LITTLE ROCK — Wal-Mart Stores Inc. will scale back its U.S. growth plans by 2010 to about half the new retail space it added in its fiscal year that ended Jan. 31, the company said Tuesday.
The move comes as the world's largest retailer has worked to increase sales in existing stores, but it's been a struggle and has led to the company's stock taking a beating on Wall Street. It fell $1.32 - nearly 3 percent - Tuesday on the New York Stock Exchange to $43.93 a share and is down 19 percent from its high for the past year.
The Bentonville-based retailer also forecast that its international retail space would nearly double from 2007 through 2010.
Wal-Mart detailed the plans in meetings with retail analysts at the John Q. Hammons Center in Rogers and in a conference call with reporters.
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