Walmart cuts hundreds of corporate jobs after warnings of falling profits

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Retail giant Walmart is laying off about 200 company employees, a source familiar with the situation told The Hill on Wednesday, a week after it reported inflation was affecting its overall profits.

The layoffs are falling as consumer confidence plummets and inflation hits record highs.

Higher food and fuel costs “affect customers’ ability to spend on general categories of goods and require more write-downs to go through inventory,” the company wrote in a tax update last week.

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The layoffs will not affect frontline workers, the source told The Hill, and are part of a restructuring effort that the company hopes will create new jobs over time.

“We are updating our structure and evolving selected roles to bring clarity and better position the company for a strong future,” a Walmart spokesperson told The Hill on Wednesday, adding that the company is ramping up its investments in arenas such as e-commerce. , advertising sales, and health and wellness.

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The Wall Street Journal reported Wednesday that affected corporate jobs include merchandising, global technology and real estate teams.

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