Walmart Inc (Walmart), an American multinational retail corporation that operates grocery stores, supermarkets, hypermarkets, department and discount stores, and neighborhood markets based globally, closed 850 existing stores in FY2022, similarly, the company also closed around 45 stores in 2021. Walmart markets products under various private labels and licensed brands including Equate, Bonobos Fielder, Mainstays, George, Onn, Parent’s Choice, Time and Tru, Wonder Nation, and No Boundaries. It was primarily caused by a $32.6 billion decline due to the divestitures of Asda and Seiyu, which closed during the first quarter of fiscal 2022.
In FY2022, 850 store was closed owing to the decrease in store traffic caused by the spread of the Omicron variant and restrictions in most markets, and due to changes in consumer behaviour brought on by the pandemic, there were major economic pressures and channel and mix alterations, including an acceleration in e-commerce growth in numerous areas. For FY2022, the decline was primarily caused by conversion to lower margin formats and the impacts of their divested markets. In FY2021, Flipkart's improved margin mix and a decline in fuel sales in the United Kingdom were the main causes of the growth.
By the end of FY2022, Walmart Inc operated 5,251 stores globally, down from 6,101 operational stores in 2021. Of the 5,251 stores in FY2022, in the international segment, the Mexico region had the highest number of stores with 2,755 stores, followed by Central America with 864 stores, Africa with 414 stores, Canada with 414 stores, and China with 397 stores.
In FY2022 revenues declined by 16.8% compared to FY2021 globally, which was influenced by a $32.6 billion decline primarily due to the Asda and Seiyu divestitures, which were closed during the first quarter of fiscal 2022. Positive comparable sales in the majority of their remaining markets and positive changes in currency exchange rates totaling $4.5 billion largely offset this decline. When compared to the previous fiscal year, the gross profit rate for FY2022 declined by 55 basis points.
Note: The Walmart International segment comprises the Company's operations outside of the US.
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