Walmart is slashing prices on thousands of items as customers cut back on spending due to inflation.
Last week, Walmart CEO Doug McMillon announced the price cuts on 7,200 items across various categories.
“We’re lowering prices,” McMillon stated. “It’s great to see prices come down. We’re committed to helping customers save money.”
However, some items remain expensive. Dry groceries and processed foods like tea, coffee, cereal, and frozen pizza are still pricey. CNBC reports that dairy, eggs, sugar, and meat prices are rising, while items like pet food and strawberries are costing less.
McMillon emphasized that the company is saving money by improving efficiency, not by raising prices.
“We’re not raising prices. We’re lowering them,” McMillon reiterated. “Our focus is on business mix, not increasing product margins.”
Walmart’s gross revenues rose 4.87% to $169.34 billion for the second quarter. Same-store sales grew by 4.2%, Yahoo News reported. Online sales surged 24% from last year, now making up over a fifth of total revenues.