Walmart (WMT) is staying laser-focused on its margins as it gears up for a closely watched May 21 earnings report.

The news: Walmart said this week it will cut 1,000 corporate jobs to address redundancies and duplicate roles. The megaretailer laid off 1,500 corporate employees last May.

The layoffs come as Walmart’s stock trades at a record high. It’s seen as a winner as consumers become increasingly cautious due to high energy prices. Walmart stock is up 17% this year, outperforming the S&P 500’s (^GSPC) 8% gain.

“Management pushed back on concerns of demand erosion, highlighting stable behavior, resilient price gaps, and manageable cost pressures,” Jefferies analyst Corey Tarlowe wrote in a note after a recent…