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Walmart Slashing Prices on More Than 7,000 Products, Including Groceries
Grocery store prices are about to get a little more palatable — at least at Walmart.
In August, during Walmart's second-quarter earnings call, CEO Doug McMillon announced that the company is placing pressure on its suppliers to reduce their pricing so it can pass savings on to customers. According to Quartz, Walmart will cut prices on more than 7,000 items across grocery categories as part of its "rollback" deals. However, as McMillon noted, there is one area of the store that customers may have to wait a bit longer for inflation to come down: Dry goods and processed foods, including sodas.
“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.
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