In annual shareholders extravaganza, Wal-Mart acknowledges sales slide, pledges improvements

Wal-Mart cheers its moves to try to improve sales

FAYETTEVILLE, Ark. — Wal-Mart Stores Inc. is putting on its annual shareholders extravaganza. But between cheers and celebrity appearances the company acknowledged it has some work ahead as it tries to rebuild sales growth.

Executives with the world’s larget retailer told a packed basketball arena in Fayetteville, Ark., that it is changing its merchandise mix, putting more emphasis on price rollbacks and pledged to continue offering lower prices than its competition.

High fuel prices, unemployment and pressure from Target and other retailers contributed to lower shopper traffic in the company’s Walmart stores.