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The US Sun
Walmart CEO confirms price drop on 7,200 items across stores – but shoppers will still feel a pinch in supermarket
By Elizabeta Ranxburgaj,
9 hours ago
WALMART’S CEO has confirmed the chain dropped prices on over 7,000 products but costs won’t fall in a certain part of the store.
Doug McMillon revealed how inflation has played a huge role in the prices on offer to shoppers , in a recent earnings call.
Walmart’s CEO Doug McMillon confirmed the chain has lowered prices on thousands of products Getty He explained how inflation affected certain items more than others (stock image) Alamy
The CEO said the chain has lowered the cost of 7,200 items across stores, according to AL.com .
These have included food goods like apples, potatoes, and strawberries or some non-perishable products like sporting and gardening goods.
“As it relates to value, we’re lowering prices,” McMillon said.
The Walmart CEO explained that the company has been able to do this by saving money through making its business more effective.
“It is great to see prices come down,” McMillion added.
“We are wired to help bring prices down, and we’ll continue working to get more rollbacks to help customers and help members save money.”
He added that the store did not want to pass extra costs onto consumers.
“We’re not raising prices. We’re lowering prices,” the CEO said.
“We don’t want product margins to go up.”
The store has increased its number of short-term “rollbacks” which has included a 35% year-over-year increase in these types of discounts.
Despite this, costs of certain goods have remained high during these other price drops.
Dry groceries and processed items have been affected by “more stubborn” inflation, according to CNBC .
These have included products like sodas, teas, and frozen pizzas.
Some key groceries, like dairy and sugar, have even faced price rises.
Walmart's CEO on dropping prices
CEO Doug McMillon revealed that the chain has lowered prices on 7,200 goods across stores.
“As it relates to value, we’re lowering prices,” the CEO said.
“It is great to see prices come down.
“We are wired to help bring prices down, and we’ll continue working to get more rollbacks to help customers and help members save money.”
McMillion said in the call that he has put pressure on suppliers to lower their prices.
“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.
BIG CHANGES
These price shifts have not been the only difference that shoppers might have seen at their local Walmart stores, The U.S. Sun has previously reported.
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