Groceries may still be expensive, but at least Walmart is trying to lower prices for its customers. The popular retailer has been working to reduce prices on staples like eggs, fresh fruit, and baked goods. So much so that the grocery store is cutting prices to pre-inflation levels. Now, the store recently announced that it will officially lower prices on 7,200 products in its stores.
In the second quarter earnings call, Walmart CEO Doug McMillion announced the price reduction on these products. Although these products cover a wide variety of categories in their assortment, the company recognized that customers turn to Walmart for everyday necessities like groceries.
This particular announcement came after the Consumer Price Index revealed that annual inflation fell below 3%, a first since 2021. Given Walmart’s announcement that it is forecasting sales growth between 3.75% and 4.75% by the end of this year, and the fact that repeat customers coming into the store are “generally stable,” the retailer is confident that these price changes will not affect its annual sales. In fact, these competitive prices could help drive more sales as other retailers begin to implement their own price cuts.
In addition to these lower and competitive prices, Walmart is committed to offering its customers high-quality items – especially in the grocery departments. The launch of its private label Bettergoods is one example of this: 300 new items on the shelves are chef-inspired and made with high-quality ingredients at low prices that you probably won’t find anywhere else.
The push to offer private labels is helping the company lower prices for customers, said John David Rainey, Walmart’s CFO. “We want to keep prices low every day and have no intention of improving our margin performance by passing that on to our customers and members in the form of higher prices,” he said on the conference call.
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