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Walmart International has undergone some major continental drift in recent months. On the
retail giant s Tuesday earnings call, executives discussed the company s strategic divestments in the United Kingdom, Japan, and Argentina with investors. Our international team has been busy transitioning the portfolio to higher growth markets, and it s working, Walmart CEO Doug McMillon said.
For the most part, that s meant divesting from less lucrative markets, and doubling down on more promising ventures around the world. In November 2020, Walmart Argentina was acquired by Grupo de Narváez, a corporation that runs retail companies in Argentina, Ecuador, and Uruguay. In the United Kingdom, Walmart completed the sale of its wholly owned grocery chain
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BUENOS AIRES (Reuters) - Walmart Inc, the world’s largest retailer, said on Friday it was selling its retail operations in Argentina to South American supermarket chain owner Grupo de Narváez, pulling back as the country grapples with an economic crisis.
FILE PHOTO: The entrance to a Walmart store is seen in Bradford, Pennsylvania, U.S. July 20, 2020. REUTERS/Brendan McDermid
The U.S. company did not disclose the size of the deal for retail operations involving more than 90 stores, but said it would record about a $1 billion after-tax, non-cash loss related to the divestiture in its fiscal third quarter next year.