STATEN ISLAND, NY — Walmart is slashing prices on thousands of items and announcing big changes as consumers continue to cut spending.
“We are lowering prices when it comes to value,” Walmart CEO Doug McMillon said on a conference call last week. “It’s great to see prices coming down. We are committed to lowering prices and we will continue to work to achieve further price reductions so customers and members can save money.”
The nation’s largest retailer has cut prices on 7,200 items across various categories, the CEO noted, but prices on some items still remain high. Prices for dairy, eggs, sugar and meat continue to rise, according to CNBC. But products such as pet food, apples, potatoes, strawberries, sporting goods and lawn and garden items are costing less.
McMillon pointed out that the company is saving money by improving business efficiency rather than simply passing the additional costs on to the consumer.
“We’re not raising prices. We’re lowering them,” McMillon said. “We don’t want product margins to increase. When we talk about margin improvements in our company, it’s about the mix of business.”
Still, McMillon said inflation has been “more stubborn” in one particular part of the store – the dry goods and processed food aisles, including items such as carbonated soft drinks and frozen meals.
