After what it called a “thorough review process,” retail giant Walmart said it plans to close at least seven stores because they aren’t making enough money.
The company just said that it would close five other “underperforming” locations, including one in New Mexico. Walmart had plans to close stores in Milwaukee and the area around Chicago as well.
Nexstar said that the business would also close a location in Pinellas Park, Florida.
The store’s data showed that the company as a whole had “strong revenue growth of 8.7% with strength.” Walmart said that it made about 16% more money from food sales and online sales.
The company said it would have another earnings call in February to talk about the results of the fourth quarter.
Last year, Walmart’s shares went down because it cut its profit forecast because inflation was going up so fast. CEO Doug McMillion said that aggressive markdowns on clothes and other goods were to blame for a drop in profits.