Wal-Mart plans to slow expansion

FAYETTEVILLE, Ark., June 1 (UPI) -- Wal-Mart said Friday it would cut its planned additions of new U.S. superstores by more than one-third to sharply limit its store expansion.

The world's largest retailer told investors at its annual meeting in Fayetteville, Ark., that it also would delay some scheduled openings.

Thomas Schoewe, Wal-Mart's chief financial officer, said the company would repurchase up to $15 billion in shares through an undefined period, funding the buybacks with new borrowings with savings from the fewer store openings.

The Wall Street Journal said the planned expansion slowdown will cut Wal-Mart's capital expenditures this year by $1.5 billion to $15.5 billion.