Wal-Mart CEO Vows Aggressive Holiday Discounts

Chicago, Wal-Mart Stores CEO Lee Scott said the chain would aggressively cut prices in the upcoming holiday season. The discounter drew criticism last year for keeping prices too high.

“This year we are setting the pace (in pricing) both in back-to-school and in the holiday season,” Scott said in a presentation to analysts at Prudential Equity Group’s consumer conference.