Walmart (WMT) is laying off about 200 corporate employees, a person familiar with the matter told CNN, in a move that comes days after the retail giant issued a rare profit warning.
In a statement, Walmart confirmed it is “updating our structure and evolving select roles to provide clarity and better position the company for a strong future.”
Walmart, the largest US retailer, noted it is still investing and adding jobs in key areas such as e-commerce, advertising and supply chain.
A person familiar with the matter told CNN the layoffs began this week.
The job cuts come after Walmart last week cut its profit outlook for the second quarter and the remainder of the year, warning that high food and fuel costs have impacted how customers spend. Walmart said it has been forced to cut costs on various items, including apparel.
Walmart also warned that it expects a slowdown in customer spending for general merchandise for the second half of the year.