Walmart Scales Back U.S. Store Growth, Investing in E-Commerce

Walmart is scaling back its growth in U.S. stores next year, while investing more in e-commerce. The company also says it's conducting a major diagnostic review of its U.S. Walmart business and will update investors of plans early next year. The review comes as it aims to revive business at Walmart discount stores, which have not recorded growth in revenue at locations opened at least a year for six straight quarters. Walmart told investors on Wednesday that it's opening around 70 super centers its next fiscal year, down from the expected 120 stores this year. The company also plans to add around 200 Neighborhood Markets next year, from the 170 stores scheduled for this year. The effort is to reduce its expansion growth of its smaller Walmart Express stores.