Walmart sells Argentina business, will take $1 billion loss

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Walmart Inc. said Friday that it is selling its Argentina business to Grupo de Narváez, a company with retail operations in Argentina, Ecuador and Uruguay. Walmart says it will help with the transition but will not retain an equity stake. As a result of the sale, Walmart will take a non-cash loss of about $1 billion after taxes during the third quarter of fiscal 2021, the retail giant said in a government filing. The loss is “primarily due to cumulative foreign currency translation losses,” the company said. Walmart Argentina launched its first shop in 1995 and is one of the country’s biggest employers. Walmart stock has gained 20.7% for the year to date while the Dow Jones Industrial Average has slipped 0.5% for the period.
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