Wal-Mart will open fewer stores in the future

Chief Financial Officer Tom Schoewe said sales growth will slow this year to 9% from 12% in the previous year.

The company also trimmed plans for capital expenditure - that includes spending on new stores - to about $15bn from an original projection of $17bn.

Instead, Wal-Mart's spending on international new stores should rise.

The firm said it will continue to put money toward renovating its existing US stores.

Schoewe said sales growth would be between 5% and 8% for the two financial years following this one.

Wal-Mart, which is finding fewer places to build new stores and faces tougher competition from other retailers, said sales will continue to slow after years of strong double-digit growth.

The company's shares fell 3% to $43.89 in afternoon trading on the New York Stock Exchange.

The news dragged down other retail shares as investors worried that consumer spending could slow.