Doug McMillon, president and CEO of Walmart.
Adam Jeffrey | CNBC
walmart CEO Doug McMillon wants to help drive down inflationary pricing by keeping his company’s private label prices low, telling CNBC’s Jim Cramer on Tuesday that the company “is not going into a recession if there is one.” to one”.
“I think we’ve historically shown that we can bring prices down,” McMillon said in a “Mad Money” interview.
McMillon said he would prefer Walmart’s brand partners and suppliers to “move forward” on their own to lower prices, but regardless, he wants to “play a role in helping bring prices down. “.
The retail giant reported strong results for the holiday quarter on Tuesday as it capitalized on inflation-weary consumers seeking cheaper alternatives and discounts. The company posted record annual revenue of $611 billion.
McMillon told Cramer he’s confident Walmart’s low-priced products could push other brands to lower their own prices, even as Walmart and its peers face rising costs.
“Over time, the market works,” McMillon said. “We believe that brand manufacturers and all of our suppliers of all types will have to respond to this market in time.”
Walmart is proceeding with caution heading into the new year, releasing a more conservative guidance for the current fiscal year than Wall Street expected.
“It’s hard to know exactly what the second half of the year will look like,” McMillon said.
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