How small businesses can keep up with the changing workforce

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Walmart welcomes back annual hometown bash as retailer acknowledges new challenge of inflation

McMillon praised how employees across the globe had persevered through the coronavirus crisis while coping with thin staff due to the pandemic. Sales rose even as stores struggled with keeping shelves stocked. And he promised the company would not repeat the disappointing first quarter results.

Walmart CEO Doug McMillon told analysts in an earnings call last week that the company is looking at ways to cut costs and improve productivity. He added that the company is trying to figure out what to cut and how to get rid of those cuts. He also mentioned that Walmart is working with suppliers to reduce prices and increase efficiency.

“Our cost structure is improving,” CEO Doug McMillon told investors during a conference call. “It’s not perfect yet, but we’ve made progress. We’ve taken action to get our costs lower.” He added that Walmart’s prices were competitive with other retailers. “We’re seeing a lot of competition out there,” he said. “So we’re competing very well.”

Walmart shares fell after the bell on Tuesday following disappointing fourth quarter sales and profit numbers. The retailer said it expects full-year revenue growth of 1%-2%, below analyst expectations of 2.5%. Same-store sales were flat, while net income rose 3.6% to $3.8 billion. The company also announced plans to close 100 stores and cut 10,000 jobs. Shares closed down 11.4% at $80.55.

Walmart’s CEO Doug McMillon says his team has responded aggressively to a push by competitors to cut costs and become more efficient. He told analysts at an earnings call last week that the company had taken steps to reduce its inventory levels and boost efficiency. “We’ve done a lot of work to drive down our costs and increase our productivity,” he said. “It’s not just about cutting costs. We’re also looking at ways we can get more out of each dollar.”

Walmart is also working to keep prices low for products that are important to their shoppers. For example, Walmart is trying to keep prices down on staples like milk and eggs. Walmart is also looking to attract more high-income shoppers with clothing and other items that were previously out of reach for them.

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