Walmart focusing on key markets

Wal-Mart Stores Inc is emphasizing improving results in international markets where it already operates, such as China, over entering new markets, its top international executive said Thursday.

"Our focus this year in particular has been on improving returns with our existing businesses," said Doug McMillon, CEO of Walmart International.

The company is working on the key markets of China and Brazil, he told investors and analysts at a meeting in Toronto that was also webcast.

China is getting ready to move to an everyday-low-price model, he said. Brazil has already switched over to that way of offering low prices at all times rather than relying on certain sale items.

In China, some new stores have not been as strong as Walmart would like, he said. Walmart China also dealt with a pork mislabeling issue last year that led to the temporary closure of some stores, and big leadership changes.

"A lot of issues have been identified in China over the last few months," said McMillon. "It's just nowhere near what it could be."

The company is looking at possible deals to enter new countries and acquire certain capabilities, but for now the focus is on the existing business, he said.