Walmart Cuts 200 Corporate Jobs After Lowering Profit Outloo...| MENAFN.COM

Tuesday, 09 August 2022 05:50 GMT

Walmart Cuts 200 Corporate Jobs After Lowering Profit Outlook


(MENAFN- Baystreet.ca) Walmart Cuts 200 Corporate Jobs After Lowering Profit Outlook

Walmart (WMT) is cutting 200 corporate jobs after lowering its profit outlook this year as the
retail giant contends with high inflation and weakening consumer spending.

The Bentonville, Arkansas-based company said the cuts include employees in delivery and
merchandising, as well as e-commerce, health and wellness, advertising, and supply chain
management.

Walmart, which is the biggest private sector employer in the U.S. with nearly 1.6 million workers
nationwide, said it is reducing its headcount as consumers pullback on spending with inflation
remaining persistently high and interest rates rising to counter it.

Walmart has more than 100,000 management staff scattered around the U.S. The company is
scheduled to report its second-quarter earnings on August 16.

On July 25, Walmart lowered its guidance for quarterly and full-year profits, saying that
consumer spending was starting to slow and leaving the company with bloated inventories.

Year-to-date, Walmart's stock is down 10% at $130.50 U.S. per share.

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