February 23, 2023: -On Tuesday, Walmart CEO Doug McMillon wants to support lower inflationary prices by keeping his company’s private brands priced low, saying that the company is “not accepting part in a recession if there is one.”
“I think we have shown that we can decrease prices,” said McMillon in an interview.
McMillon said he would opt that Walmart’s brand partners and suppliers “move forward” on their own to lesser prices, but regardless he wants “to play a role in supporting get prices down.”
The retail company reported healthy holiday-quarter earnings on Tuesday, capitalising on inflation-weary customers looking for cheaper alternatives and discounts. The firm reported record annual revenue of $611 billion.
McMillon said he was confident that Walmart’s lower-priced products could push different brands to lower their prices, even as Walmart and its friends face increasing costs.
“Over time, the market works,” McMillan said. “We believe branded manufacturers and all our suppliers of all types will have to answer to that market in time.”
Walmart is proceeding cautiously as it approaches the recent year, issuing more conservative guidance for the current financial year than Wall Street anticipated.
“It’s hard to know what the back half of the year will look like,” said McMillan.