Wal-Mart CEO: Capital Spending To Shift More Toward Online

Wal-Mart Stores Inc. Chief Executive Doug McMillon said Wednesday the retailer's capital spending will be "slightly less" than it was a year ago, as the company shifts more investment toward increased ecommerce spending. Speaking at an analyst meeting, McMillon said Wal-Mart will slow the growth of investments in stores. Wal-Mart is changing the way it serves its customers to integrate physical retail and online sales, he said. "The future of retail isn't just in store or online," he said. "The winners will be the ones putting them together. We need to deliver a seamless relationship with customers. That's why data matter so much." He also said he understands investors want "growth and return," but added growth is a focus for the company now. Wal-Mart shares fell 1.3% in early trading.