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Walmart plans to close 'underperforming' store locations

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Posted at 10:07 PM, Feb 16, 2023
and last updated 2023-02-16 23:07:00-05

Retail giant Walmart announced that it plans to shutter at least seven stores citing profitability issues after what it called a "thorough review process."

The company recently announced that it would close five other locations including in New Mexico that were "underperforming." Walmart planned to shut down locations in Milwaukee and in the Chicago area as well.

Nexstar reported that the company would shut a location in Pinellas Park, Florida as well.

Data released by the retailer said it had delivered "strong revenue growth of 8.7% with strength" across the company. Walmart said it saw growth in revenue in food and in eCommerce by around 16%.

The company announced that it would hold another earnings call later in February to discuss the company's fourth quarter results.

Last year Walmart saw shares drop as it cut its profitability outlook amid skyrocketing inflation. CEO Doug McMillion blamedwhathe called aggressive markdowns on clothing and other goods that hurt profits.