Wal-Mart releases plans for 2008 growth

The Company said that it estimates capital expenditures for its next fiscal year will grow at a significantly lower rate than spending for the current fiscal year. According to Wal-Mart Stores, Inc. executive vice president and chief financial office Tom Schoewe, the company projects its capital spending in fiscal 2008 to increase by approximately 2 to 4 percent, which compares to the 15 to 20 percent increase forecast for fiscal 2007. Schoewe said that the Company will continue growing through new unit expansion, acquisitions and same-store sales. Wal-Mart expects to open more than 600 new locations in the United States and around the world. The Company`s expansion program will add approximately 60 million square feet next year through a variety of formats worldwide. This estimate is before any possible future acquisitions. In outlining the expansion plan at Wal-Mart`s 13th Annual Fall Analysts` and Institutional Investors` Meeting, Schoewe emphasized that the Company has plenty of room to grow, both in the United States and internationally. Global square footage is expected to increase by approximately 7.5 percent in fiscal 2008. The Company plans to construct two new regional distribution centers and two new full grocery distribution centers during the next fiscal year. Combined, these distribution centers are expected to add more than four million square feet of distribution space in the United States. (Copyright 2006 Newsroom Solutions, LLC)