Wal-Mart says it can make acquisitions in new markets
Wal-Mart Stores Inc., the world s biggest retailer, can use acquisitions to enter new markets as it continues to open stores in countries where it already operates, Chief Financial Officer Tom Schoewe said.
We can still acquire our way into geographic locations where we wouldn t have a presence today, Schoewe said on a conference call with analysts and investors today.
The company, based in Bentonville, Arkansas, has created a team to improve the integration of acquired companies, Schoewe said. Its takeover of Chile s Distribucion y Servicio D&S SA a year ago is going far better than some of the ones in the past, said Schoewe, citing earlier transactions in China and Brazil. He didn t elaborate on previous purchases.
The retailer also said its U.K. chain, Asda, plans to extend its Living stores to 150 outlets within five years from 24 now, exceeding its supermarkets. The retailer plans to have 100 supermarkets by 2014, up from 22 now.
The Mail on Sunday reported this week that Asda may be interested in making an offer for Home Retail Group Plc, owner of the U.K. s Argos catalog stores. A spokesman for Home Retail declined to comment on the report. Asda never comments on market speculation, a spokesman said at the time.
Wal-Mart fell 51 cents to $54.13 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have gained 1.3 percent this year.
Asda, which this week said Chief Executive Officer Andy Bond is stepping down from the post, is seeking to become the biggest non-food retailer in the U.K. The Living stores sell home goods, clothing and electronics. The company also has 296 so-called superstores, which sell food and clothing.
The Asda plans in non-food are the most ambitious in the food retail sector, Simon Dunn, a food retail analyst at Liberum Capital in London, said in a note to investors. Given ASDA s budget pricing it implies additional pressure on sales and margins across the U.K. retail sector in the medium term.
Related News
Photos
More>>
trade
- The Schaeffler Group and Henan University of Science and Technology (HUST) begin
- Hailin Bearing Company Donations For The Disaster Zhouqu
- President Hu stresses economic restructuring, agricultural production while
- CBIA Director-general Liu Enshi Visited Xiangyang Automobile Bearing Co.,Ltd
- NTN Signs an Alliance Memorandum in the Bearing Business with Luoyang LYC
market
- Wafangdian JinFeng Took Part In Shanghai Bearing and Equipment Exhibition
- Director of Bangladesh Ministry of Transport Visited Xiangyang Bearing Company
- Shanghai Rabbit Participated in the 12th China International Bearing & Equipment
- Chairman of China Machinery Industry Federation visited the Longxi Corporation
- Germany Customers Visited Xiangyang Automobile Bearing Co., Ltd
finance
- Three Products of CSC Received Authentication
- LDB Participated the 12th China International Bearing and Equipment Exhibition
- New Look of ZWZ in 2010 China International Bearing & Equipment Exhibition
- NTN Participated in the 12th China International Bearing & Equipment Exhibition
- New Look of Xinxiang Sunrise in 2010 China International Bearing & Equipment