Walmart Has Started Slashing its Workforce - WSJ
Investing.com
Published Aug 04, 2022 06:06AM ET
Updated Aug 04, 2022 06:18AM ET
Walmart (WMT) Has Started Slashing its Workforce - WSJ
By Senad Karaahmetovic
Walmart (NYSE:WMT) has started cutting positions as it looks to slash costs amid slowing growth, the Wall Street Journal reported.
The retail giant has slashed around 200 jobs so far, including those that were based in the HQ and other corporate offices. The company’s representatives confirmed to DJ that it has eliminated some roles.
Shares of the company dropped last month when WMT slashed its profit guidance. More importantly, Walmart warned that shoppers have started to prioritize amid soaring inflation . Instead of spending on clothes and electronics, shoppers are prioritizing food and other necessities.
The company cut its EPS projection for the full year to a decline of 11%-13%, much worse than the prior forecast of a drop of about 1%. Walmart also slashed its FQ2 EPS guidance.
Walmart is the largest private employer in the U.S. with around 1.7 million staff as of January 31.
Shares of Walmart closed at $130.50 yesterday and are down about 10% YTD.
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