Walmart cuts prices on apparel, electronics; says inflation forcing customers to spend more on food
The purchasing power of Walmart customers has been impacted by inflation, prompting the company to implement markdowns to sell inventory. In a recent news release, the company stated its updated projections for both the second quarter and fiscal year 2023. Walmart said food prices have increased by double digits since the end of the first quarter. The company says this has impacted customer spending on general product categories and making it more difficult to get inventory specifically clothing to sell.
“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars,” Walmart President and CEO Doug McMillan said in the news release.
The company noted that it made strides in the quarter toward decreasing inventory, by controlling prices to reflect some supply chain expenses and inflation. Also lowering storage costs related to a backlog of shipping containers.
Walmart’s decision to implement markdowns might encourage competitors like Target to lower their prices even more according to the Post.
Increase in gas prices in June added to a 40-year high in U.S. inflation, CNN Business reported on July 13. Recent data from the Bureau of Labor Statistics on Wednesday shows that consumer prices in the United States increased by 9.1% from one year earlier in June, reaching a pandemic-era high.
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