Walmart plans to close ‘inefficient’ stores

Retail giant Walmart has announced it plans to close 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 offices, including one in New Mexico, that are “underperforming.” Walmart planned to close stores in Milwaukee as well as in the Chicago area.

Nexstar said the company will also close its office in Pinellas Park, Florida.

Data released by the retailer suggests that the company achieved “strong revenue growth of 8.7%.” Walmart said food and e-commerce revenue grew by about 16%.

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

Last year, Walmart’s stock tumbled as its earnings outlook was lowered amid soaring inflation. CEO Doug McMillion blamed what he called aggressive discounts on clothing and other products for hurting profits.