Walmart is laying off corporate employees
Updated: 11:49 PM EDT Aug 3, 2022
one of the big topics today in the market is without *** doubt walmart and its guidance cut, that it announced last night. It’s simply reverberating through retail land. Now, remember When we cut Walmart back in early June, we were concerned about what we call the bloated excess inventories, that it had candidly *** record level of inventory for the company over the last 20 years, and what the implications could be for its margins. And that’s exactly what was confirmed last night with the guidance cut out of Walmart, Walmart also said though too, that it’s seeing consumers kind of shift their space around really focusing on necessities and food, not discretionary items. Again, another confirming data point for us and why we continue to like Costco, remember Costco doesn’t have *** lot of apparel compared to, say walmart, that’s really focused on more necessary items and in particular food. So we continue to see walmart’s comments as strength as walmart’s com reverberate through. Again, overall retail land, we’re going to continue to keep our eyes on Costco if the shares continue to weaken, it could be an opportunity to snap them up and build out our position. Now and again, we why do we like Costco compared to other retailers because of its differentiated membership business model? With regard to walmart, even though we once owned it, we are going to continue to stay on the sidelines with that name
Walmart is laying off corporate employees
Updated: 11:49 PM EDT Aug 3, 2022
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 U.S. 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.
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 U.S. 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.
