Business News

Walmart Layoffs 2023: The retail giant intends to fire hundreds of staff members in order to meet future consumer need

Retail giant Walmart is laying off hundreds of employees at its e-commerce facilities across the US as part of an adjustment in staffing “to better prepare for the future needs of customers”.

Walmart is shrinking its workforce as many retailers plan on roughly flat or declining sales. A company spokesperson said that this decision was not made lightly, according to a report in IANS.

“We’re working closely with affected associates to help them understand what career options may be available at other Walmart locations,” the spokesperson said in a statement.

At Walmart’s factory in southern New Jersey, some 200 employees will be impacted, according to Reuters.

Amazon, a competitor of Walmart, has cut 27,000 employees in two rounds, and Target, another significant retailer, aims to reduce expenses by up to $3 billion over the next three years.

In the upcoming fiscal year, Walmart expects weaker sales growth and reduced earnings. The company stated last month that it anticipates same-store sales growth for its US division, excluding fuel, to range between 2-2.5 percent.

Internet sales have increased, but more slowly than they were at the height of the pandemic. Walmart experienced great revenue growth in the fourth quarter thanks to its strength in both stores and online sales. The total revenue increased 7.3% to $164 billion.



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