Retail giant Wal-Mart plans to open some 300 new stores during the course of next year, bucking the news that its like-for-like sales in the US for September would be 2% lower than expected.

Wal-Mart's chief executive, Lee Scott, said: “I refuse to be depressed because comparable store sales are slightly disappointing.

“Item by item, category by category, store greeter by store greeter, we will be taking market share."

In total, Wal-Mart plans to expand its retail space by 48 million sq ft, an increase of 8%. To support this new growth, the company said it would build nine distribution centres, three for general merchandise and six for food.

The Wal-Mart division is to open 45 to 55 new discount stores and 200 to 210 new supercentres of which 140 will be expansions or relocations of existing discount stores.

The company said it would add 20 to 25 of its smaller neighbourhood market formats, as well as 40 to 45 of its warehouse format Sam's Club.

Internationally Wal-Mart said it plans to open 120 to 130 outlets in existing markets, to include restaurant formats, specialty clothes stores and supermarkets in Mexico.