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Walmart Lays off Employees, Estimates Lowers Profit amid Inflation

Walmart is laying off over 200 corporate workers amid increasing concerns over inflation and sagging customer spending. Walmart confirmed to the Journal that roles will be cut as a part of corporate restructuring, and additional roles will be created anywhere else.

Anne Hatfield, a spokesperson for Walmart, said the company is still hiring in parts of the business including supply chain, health and wellness, e-commerce, and advertising sales. She also said that shoppers are changing, customers are changing, and they are also doing some restructuring to make sure they are aligned.

Walmart announced, it was cutting prices on clothing and other goods to finish the bloated inventory. The company said inflationary prices of food and fuel were affecting customer’s ability to spend at certain times like apparel, forcing greater markdowns to manage the prices to reflect the supply chain costs and inflation, and decreasing storage costs associated with a backlog of shipping containers.

Walmart informed shareholders that earnings per share for the second quarter should fall between 8% and 9%, and then fall between 11% and 13% for the fiscal year 2023: Currently, Walmart employs around 2.3 million people across the world, including 1.6 million employees in the United States.