Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Walmart announces layoffs amid lower profit forecasts By: FOX Business August 03, 2022 at 18:02 PM EDT Walmart confirmed Wednesday it is laying off corporate workers after lowering its profit forecasts as inflation takes its toll on the company's business. 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 FOX 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 FOX Business the number of layoffs is around 200 corporate employees. OHIO MAN DITCHES TEACHING JOB IN FAVOR OF HIGHER PAY AT WALMART: ‘NOT USING MY DEGREE’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.CLICK HERE TO GET THE FOX BUSINESS APPWalmart 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."FOX Business Breck’ Dumas contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Walmart announces layoffs amid lower profit forecasts By: FOX Business August 03, 2022 at 18:02 PM EDT Walmart confirmed Wednesday it is laying off corporate workers after lowering its profit forecasts as inflation takes its toll on the company's business. 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 FOX 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 FOX Business the number of layoffs is around 200 corporate employees. OHIO MAN DITCHES TEACHING JOB IN FAVOR OF HIGHER PAY AT WALMART: ‘NOT USING MY DEGREE’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.CLICK HERE TO GET THE FOX BUSINESS APPWalmart 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."FOX Business Breck’ Dumas contributed to this report.