“As it relates to value, we’re lowering prices,” McMillion said. “We have less upward pressure, but there are some that are still talking about cost increases, and we’re fighting back on that aggressively because we think prices need to come down,” he added, according to CNBC.
The statement comes at the same time as Walmart announced its projected sales growth for 2024 to move to between 3.75% and 4.75%. However, according to company officials, that growth is coming from an increased interest in its private-label brands and not from increasing prices. As Quartz reported, Walmart also saw significant growth in its U.S. health and wellness division, including in the sale of GLP-1 drugs, as well as in its e-commerce units and via more high-income households turning to Walmart for value.