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Walmart cuts jobs at 200 businesses amid falling profit forecasts

Walmart on Wednesday confirmed laying off workers as part of its restructuring.

“We are updating our structure and evolving our selected roles to provide clarity and better position the company for a strong future,” a company spokesperson said in a statement to FOX Business. At the same time, we are investing further in key areas such as e-commerce, technology, health and wellness, supply chain and advertising sales, and creating new roles to support increased services for our customers, suppliers and the business community.”

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

The news comes just over a week after the company announced it. lowered earnings forecasts in the second quarter and the full year as soaring inflation hits retail giants.

The company said it expects adjusted earnings per share to decline to about 8% or 9% in the second quarter and to fall in the range of 11% to 13% in fiscal 2023.

The news comes just over a week after the company lowered its second-quarter earnings guidance.
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Walmart said in a release: double-digit food inflation was higher than at the end of the previous quarter, “This is impacting customers’ ability to spend on general merchandise categories, requiring more markdowns to move inventory, especially apparel.” pointing out.

FOX Business Breck Dumas contributed to this report.

Walmart cuts jobs at 200 businesses amid falling profit forecasts

Source link Walmart cuts jobs at 200 businesses amid falling profit forecasts

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