Walmart Cuts Corporate Jobs To Save Costs After Recent Profit Warning: Report

A week after issuing a profit warning, the retail giant Walmart Inc. WMT is slashing hundreds of corporate roles in a restructuring effort, reported Wall Street Journal, citing people familiar with the matter.
Related: Walmart Issues Profit Warning, But These 6 Analysts Remain Optimistic On The Retail Giant
The restructuring, which impacts several departments, including merchandising, global technology, and real-estate teams, was disclosed to staff at the company's Bentonville, Ark headquarters, and other corporate locations, WSJ noted.
One of the sources stated that a total of 200 positions are being terminated, according to the WSJ.
Also read: Walmart Has Had 1987 Black Monday Flashbacks 11 Times So Far: Here's What Happened Next
A Walmart spokeswoman confirmed that roles were being eliminated as the company updated its structure but said that the company was also investing in other areas and creating some new roles.
Price Action: WMT shares are trading lower by 0.60% at $129.72 during the post-market session on Wednesday.
Photo via Wikimedia Commons

Momentum90.91

Growth55.60

Quality80.01

Value46.75

Short

Medium

Long