Fox Business Briefs 5/22
BJ’s Wholesale Club results strengthen; Walmart to cut 1,500 corporate jobs. Canadian banks brace for trade uncertainty; Strava clinches valuation of $2 billion+; EasyJet sees strong demand.
Walmart to cut about 1,500 corporate jobs
Walmart, the nation's largest private employer, is cutting about 1,500 jobs as it tries to cut overhead costs and streamline operations as economic pressures weigh.
Bessent says Walmart will absorb 'some tariffs' after speaking with retailer's CEO
Treasury Secretary Scott Bessent on Sunday said he spoke with Walmart CEO Doug McMillon, who said the company with absorb "some of the tariffs."
Trump warns Walmart to 'eat the tariffs' instead of raising prices
President Donald Trump criticized Walmart on Saturday for potential price hikes. The company said it would do its best to keep prices down amid the tariffs.
Walmart says some price increases are possible in tariff 'uncertainty,' e-commerce sales grow
Walmart warns of potential price hikes due to tariffs, despite strong Q1 results and e-commerce growth. The retailer remains optimistic about future sales.
Target among growing list of retailers dialing back self-checkout
Target has restricted self-checkout machines to customers with 10 items or less. The company says the move was not due to shoplifting, despite increases in theft.
Walmart supports small businesses, American-made products through new 'Grow With US' initiative
Walmart has launched a new program called "Grow With US," designed to provide U.S. small businesses with training, resources and mentorship they need.
Family-owned Milo's Tea expands US operations
Larger corporations as well as small businesses are ramping up domestic manufacturing. One company, founded in Alabama and backed by Walmart, is opening up its fourth facility.
Walmart, Target CEOs discuss 'path forward' with Trump as tariff concerns weigh on consumers
The CEOs of Walmart and Target met with President Donald Trump at the White House on Monday to discuss the impact his tariffs could have on the retail industry.
Sam’s Club phasing out checkouts, betting big on AI shopping
Sam's Club plans to phase out traditional checkouts across its 600 stores, replacing them with a system where members scan items using an app and AI technology verifies purchases as they exit.
Walmart launches Glen Powell's organic food line as consumers eye healthier food options
Actor Glen Powell's Smash Kitchen line of healthier condiments hit store shelves at Walmart on Wednesday. It comes as the trend for healthier products grows.
Walmart adding more gas stations; Sam's Club, like Costco, will have extended hours
Retail giant Walmart said that more than 45 fuel and convenience stations are set to debut or get revamped this year, which will bring its total count in the U.S. to over 450.
Walmart keeps store shelves stocked with eggs as shortage plagues retailers nationwide
The ongoing nationwide egg shortage has forced several companies to place purchasing restrictions on the product. Walmart is one of the retailers that hasn't done so, yet.
Market has been 'incredibly resilient' in the face of all these headlines, executive says
Greenwood Capital President and CIO Walter Todd and Strategic Wealth Partner CEO Mark Tepper discuss Walmart earnings, the decline in homebuilder confidence and the latest tech unveilings.
Walmart gets boost from higher earners but stock falls on weaker forecast
Walmart reported strong quarterly results, continuing to benefit from an increase in higher earners who were purchasing more groceries and discretionary items.
NAACP urges Black Americans to avoid companies that ditched DEI
'The Big Money Show' panel discusses the rollback of diversity, equity, and inclusion policies at big companies like Amazon, Target, and Walmart.
Walmart shareholders send letter of support for reining in DEI policies after Dem AG backlash
A group of over 60 shareholders and investment advisor groups have sent a letter to Walmart urging the company to stick with its decision to roll back DEI.
Walmart to cut jobs, relocate some employees to main hubs
Walmart is trying to move most of its employees from smaller offices to its main hub in Bentonville, Arkansas, as well as its office in Sunnyvale, California.
Some Walmart managers get pay bump, pushing compensation over $600K
Walmart announced that certain managers are getting a pay bump that can push their total compensation to more than $600,000 with all stock grants and bonuses calculated in.
Walmart facing backlash over DEI policy reversal as shareholders and Dem officials urge them to reconsider
A group of shareholders and state attorneys general sent letters to Walmart's CEO urging him to reconsider ending its DEI programs after the retailer announced policy changes.