Wal-Mart expects strong dollar to hit annual revenue by US$15b

[BENGALURU] Wal-Mart Stores Inc Chief Executive Doug McMillon said the strong dollar would likely reduce the company's full-year revenue by US$15 billion.

The company planned to give three-year projections for revenue and earnings at its annual investor meeting on Wednesday, he said on CNBC.

The world's largest retailer, which McMillon said gets about a third of revenue and a quarter of profit from outside the United States, reported revenue of US$485.7 billion last year.

The company is also adding 3,000 department managers in the United States this year to improve its curbside grocery pickup service ahead of the holiday season, McMillon said. "The opportunity to leverage stores for pickup is a huge one... we are announcing 11 more markets now and will be up to more 20 markets in the US by end of this year," he said.

Wal-Mart said last month it would expand free grocery pickup service as it seeks to capitalize on its network of physical stores amid growing competition with Amazon.com and others investing in home delivery.

Wal-Mart has been grappling with sluggish sales, leading investor to seek significant changes at the company. It announced a new chief financial officer and appointed a chief merchant last week.

REUTERS