Walmart cuts prices on more than 7,000 products, including groceries

Grocery store prices are about to get a little more pleasant – at least at Walmart.

In August, Walmart CEO Doug McMillon announced during the company’s second-quarter earnings call that the company was putting pressure on its suppliers to lower their prices so it could pass the savings on to customers. According to Quartz, Walmart will reduce prices on more than 7,000 items across all grocery categories as part of its “rollback” deals. However, as McMillon noted, there is one area of ​​the store where customers may have to wait a little longer for inflation to drop: dry goods and processed foods, including sodas.

“In terms of value, we are lowering prices,” McMillion said. “We have less upward pressure, but there are some who are still talking about cost increases and we are aggressively pushing back against that because we believe prices need to come down,” he added, according to CNBC.

The statement comes as Walmart announced that it expects sales growth to be between 3.75% and 4.75% through 2024. However, the company says this growth is due to increased interest in its private label brands, not rising prices. As Quartz reported, Walmart also saw significant growth in its U.S. health and wellness division, including sales of GLP-1 drugs, as well as in its e-commerce divisions and as more high-income households turn to Walmart for value.

“We want to maintain consistently low prices,” Walmart CFO John David Rainey added on the conference call. “We do not intend to increase our margin performance by passing this on to our customers and members in the form of higher prices.”

Walmart isn’t the only store promising price cuts. In May, Target also announced it would cut prices on 5,000 “common” items, including groceries. The announcement came after the company cut profits in an effort to win back inflation-stricken customers.

“We know consumers feel pressured to make the most of their budgets, and Target is here to help them save more,” Rick Gomez, executive vice president and chief food, essentials and beauty officer at Target, said in a statement at the time. “Our teams work hard every day to provide great value, and these new lower prices on thousands of items will provide additional big savings for the millions of consumers who shop at Target each week to meet their everyday needs.”