Wal-Mart Eyes Positive Gains After Cuts, Slower Growth Rate
Wal-Mart is now eyeing further cost cutting in order for them to sell cheaper products to their customers around the world.
Despite slower growth rate in the past year, company chief executive and president Mike Duke said that the retail giant will maintain it position as the top retail store in the US, adding that they will soon take over the world market with the new scheme.
Despite analysts’ prediction of depleted stocks, Wal-Mart Stores Inc. chief executive officer and President Mike Duke on Friday said they are confident that aggressive moves to cut prices of their goods will not affect stock prices. Even after modest forecasting of its US expansion plan in the next couple of years.
“We are confident enough that our price-cutting will absolutely have its effect on our sales. We will soon have price leadership as well as greater shareholder value in our stores,” Duke said.“We will dominate the area of retailing worldwide,” he added in his speech at the second analysts meeting in Arkansas, just several kilometers away from Wal-Mart’s headquarters.
Meanwhile, audiences around the world have also watched his speech online, expecting tougher results in the last quarter of the year for the retail giant.
Also, Duke said that they are now finalizing several steps on how Wal-Mart can cut its operations costs while at the same time redirecting the funds to further price cuts on its goods.
“We are hoping that these price cuts in the number of our products will have huge effect in our sales. Once we accomplished our target sales, we can now focus in a more efficient and lower operating costs in all our stores around the globe,” he added.
The holiday season, according to Duke, will be the stepping stone for the retailer as it is set to launch the slashed pricing on all of its products such as board gaming equipment, beach umbrellas, sports apparel, and other off-season products.
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