CEO of Walmart Promises to Keep Private Label Prices Low Amid Inflation

Walmart CEO, Doug McMillion, intends to keep private brands priced low to help fight inflation. He told Jim Cramer from CNBC, Walmart is “not participating in a recession if there is one.”

McMillion believes that Walmart’s prices could influence the prices of other retailers and help reduce costs as a whole. He said “he would prefer that Walmart’s brand partners and suppliers “step forward” on their own to lower prices, but regardless he wants “to play a role in helping get prices down,” CNBC reported.

Additionally, McMillion told Cramer “Over time, the market works. We believe branded manufacturers and all of our suppliers of all types will have to respond to that market in time.”

Walmart’s holiday quarter exceeded expectations as many consumers were looking for low prices amid a season of big spending. However, the company gave a “weaker-than-expected outlook” for 2023, per CNBC. Walmart is remaining “cautious” due to the possibility of high interest rates this year.