Wal-Mart predicts sales will grow faster next year

By Jessica Wohl

(Reuters) - Wal-Mart Stores Inc expects slightly stronger sales growth next year as it makes changes such as opening more smaller U.S. stores and shutting 50 poorly performing stores in Brazil and China, executives said on Tuesday.

The world's largest retailer sees a "tough" and "unpredictable" economy around the world, Chief Executive Officer Mike Duke said, a week after the International Monetary Fund trimmed its outlook for global growth.

Wal-Mart expects its overall sales to rise to $475 billion to $480 billion this fiscal year, a gain of about 1.9 percent to 3 percent over last year's $466.11 billion. For fiscal 2015, which begins in February, it is targeting 3 percent to 5 percent growth, Chief Financial Officer Charles Holley said at the company's meeting with investors and analysts in Arkansas. The meeting was also webcast.

Positive economic signs such as a declining unemployment rate, along with Wal-Mart's efforts such as better merchandising plans, new stores and ecommerce plans, makes the company confident it can grow sales faster next year, Holley said.

Still, U.S. customers remain under pressures from higher income taxes, gas and food prices, plus the government shutdown, and they are trying to stick to budgets.

Wal-Mart is not waiting for the holiday season to get aggressive on pricing. Walmart U.S., its largest business by far, is promoting low prices on everything from Kraft's Velveeta cheese and PepsiCo Inc's Doritos chips to Procter & Gamble Co's Pampers diapers and Bounty paper towels this month, while Sam's Club will have another discount booklet for members starting on October 30, as both chains try to boost sales early in the fourth quarter.

More than 1 million people have already signed up for holiday layaway, which allows Walmart U.S. shoppers to put items on hold and pay for them over time. Four of the top five items on layaway are devices including Google Inc Nexus tablets, HP's HP 2000 laptop, the Hisense Sero 7 tablet and Fuhu Inc's nabi 2 Kids' tablets, Holley told reporters.

FURLOUGH IMPACT

Walmart U.S. feels pretty good about its profit but is not satisfied with its sales, Simon said.

Same-store sales at Walmart U.S. unexpectedly fell 0.3 percent in the 13-week period that ended in late July. Same-store sales at the bottom 10 percent of its large U.S. supercenters were down 7.5 percent in that period, he added.

Walmart U.S. said it is testing using its supercenter stores as "cross docks" to supply nearby smaller stores, a move that could help it keep goods in stock and cut costs. The system is set to roll out in the first of three unnamed markets in March.

Using the back room of a supercenter as a "little mini warehouse" for daily deliveries to smaller stores would eliminate the need to send 53-foot trucks from distribution centers to smaller stores, Walmart U.S. CEO Bill Simon said.

"I think it's a fundamental shift in their real estate strategy" to look at things market-by-market rather than store-by-store and is a "sophisticated development," said Stewart Samuel, program director at IGD, who attended Tuesday's meeting.

Those types of efforts, plus continued investment in ecommerce, should pay off over time, Samuel said. Wal-Mart, which is opening more ecommerce fulfillment centers and filling some orders from stores, expects $13 billion in ecommerce sales in fiscal 2015, up from $10 billion or more this year.

Thousands of federal workers have been furloughed in the impasse over the U.S. budget and Walmart U.S. CEO Bill Simon said that if people were not getting paid, they were not shopping as much. Sam's Club CEO Rosalind Brewer said that just over 40,000 people came to shop at its warehouse clubs after the chain waived its usual fee for those who could not access military commissaries closed in the shutdown.

Wal-Mart shares ended the day down 31 cents, or 0.42 percent, at $74.37. Through Monday, the shares were up 10 percent this year, underperforming the 19.7 percent gain in the S&P 500 <.spx>.

SLOWING INTERNATIONAL GROWTH

Bentonville, Arkansas-based Wal-Mart is still committed to trying to grow operating expenses at a slower rate than sales. Overall, capital spending is set to be $12 billion to $13 billion this year and $11.8 billion to $12.8 billion next year.

The company is closing about 50 under-performing stores out of hundreds it has in the major emerging markets of Brazil and China, said Walmart International Chief Executive Doug McMillon. The company said the stores set to close represent about 2 percent to 3 percent of its sales in each of those markets, although it is still opening new stores as well.

For the first time, Walmart U.S. plans to open more smaller-format stores than supercenters. Walmart U.S. plans to open 235 to 265 stores in fiscal year 2015, about 120 to 150 of them small stores. It is planning for about 245 openings this year, slightly above an earlier forecast.

Wal-Mart now plans to open 34 million square feet of new store space this year, down from its original forecast of 36 million to 40 million square feet. For next year, it targeted 33 million to 37 million in new store space, with more than half of the space being added in Walmart U.S., which will open more smaller stores than larger ones. The pace of growth internationally may continue to slow.

(Reporting by Jessica Wohl in Chicago; Editing by Gerald E. McCormick, John Wallace, Andre Grenon and Krista Hughes)

Source: http://news.yahoo.com/wal-mart-says-u-government-shutdown-customers-minds-132111163--business.html
Similar Articles: Mike Wayans   The Blacklist   jadeveon clowney   Demi Lovato   Lauren Silverman  

Malala Yousafzai: A 'Normal,' Yet Powerful Girl

Malala Yousafzai speaks to NPR's Michel Martin while on tour for her new book, I Am Malala.

Abbey Oldham/NPR

Malala Yousafzai speaks to NPR's Michel Martin while on tour for her new book, I Am Malala.

Abbey Oldham/NPR

"I think Malala is an average girl," Ziauddin Yousafzai says about the 16-year-old Pakistani girl who captured the world's attention after being shot by the Taliban, "but there's something extraordinary about her."

A teacher himself, Yousafzai inspired his daughter's fight to be educated. At a special event with Malala in Washington, D.C., he tells NPR's Michel Martin that he is often asked what training he gave to his daughter. "I usually tell people, 'You should not ask me what I have done. Rather you ask me, what I did not do,' " he says. "I did not clip her wings to fly. I did not stop her from flying."

Yousafzai has this advice for parents of girls around the world: "Trust your daughters, they are faithful. Honor your daughters, they are honorable. And educate your daughters, they are amazing."

A year after being shot, Malala is clear about her goal. "I speak for education of every child, in every corner of the world," Malala says. "There has been a discrimination in our society," which she believes must be defeated. "We women are going to bring change. We are speaking up for girls' rights, but we must not behave like men, like they have done in the past."

Perhaps she has learned from her father's experience. When asked what gave him a passion for girls' education, Yousafzai points out that he was "born in a society where girls are ignored." Living with five sisters, he was sensitive to discrimination from an early age. "In the morning, I was used to milk and cream, and my sisters were given only tea," he says.

Yousafzai felt the injustice even more when Malala was born. He later opened a school that Malala attended in the Swat Valley. At the time, the Taliban's influence was gaining power and both Yousafzais were firmly on their radar. "But we thought that even terrorists might have some ethics," Yousafzai says. "Because they destroyed some 1,500 schools but they never injured a child. And she was a child."

Malala says that the shooting has taken away her fear. "I have already seen death and I know that death is supporting me in my cause of education. Death does not want to kill me," she says. "Before this attack, I might have been a little bit afraid how death would be. Now I'm not, because I have experienced it."

When asked if she is having any fun now with all her campaigning, Malala laughs, "It's a very nice question. I miss those days." But she also says that there is another side to her than what is shown in the media. "Outside of my home, I look like a very obedient, very serious, very good kind of girl, but nobody knows what happens inside the house." There, she says, she's not naughty, but she has to stand up to her brothers. "It's good to fight with your brothers and it's good to tease them to give them advice."

She says her little brother doesn't really understand why his sister has so much attention. "He said, 'Malala ... I can't understand why people are giving you prizes, and everywhere you go people say, 'This is Malala' and they give you awards, what have you done?' " she says.

Malala knows the Taliban would still like to kill her, but she says she hopes to return to Pakistan one day. "First, I need to empower myself with knowledge, with education. I need to work hard," she says. "And when I [am] powerful, then I will go back to Pakistan, inshallah [God willing]."

Source: http://www.npr.org/2013/10/15/234730460/malala-yousafzai-a-normal-yet-powerful-girl?ft=1&f=46
Similar Articles: Maria de Villota   CJ Spiller   Eiza González   constitution day   chrissy teigen  

Magnolia Takes U.S. Rights to 'The Double' Starring Jesse Eisenberg

Magnolia Pictures has picked up U.S. rights to The Double, Richard Ayoade's film starring Jesse Eisenberg and Mia Wasikowska.

Ayoade, an English comedian-actor who made his directorial debut with 2010's Submarine, co-wrote and directed The Double, which is loosely based on the novella by Fyodor Dostoyevsky. An Alcove Entertainment production, the film premiered at the Toronto Film Festival in September.

Magnolia is planning a 2014 theatrical release following a domestic festival run.

VIDEO: Toronto: Jesse Eisenberg, Meet Jesse Eisenberg in 'The Double' Trailer

Co-written by Avi Korine, the story follows a man named Simon (Eisenberg) who is overlooked at work, criticized by his mother and ignored by his dream woman (Wasikowska). When a new co-worker arrives (also played by Eisenberg), Simon's world is changed by the doppelganger who is everything that Simon is not.

The supporting cast includes Wallace Shawn, Yasmin Paige, Noah Taylor, James Fox, Cathy Moriarty, Chris O'Dowd, Sally Hawkins, Craig Roberts and Paddy Considine.

The film was produced by Amina Dasmal and Robin Fox, and executive produced by Michael Caine, Graeme Cox, Tessa Ross and Nigel Williams.

In THR's Toronto review, John DeFore wrote of the film: "A big shift from his coming-of-age debut film, Submarine, the heavily stylized film further demonstrates the actor's ability to create self-contained worlds behind the camera."

The deal was negotiated by Magnolia director of acquisitions John Von Thaden with WME Global and Protagonist Pictures on behalf of the filmmakers.

Source: http://feedproxy.google.com/~r/thr/film/~3/1nvKjDBfokg/story01.htm
Related Topics: Michelle Rodriguez   houston texans   nfl scores   Low Winter Sun   pga tour  

Big day by Davis lifts 49ers past Cardinals 32-20

SAN FRANCISCO (AP) — If Vernon Davis keeps this up, perhaps the San Francisco 49ers can stop worrying about the passing game until Michael Crabtree returns from injury next month.

Davis caught touchdown passes of 61 and 35 yards and finished with a career-best 180 yards receiving, leading the 49ers past the Arizona Cardinals 32-20 on Sunday for their third straight victory.

Colin Kaepernick threw for 252 yards and Frank Gore ran for 101 yards on 25 carries.

Kendall Hunter ran for a 6-yard touchdown that sealed it for the 49ers (4-2) with 6:35 remaining.

Rookie safety Eric Reid made his team-leading third interception and also recovered a fumble to stop an Arizona drive deep in 49ers territory in the third quarter. San Francisco forced four turnovers for the second straight game.

Arizona (3-3) lost star defensive end Calais Campbell to an apparent right leg injury late in the game.

For the 49ers, this balanced offensive performance was something they have searched for from Week 1.

Kaepernick got back on track after four straight games of fewer than 200 yards passing.

Carson Palmer was 25 of 41 for 298 yards with a 75-yard touchdown pass to Larry Fitzgerald, but inconsistent play plagued Arizona's offense again.

Trailing 22-14 late in the second quarter, Cardinals missed a big opportunity to take some momentum into halftime. Michael Floyd was flagged for offensive pass interference when he pushed Tarell Brown out of the way before making what would have been a 44-yard touchdown catch.

Floyd redeemed himself with a 10-yard touchdown catch midway through the third quarter in which he got by Brown in the left corner of the end zone. But Arizona failed on a 2-point conversion try, leaving the 49ers up 22-20.

The Cardinals' much-improved defense took a big blow when Campbell was carted off with 4:56 left. He was hurt when his leg buckled beneath him on a tackle of Gore.

Fitzgerald didn't seem hampered by a tender hamstring when he split two defenders as the 49ers tried for another interception, and his touchdown put Arizona ahead 7-6 late in the first quarter.

Fitzgerald fumbled after a catch late in the third quarter on a hit by Patrick Willis, and Reid recovered. All-Pro linebacker Willis returned for San Francisco after missing two games with a groin injury.

There was some question whether Fitzgerald would play, with the Cardinals gearing up for two games in a five-day stretch; the Seahawks visit the desert Thursday night. But he played in his 96th straight game.

After Fitzgerald scored, San Francisco took charge in a wild sequence.

Kaepernick's tipped pass intended for Bruce Miller near the goal line was intercepted by Yeremiah Bell. But San Francisco turned that bad break into a go-ahead safety when Corey Lemonier took Palmer down in the end zone for his first career sack, putting the 49ers ahead 8-7.

Two plays after Arizona's free kick, Kaepernick found Davis for the 61-yard TD.

___

AP NFL website: www.pro32.ap.org

Source: http://news.yahoo.com/big-day-davis-lifts-49ers-past-cardinals-32-000101013--spt.html
Related Topics: once upon a time   new england patriots   peyton manning   Yosemite Fire   megan fox  

Automatic cuts re-emerge as budget battle issue

Eighth-grade students from Highland Middle School in La Grange, Ill., visit the Capitol in Washington, Monday, Oct. 14, 2013, as a partial government shutdown enters its third week. The Senate's top two leaders both expressed optimism Monday that they were closing in on an agreement to prevent a national financial default and reopen the government after a two-week partial shutdown. (AP Photo/J. Scott Applewhite)

Eighth-grade students from Highland Middle School in La Grange, Ill., visit the Capitol in Washington, Monday, Oct. 14, 2013, as a partial government shutdown enters its third week. The Senate's top two leaders both expressed optimism Monday that they were closing in on an agreement to prevent a national financial default and reopen the government after a two-week partial shutdown. (AP Photo/J. Scott Applewhite)

A view of the Washington Monument from Capitol Hill on Monday, Oct. 14, 2013 in Washington. The federal government remains partially shut down and faces a default between Oct. 17 and the end of the month. (AP Photo/ Evan Vucci)

WASHINGTON (AP) — The broad, automatic spending cuts known as sequestration have re-emerged as a central issue in efforts to end the partial government shutdown and avert a federal default.

Many conservatives view the past seven months of lower spending levels as one of their rare accomplishments in dealing with President Barack Obama and want to continue them.

But GOP defense hawks complain that the next round of automatic cuts falls almost entirely on the Pentagon, and many Republicans want to shift that burden to domestic programs.

Obama and Democrats would do away with them altogether, substituting new taxes and maybe some spending cuts elsewhere in their place. Republicans are agreeable — Democrats much less so — to trimming future Social Security benefits or making wealthier retirees pay higher premiums for Medicare in place of the automatic cuts.

Sequestration deals mostly with the day-to-day operating budgets of federal agencies. The Veterans Administration is exempt, as are the biggest "mandatory" benefit programs like Social Security, food stamps and Medicaid. The president's health care program — "Obamacare" —also is exempt.

The impact of the automatic cuts that went into effect in March was not as harsh as many people feared. Some agencies were able to move money around to prevent or reduce furloughs.

For many Americans, however, the impacts have been real. Health research has slowed, thousands of Head Start slots have been eliminated and poor people have been left hanging on waiting lists for housing subsidy vouchers.

The future is uncertain but easing or eliminating a new round of automatic spending cuts in January is likely to be a focus of any budget talks once the government reopens fully. Giving agencies more flexibility to adjust to reduced funding levels also is being discussed.

A brief primer on the automatic spending cuts and what might happen next:

—Sequestration was established by the 2011 Budget Control Act to reduce government spending by $1.2 trillion over 10 years. The cuts were to be divided between defense and domestic programs and achieved through caps on the money Congress can appropriate each year.

—For fiscal 2013 ending Sept. 30, sequestration lowered Congress' spending cap from $1.043 trillion to $988 billion. Of the $55 billion in spending cuts, $22 billion was from a 4.5 percent cut in domestic programs and $33 billion was from a 6 percent cut in military spending. That reduced the Pentagon's budget this past year from $552 billion to $519 billion. In addition, benefit programs were cut $17 billion. Of that, $11 billion was from fee reductions for Medicare providers like doctors and hospitals. The other $6 billion was spread among smaller programs like farm subsidies. Altogether the sequester produced total budget savings of $72 billion in 2013.

—For fiscal 2014, the sequester lowers the cap on what Congress can spend to $967 billion. Virtually all of the additional savings would come from new and deeper cuts to the military. The Pentagon's budget would drop from $519 billion to $498 billion.

—The debate: House Republicans want to maintain the $967 billion cap for fiscal 2014 but shift all the sequester cuts from the Pentagon to domestic programs. Democrats want to do away with the sequester entirely and set the spending cap at $1.06 trillion.

Congressional leaders tentatively have agreed to extend the 2013 cap of $988 billion for three months while they attempt to negotiate a broader deal for easing or replacing the automatic spending cuts.

Associated PressSource: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-10-15-Budget%20Battle-Sequestration/id-6f18ae3b93814ab49dbfade368728e37
Related Topics: alabama football   hayden panettiere   Dylan Penn   katy perry   Sarin gas  

Google exec says top-secret Google Glass successor now being developed

Google Glass won’t launch until sometime next year and when it does, it’s likely that only the most fearless geeks will dare to wear the connected headset out in public. According to MIT’s Technology Review blog, Google is already hard at work on a top-secret follow-up to Glass — on that we hope will be a bit less conspicuous. Mary Lou Jepsen, who currently heads the display division in Google’s secretive “Google X” lab, told the audience at MIT’s EmTech conference last week that she is currently only getting about three hours of sleep each night as she toils away getting Google’s Glass successor ready for primetime. Jepsen didn’t share any details, though it might be a touch worrying that she also described Google Glass as “cool” during her talk. Google Glass is a lot of things and it’s definitely an exciting first look at one direction wearable computing may head, but we’re not so sure “cool” is the right way to describe it.

More from BGR: Video: Nexus 5 bares all in early hands-on walkthrough

This article was originally published on BGR.com

Source: http://news.yahoo.com/google-exec-says-top-secret-google-glass-successor-201058097.html
Related Topics: darren sproles   katie couric   aaliyah   Lady Gaga Vma   olinguito  

“I’m not doing good enough”, admits Alonso | 2013 Japanese Grand Prix

Fernando Alonso^[1] gave no excuses for his qualifying performance in Japan, saying he hasn’t been able to get the most out of his car at Suzuka.

“I didn’t have a good weekend so far,” Alonso admitted. “I’ve been eighth, ninth all weekend and didn’t find the pace.”

“In qualifying I’m eighth again so I’m not doing good enough so far and I try to recover some positions tomorrow.”

Alonso said his aim for the race was to take as many points off Mercedes as possible.

“I think top five may be something realistic for us,” said Alonso. “We need to overtake a few cars but we need to also race a little bit.”

“I think in the constructors’ championship we have Mercedes only one point behind. They are both in front of me. I need to finish at least in front of them.”

2013 Japanese Grand Prix

Browse all 2013 Japanese Grand Prix articles^[2]

Image © Ferrari/Ercole Colombo

Share this with your friends:

References

1. ^{^} Fernando Alonso (www.f1fanatic.co.uk)
2. ^{^} Browse all 2013 Japanese Grand Prix articles (www.f1fanatic.co.uk)

Source: http://feedproxy.google.com/~r/f1fanatic/~3/g5Wrh33njHE/
Tags: jennifer lawrence   jay cutler   monday night football   bachelorette   iOS 7 Beta 4