TEW Magazine

  Walmart raises full-year outlook as first-quarter sales top expectations Walmart defied rivals Home Depot and Target this week by reporting better-than-expected earnings for the three months that ended in April. As a result, Walmart increased its full-year forecasts. According to Walmart CEO Doug McMillon, “stubborn inflation” in dry goods and consumables was still putting a strain on some families and casting doubt on the outlook for the second half of the year. Resilience at Headline Level According to John David Rainey, the group’s chief financial officer, food prices were still more than 20% higher than they were two years earlier, despite a 4 percentage point decline in the headline inflation rate for food and consumables over the quarter. In line with statements made earlier this week by Home Depot and Target regarding sluggish discretionary spending, Rainey stated, “Consumer spending has demonstrated resilience at the headline level, but below the surface, we continue to ...

  Walmart is shutting down four stores in Chicago that are not profitable The news arrives as Chicago continues to experience a crime wave Walmart is shutting down four stores , has decided to close its four stores in Chicago before the end of this week, saying that these stores have failed to earn profits in years. Impact of Crime-Wave in Chicago These stores are located on the city’s south and west side and are facing intense crimes in addition to losing millions each year. It has been found that these stores are not making any profit for several years and annual losses doubled in the last 5 years. “ The simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago,”  Walmart said. Walmart has decided to transfer its employees to other stores though Walmart is shutting down four stores. Thereafter, these employees will have the option to choose another Walmart or Sam’s Club location. However, if they a...