August 8, 2022
Walmart cuts 200 corporate jobs amid lower profit estimates

Walmart confirmed on Wednesday that it is laying off corporate employees as part of a restructuring process.

“We are updating our structure and evolving select roles to provide clarity and better position the company for a stronger future,” a company spokesperson told Fox Business in a statement. “At the same time, we are investing in key areas such as eCommerce, technology, health and wellness, supply chain and advertising sales and creating new roles to support our growing services to our customers, suppliers and business community. ”

A source familiar with the situation told Fox Business that the number of layoffs is about 200 corporate employees.

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

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

Walmart Store
The news comes a little more than a week after the company lowered its profit outlook for the second quarter,
AFP via Getty Images

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

FOX Business Breck Dumas contributed to this report,

Leave a Reply

Your email address will not be published.