UPDATE: Wal-mart (WMT) CFO Holley Sees Adding $45B - $60B of Sales in Next Three Years

(Updated - October 14, 2015 10:39 AM EDT)

Wal-mart (NYSE: WMT) CFO Charles Holley says net sales growth relatively flat for 2016.

Holley also said that the company plans to add $45 - $60 billion of sales in the next three years.

UPDATE - Holley sees increased cost $1.2B this year and $1.5 billion next year related to wage increases.

The CFO sees FY17 EPS down 6 - 12 percent from FY16. The drop will be driven by wage rate, store structure, and e-commerce initiatives.

FY19 EPS expected to be up 5 to 10 percent from FY16.

Holley sees operating income bottoming out in FY17.

Sees cash generation of $80 billion over next three years.

Sees CapEx at $11.8 billion in FY15, $12.4 billion in FY16, $11 billion in FY17, and $11 billion in FY18

Comments are being made at the company's annual meeting today.

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