Wal-Mart scales back spending again

Wal-Mart lowered its spending forecast for the current fiscal year and expects to spend even less building new stores over the next 2 years, The New York Times reported.

Spending for the current fiscal year should range from $14.7 billion to $15.4 billion. In June, Wal-Mart gave a $15.5 billion forecast, lowered from an original annual budget of $17 billion. The company’s current plans include shifting capital into overseas expansion.

-- Sarah