Walmart (NYSE:WMT) has set a strategic plan to drive sales in the next three years by strengthening its U.S. and e-commerce businesses.
During the company's 22nd annual meeting for the investment community, the big-box chain discussed its push to enhance the in-store experience and leverage Walmart's unique supply chain capabilities to lower costs and build deep digital relationships with customers.
"These are exciting times in retail given the pace and magnitude of change. We have strengths and assets to build on and are making progress to position the company for the future," said Doug McMillon, president and CEO, Walmart.
"We're encouraged by recent customer feedback and will continue to get stronger. Our investments in our people, our stores and our digital capabilities and e-commerce business are the right ones. We will be the first to build a seamless customer experience at scale to save our customers not only money but also time."
Net sales are predicted to grow 3 percent for fiscal 2016, higher than the originally anticipated 1 to 2 percent growth stated in February.
Over the next three years, the company expects sales to grow between 3 and 4 percent annually, which will add between $45 and $60 billion in sales. In August, Walmart reported a cut in its annual earnings outlook because profits were being hindered by pay raises for workers and better customer service.
Walmart expects to invest about $1.1 billion in e-commerce and digital initiatives in 2017.
The company also announced that its board of directors has authorized a $20 billion share repurchase program and retired the $8.6 billion remaining on its 2013 authorization.
-See this Walmart press release
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