Wal-Mart cuts store growth

Wal-Mart Stores Inc. said it was scaling back the growth of its namesake discount stores in the U.S. while focusing on remodeling existing locations as the world’s largest retailer navigates through a tough consumer spending climate.

Eduardo Castro-Wright, president and chief executive of Wal-Mart’s U.S. division, told analysts gathered on the first day of the two-day annual investors’ meeting at its headquarters in Bentonville, Ark., that the company planned to open 191 stores in fiscal 2009 and 142 to 157 stores in fiscal 2010. That co