Walmart is laying off corporate employees
Walmart is laying off about 200 corporate employees, a person familiar with the matter told CNN, in a move that comes days after the retail giant issued a rare profit warning.
In a statement, Walmart confirmed it is “updating our structure and evolving select roles to provide clarity and better position the company for a strong future.”
Walmart, the largest US retailer, noted it is still investing and adding jobs in key areas such as e-commerce, advertising and supply chain.
A person familiar with the matter told CNN the layoffs began this week.
The job cuts come after Walmart last week cut its profit outlook for the second quarter and the remainder of the year, warning that high food and fuel costs have impacted how customers spend. Walmart said it has been forced to cut costs on various items, including apparel.
Walmart also warned that it expects a slowdown in customer spending for general merchandise for the second half of the year.
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Here come the discounts at Walmart, Target and other popular storesAP file
Walmart: "The increasing levels of food and fuel inflation are affecting how customers spend," impacting their ability to buy general merchandise, Walmart CEO Doug McMillon said last week. Walmart said it would take more markdowns than it previously expected to throughout the inventory, particularly for clothing.
The company also introduced a new program for customers to buy refurbished items from brands like Apple and Samsung for cheap.
AP fileWalmart: "The increasing levels of food and fuel inflation are affecting how customers spend," impacting their ability to buy general merchandise, Walmart CEO Doug McMillon said last week. Walmart said it would take more markdowns than it previously expected to throughout the inventory, particularly for clothing.
The company also introduced a new program for customers to buy refurbished items from brands like Apple and Samsung for cheap.
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Here come the discounts at Walmart, Target and other popular storesAP file
Best Buy: On Wednesday, Best Buy said inflation was impacting consumer-electronics spending, and the electronics industry would be promoting more stuff.
"As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further," Best Buy CEO Corie Barry said.
AP fileBest Buy: On Wednesday, Best Buy said inflation was impacting consumer-electronics spending, and the electronics industry would be promoting more stuff.
"As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further," Best Buy CEO Corie Barry said.
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Here come the discounts at Walmart, Target and other popular storesAP file
Gap: Earlier this month, Gap said it has been increasing promotions to move out inventory during its second quarter, while Bath & Body Works said that it did the same as it saw store traffic slowing down.
"Customers, particularly lower-income customers, have become more cost conscious and are limiting purchases and/or seeking out lower-priced sale merchandise," the company said. "They are being impacted by the overall inflationary environment."
AP fileGap: Earlier this month, Gap said it has been increasing promotions to move out inventory during its second quarter, while Bath & Body Works said that it did the same as it saw store traffic slowing down.
"Customers, particularly lower-income customers, have become more cost conscious and are limiting purchases and/or seeking out lower-priced sale merchandise," the company said. "They are being impacted by the overall inflationary environment."
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Here come the discounts at Walmart, Target and other popular storesAP file
Target: Last month, Target said it was carrying too many big, bulky products such as furniture, televisions and kitchen appliances during its previous quarter as consumers moved away from those products. "We didn't anticipate the magnitude of that shift," Target CEO Brian Cornell said.
Target marked down some of those bigger items to make room for products in higher demand.
AP fileTarget: Last month, Target said it was carrying too many big, bulky products such as furniture, televisions and kitchen appliances during its previous quarter as consumers moved away from those products. "We didn't anticipate the magnitude of that shift," Target CEO Brian Cornell said.
Target marked down some of those bigger items to make room for products in higher demand.
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Here come the discounts at Walmart, Target and other popular storesAP file
Discount stores: Shoppers may also be able to find more bargains at closeout retailers such as TJX and Burlington, which capitalize on inventory gluts. These chains buy up high-end goods for cheap, then turn around and sell them to shoppers at a discount from their original price.
"The buying environment now is better than it has been for years," Burlington CEO Michael O'Sullivan said last month. "We're seeing brands that we haven't seen for a couple of years."
AP fileDiscount stores: Shoppers may also be able to find more bargains at closeout retailers such as TJX and Burlington, which capitalize on inventory gluts. These chains buy up high-end goods for cheap, then turn around and sell them to shoppers at a discount from their original price.
"The buying environment now is better than it has been for years," Burlington CEO Michael O'Sullivan said last month. "We're seeing brands that we haven't seen for a couple of years."
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Here come the discounts at Walmart, Target and other popular storesAnthony Behar/Sipa/AP
Discounts are back. A woman here shops at a Target store in New York City, July 21.
Anthony Behar/Sipa/APDiscounts are back. A woman here shops at a Target store in New York City, July 21.
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Walmart is laying off corporate employeesBrandon Bell/Getty Images
A customer shops for nutrition products in a Walmart Supercenter on July 8 in Houston, Texas. Walmart is laying off about 200 corporate employees.
Brandon Bell/Getty ImagesA customer shops for nutrition products in a Walmart Supercenter on July 8 in Houston, Texas. Walmart is laying off about 200 corporate employees.
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