Wal-Mart seeks exec to assess new formats

BENTONVILLE, Ark. According to reports, Wal-Mart Stores Inc., is looking for an executive who can help the company evaluate its growth potential as it faces new competition and falling sales.

Wal-Mart is reportedly seeking a senior director of multiformat strategy that could assess the effects of any potential M&A deals on the company's portfolio.

The company, according to reports, is preparing for Tesco's U.S. arrival, which could bring some heavy competition.

Wal-Mart recently announced that it has lowered its profit outlook for the year following disappointing second quarter financial results that were hurt by ongoing difficulties at its U.S. stores division.

After posting second earnings per share that were essentially flat with prior year results, when factoring in the effect of several one time benefits, the company reduced its full year earnings per share guidance to a range of $3.05 to $3.13 after previously indicating it expected to report earnings per share of $3.15 to $3.23.