The retailer will carry out most of the job cuts prior to January 31, which is the end of its ongoing fiscal year. The report of the job cuts was reported first by the Wall Street Journal, which cited unnamed sources that were familiar with the current situation.
A large quantity of the current job cuts will be in the human resources department in its headquarters and regional offices, instead of in its stores.
A spokesperson for Walmart said that as it has shared previously with the media, the company is looking for avenues to operate more effectively and efficiently, but he did not confirm any of the job cuts.
The spokesperson did say that the company continually looked at its corporate structure, but has not made any announcements related to that.
The latest cuts are very small related to the overall size of the headquarters of Walmart in Arkansas where there are 18,000 employees.
Across the U.S., Walmart employs 1.4 million people, which makes it the largest private employer in the U.S. However, this move is the most recent by Walmart to become more efficient in its main and regional offices related to management.
It also comes as the retailer is being pinched on profit margins due to hikes in wages for workers in stores and its big investments in its e-commerce operations to compete better with competitors such as Amazon.com.
At Walmart’s annual meeting in October with members of the financial community, it forecasted that is adjusted earnings per share for fiscal year 2018, which begins February 1, would be flat in comparison with its fiscal year 2017.
In September, Walmart started cutting 7,000 invoicing and accounting jobs in its stores in the U.S. to help improve customer service in stores.
Part of that is so Walmart can maintain a streak of eight straight quarters of increased comparable sales, During 2015, the company eliminated 450 jobs at the company headquarters to help it become more efficient.
The most recent jobs cuts arrive while many other retailers slash their payrolls as well. Macy’s last week said it would eliminate 10,000 jobs along with closing 68 locations in 2017. The Limited announced over the weekend that it was closing all of its stores and laying off over 4,000 employees.
This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/walmart-to-cut-hundreds-more-jobs/1599077.html
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.