Back in 2019, we launched Walmart Health centers. During our five-year journey, we made meaningful impacts with patients while continuing to learn, pivot and evolve. While our mission to help people save money and live better remains, today we are sharing the difficult decision to close Walmart Health and Walmart Health Virtual Care. Through our experience managing Walmart Health centers and Walmart Health Virtual Care, we determined there is not a sustainable business model for us to continue. The decision to close all 51 health centers across five states and shut down the virtual care offering was not easy. We understand this change affects lives – the patients who receive care, the associates and providers who deliver care and the communities who supported us along the way. This is a difficult decision, and like others, the challenging reimbursement environment and escalating operating costs create a lack of profitability that make the care business unsustainable for us at this time.

The U.S. consumer magazine industry shrunk by more than 30% in the past five years, due largely to print advertising declines, per PwC data. The rate of decline is expected to slow slightly in the next five years, thanks to new efforts from online media companies to acquire and digitize traditional print brands. Why it matters: "If you make the right acquisition in the right vertical ... it can give you real scale that is meaningful and major clout in that vertical very quickly," said Jason Webby, chief revenue officer at Future.

Net sales increased 38% to $386.1 billion, compared with $280.5 billion in 2019. Excluding the $1.4 billion favorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 37% compared with 2019. Operating income increased to $22.9 billion, compared with operating income of $14.5 billion in 2019. Net income increased to $21.3 billion, or $41.83 per diluted share, compared with net income of $11.6 billion, or $23.01 per diluted share, in 2019.