Walmart has announced plans to buy luxury outlet supply stores, as the retailer tries to revive its fortunes following a tough start to the year.
Walmart said it is buying luxury outlet stores in the United States, the United Kingdom and China.
The company plans to sell those stores to distributors in those countries and to retail stores in other countries, the company said in a statement on Tuesday.
The news comes after a tumultuous first half of the year, which saw the retailer slash sales and boost profits.
The retailer had a quarterly profit of $2.4 billion, but its earnings fell 18% to $5.2 billion, according to FactSet.
The company had a year-to-date profit of just $1.9 billion.