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Walmart reports Q2 sales surge, partly due to inflation

AFP

Walmart reported a jump in quarterly revenues Tuesday partly driven by inflation as the retail giant signaled it expects its US sales growth to moderate over the next six months.

The big-box retailer, which had cut its profit forecast three weeks ago due to shifting consumer behavior, said pricing pressures on consumers boosted sales of groceries, while denting demand for other items such as apparel, electronics and home products.

Revenues for its second fiscal quarter ending July 31 were $152.9 billion, up 8.4 percent from the year-ago period.

Profits rose 20.4 percent to $5.1 billion, with some of the increase connected to the accounting for an asset sale in Brazil.

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Walmart’s US comparable store sales rose 6.5 percent from one year ago, but the company expects about three percent growth in the second half of 2022.

Higher gasoline prices, along with elevated prices for grocery-item staples have been prompting more consumers to “trade down” to lower-priced goods.

On the positive side, gas prices have gradually fallen during the summer, mitigating this effect somewhat.

“We’re pleased to see more customers choosing Walmart during this inflationary period, and we’re working hard to support them as they prioritize their spending,” Walmart Chief Executive Doug McMillon said in a news release.

McMillon said the company made “good progress” to manage supply chain costs “and that work is ongoing.”

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Shares of Walmart rose 3.7 percent to $137.48 in Tuesday pre-market trading.

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International

Trump administration begins downsizing ‘bloated’ state department workforce

The U.S. Department of State issued layoff notices on Friday to more than 1,300 employees both domestically and abroad, marking the start of a workforce reduction aimed at trimming what officials have called a “bloated” staff. The move is part of President Donald Trump’s broader effort to restructure the federal government.

According to local media reports, more than 1,100 Civil Service employees and around 250 Foreign Service officers received notifications via email. Those affected will be placed on administrative leave for periods ranging from 90 to 120 days from the date of their dismissal notice.

The job cuts are part of a plan to centralize and streamline the agency’s operations without disrupting its overall functioning. The restructuring was designed by Secretary of State Marco Rubio, who had previously informed Congress in May of his intention to reduce the department’s workforce by 15%. The State Department currently employs about 18,000 people.

According to the top U.S. diplomat, the goal is to optimize what he described as a “bloated bureaucracy that stifles innovation and misallocates scarce resources,” as well as to eliminate remnants of “radical political ideology.”

The reorganization is expected to hit hardest in offices focused on human rights and refugee issues, which will now be handled by regional bureaus, according to The New York Times.

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“We inherited a system that needed reform, and we are delivering it,” said State Department spokesperson Tammy Bruce on Thursday, adding that the Administration is committed to a foreign policy that puts U.S. interests first.

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International

Trump defends Bolsonaro, hints at talks with Brazil after tariff warning

U.S. President Donald Trump said on Friday that he “might at some point” choose to speak with the Brazilian government after threatening to impose a 50% tariff on imports from the South American country, citing what he claims is a political persecution against former president Jair Bolsonaro.

“I might talk to them at some point,” Trump said when asked whether he had spoken with officials in Brasília following the tariff threat he sent earlier this week.

The president once again insisted that the government of President Luiz Inácio Lula da Silva is “treating former President Bolsonaro very unfairly.” He reiterated his admiration for Bolsonaro, calling him “a good negotiator” in trade matters.

“I shouldn’t like him because he was such a good negotiator. But he was an honest man,” Trump stated before departing Washington for flood-affected regions in Texas.

“I can tell the difference between those who are corrupt and those who are honest,” the Republican added, referring to the far-right former Brazilian president.

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On Wednesday, Trump sent a letter to the Brazilian government announcing a 50% tariff on Brazilian imports starting August 1.

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International

Sheinbaum slams ICE raids after 355 mexicans detained and 67,000 repatriated

Mexican President Claudia Sheinbaum stated on Friday that at least 355 Mexican migrants have been detained in various immigration raids across the United States, and over 67,000 have been repatriated since January 20, when Donald Trump’s administration began.

“There are 355 Mexican nationals directly linked to the raids who have been detained,” the president reported during her morning press conference.

She clarified that, on Thursday alone, following a raid on agricultural fields in California, the Mexican consulate received 25 calls from relatives seeking assistance for the detainees. However, the total number of those arrested is still being verified.

Sheinbaum’s comments come in response to Thursday’s reports that Mexican workers were detained by Immigration and Customs Enforcement (ICE) during raids on farms in California, specifically in Santa Barbara County, in the Carpinteria area.

The actions of ICE agents sparked protests, which were dispersed when officers deployed tear gas on demonstrators in the middle of the fields.

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In response, the Mexican government, through its foreign ministry, activated its consular support protocol to assist the detained nationals.

The Mexican leader took the opportunity to condemn the raids, calling them “deeply unfair” and warning that “they will significantly harm the U.S. economy.”

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