slash

The layoffs, to be rolled out next week, mark the retailer's first major downsizing in a decade and will slash roughly 8% of its global corporate workforce.

The contraction in the industry has worsened, as several years of drought have forced ranchers to slash their herds.

To help pay for it, the company slashed its quarterly dividend to 25 cents from $1.30.

Milei slashed government spending and generated the first fiscal surplus in 16 years.

Actions the company took to slash costs and preserve cash were a big factor behind a recovery in profitability, with savings flowing in faster than planned, Samuelsson said.