Walmart CEO confirms price drop on 7,200 items across stores – but shoppers will still feel a pinch in supermarket

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.

Getty

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.”

Source: AL.com

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.

The grocery giant announced that it is set to roll out digital pricing labels across thousands of locations.

Store bosses confirmed that these new signs will appear in more than 2,000 outlets by 2026.

Staff would be able to control these prices via an in-house mobile app rather than manually switching out paper labels.