Current:Home > MarketsWalmart's prices lowered on thousands of items except in this 'stubborn' food aisle-Angel Dreamer Wealth Society D1 Reviews & Insights
Walmart's prices lowered on thousands of items except in this 'stubborn' food aisle
View Date:2024-12-23 15:34:45
Walmart lowered the cost of 7,200 products this summer through the company's "rollbacks," but one section is being a bit more "stubborn" when it comes to dropping prices.
Rollback is a term the retail giant uses to describe a temporary price reduction on a product that lasts for more than 90 days, Walmart said in an email to USA TODAY. About 35% of Walmart's rollbacks were in food.
Despite the rollbacks, Walmart "still has slight inflation" in the foods category at the end of the retail giant's second quarter (the three-month period of May-July 2024), said Walmart CEO Douglas McMillon. Walmart's 2025 fiscal year ends Jan. 31, 2025.
Value meal wars:More fast food spots, restaurants offer discounted menu items
"In dry grocery, processed food consumables are where inflation has been more stubborn," said McMillon during the company's quarterly earnings call on Aug. 15.
Protect your assets: Best high-yield savings accounts of 2023
Cereals are just one example of dry, processed food.
While he hopes to see brands try to boost sales by slightly decreasing prices and investing in the price of their products, some are still talking about increasing prices.
"I don't forecast that we're going to see a lot of deflation in our number looking ahead," said McMillon. "It probably levels out about somewhere near where we are, with the mix being reflected as I just described."
Attracting younger customers
Both Walmart and Sam's Club offered slightly lower prices overall in the quarter, McMillon said.
"Customers from all income levels are looking for value, and we have it," he said.
Sam's Club saw increased memberships across income brackets and younger generations, with "Gen Z and millennials constituting about half of new members in Q2," said John David Rainey, Walmart's chief financial officer and executive vice president.
He adds that this "is a positive signal about the future growth of the business."
Julia is a trending reporter for USA TODAY. She has covered various topics, from local businesses and government in her hometown, Miami, to tech and pop culture. You can connect with her on LinkedIn or follow her on X, formerly Twitter, Instagram and TikTok: @juliamariegz
veryGood! (6673)
Related
- Record-setting dry conditions threaten more US wildfires, drinking water supplies
- Broken wings: Complaints about U.S. airlines soared again this year
- Zelenskyy makes first visit to US military headquarters in Germany, voices optimism about US aid
- Naval officer jailed in Japan in deadly crash is transferred to US custody, his family says
- Ryan Reynolds Clarifies Taylor Swift’s Role as Godmother to His Kids With Blake Lively
- In Giuliani defamation trial, Ruby Freeman says she received hundreds of racist messages after she was targeted online
- Ex-Tokyo Olympics official pleads not guilty to taking bribes in exchange for Games contracts
- Bachelor Nation's Shawn Booth Welcomes First Baby With Dre Joseph
- Nicky Hilton Shares Her Christmas Plans With Paris, the Secret To Perfect Skin & More Holiday Gift Picks
- Woman and man riding snowmachine found dead after storm hampered search in Alaska
Ranking
- Avril Lavigne’s Ex Mod Sun Is Dating Love Is Blind Star Brittany Wisniewski, Debuts Romance With a Kiss
- Men charged with illegal killing of 3,600 birds, including bald and golden eagles to sell
- In 'Asgard's Wrath 2,' VR gaming reaches a new God mode
- In Giuliani defamation trial, Ruby Freeman says she received hundreds of racist messages after she was targeted online
- Miami Marlins hiring Los Angeles Dodgers first base coach Clayton McCullough as manager
- 11 students hospitalized after fire extinguisher discharges in Virginia school
- Discovery inside unearthed bottle would’ve shocked the scientist who buried it in 1879
- Father of July 4th Illinois parade shooting suspect released early from jail for good behavior
Recommendation
-
Kelly Rowland and Nelly Reunite for Iconic Performance of Dilemma 2 Decades Later
-
Are Costco, Kroger, Publix, Aldi open on Christmas 2023? See grocery store holiday status
-
Dwayne Johnson to star in Mark Kerr biopic from 'Uncut Gems' director Benny Safdie
-
University of Arizona announces financial recovery plan to address its $240M budget shortfall
-
Horoscopes Today, November 12, 2024
-
Hugh Grant hopes his kids like 'Wonka' after being 'traumatized' by 'Paddington 2'
-
The Scarf Jacket Is Winter’s Most Viral Trend, Get It for $27 With These Steals from Amazon and More
-
Are Costco, Kroger, Publix, Aldi open on Christmas 2023? See grocery store holiday status