show the
company was forecasting spending, not sales).
A corrected version follows:
The increased spending would put Wal-Mart on track to boost
international capital spending by 32 percent this year, Les
Copeland, senior manager of international corporate affairs,
said at the retailer's annual shareholder meeting in
Fayetteville. (corrects to show forecasts refer to spending)
Wal-Mart in the first quarter this year generated $6
million in profits from sales in Canada and Mexico compared
with a $16 million loss in the same period last year, he said.
The retailer generates just under 5 percent of total sales
from international operations, and earlier said it plans to add
up to 35 stores outside the United States as part of an ongoing
global expansion.
"We are ready for major global expansion," said John
Menzer, Wal-Mart's chief financial officer.
The global expansion will include doubling the number of
Supercenters stores in Brazil and Argentina, where the company
also plans to open traditional Wal-Mart stores in smaller
markets, he said.
Wal-Mart executives declined to identify other countries
where the company plans to expand. The giant retailer posted
$104 billion in total sales last year and has a goal of topping
$200 billion in the years ahead.
The retailer next week will expand its virtual shopping
options, doubling to 800,000 the number of items from its
Wal-Mart and Sam's Club inventories available on-line. On-line
shopping accounts for less than one percent of total sales for
the company, he said.
At the annual meeting, shareholders overwhelmingly voted
down a proposal to require Wal-Mart to monitor working
conditions and ensure adequate wages were paid to vendors'
workers producing goods for the retailer.
Despite a rousing round of warm-up exercises led by fitness
guru Richard Simmons, the carnival-like atmosphere of the
Wal-Mart annual meeting was toned down this year and there was
no vendor fair.
Sorry, I can't help you with online. But I don't see this as incremental anyway. They will be "stealing" from themselves. Also, if online takes off, manufactures will sell via internet INSTEAD of retailers. The need for "middlemen" is going to be reduced. I also am not a big fan of Glass, as I think he inherited a well run machine,, but now he must change, and I don't think he is the executive to do so. Another area of severe concern, is the credit debt on Walmart's credit card. LF |
