Home ECONOMY Walmart cutting 200 corporate jobs amid lower profit forecasts

Walmart cutting 200 corporate jobs amid lower profit forecasts

- Advertisement -


Walmart confirmed Wednesday it is laying off corporate workers as part of a restructuring process.

“We’re updating our structure and evolving select roles to provide clarity and better position the company for a strong future,” a company spokesperson told Acesparks Business in a statement. “At the same time, we’re further investing in key areas like eCommerce, technology, health & wellness, supply chain and advertising sales and creating new roles to support our growing number of services for our customers, suppliers and the business community.”

A source familiar with the situation told Acesparks Business the number of layoffs is around 200 corporate employees.

The news comes a little more than a week after the company lowered its profit outlook for the second quarter and the full year as soaring inflation takes its toll on the retail giant.

The company announced that it expects adjusted earnings per share for Q2 to decline to around 8% or 9%, and drop to the 11% to 13% range for fiscal year 2023.

The news comes a little more than a week after the company lowered its profit outlook for the second quarter.

Walmart said in its release that double-digit food inflation is higher than it was at the end of last quarter, noting that “this is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel. .”

Acesparks Business Breck Dumas contributed to this report.

.

- Advertisement -
- Advertisement -
Must Read

Three people shot at Six Flags Great America in Illinois

Three people were shot at Six Flags Great America theme park in Gurnee, Illinois on Sunday night, park officials said. Shots were fired from...
- Advertisement -

VIXX’s Ravi unveils new digital single ‘Bye’ featuring MAMAMOO’s Wheein

VIXX rapper Ravi has teamed up with MAMAMOO's Wheein for a new single titled 'Bye'. On August 15 at 6PM KST, Ravi dropped his...

Mom of Salman Rushdie stabber Hadi Matar disowns son, says he ‘changed’ after Mideast trip

The mother of the New Jersey man accused of stabbing Salman Rushdie says her son was a basement-dwelling loner who barely worked, never...

The Chats announce huge UK and European tour, share ‘Out On The Street’ video

The Chats have announced details of their biggest UK and European tour to date and shared a new video for 'Out In The...
Related News

Three people shot at Six Flags Great America in Illinois

Three people were shot at Six Flags Great America theme park in Gurnee, Illinois on Sunday night, park officials said. Shots were fired from...

VIXX’s Ravi unveils new digital single ‘Bye’ featuring MAMAMOO’s Wheein

VIXX rapper Ravi has teamed up with MAMAMOO's Wheein for a new single titled 'Bye'. On August 15 at 6PM KST, Ravi dropped his...

Mom of Salman Rushdie stabber Hadi Matar disowns son, says he ‘changed’ after Mideast trip

The mother of the New Jersey man accused of stabbing Salman Rushdie says her son was a basement-dwelling loner who barely worked, never...

The Chats announce huge UK and European tour, share ‘Out On The Street’ video

The Chats have announced details of their biggest UK and European tour to date and shared a new video for 'Out In The...

Megan Thee Stallion says she paid Future $250,000 for his ‘Pressurelicious’ verse

Megan Thee Stallion has revealed that she paid Future $250,000 (£206,500) for his guest feature on her song 'Pressurelicious'. The track, which was released...
- Advertisement -