Wal-MartAPA Wal-Mart employee in Walpole, Mass. pushes a line of shopping carts.

Wal-Mart management sees ‘somewhat slower growth’ in the years to come.

This is how CFO Charles Holley characterised his outlook for the retail giant during the company’s Annual Meeting for the Investment Community on Wednesday.

Holley forecasted fiscal 2015 sales would reflect 2% to 3% year-over-year growth. This is down from previous guidance of 3% to 5% growth.

This follows an announcement earlier today that the company would open just 60-70 supercenters in fiscal 2016, down from 120 in fiscal 2015.

“It’s important for us to really think about these big boxes,” Wal-Mart US CEO Greg Foran said.

Holley expects online sales growth to remain robust, surging a healthy 25% in fiscal 2016.

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