In an interview with CNBC’s Jim Cramer, Walmart’s CEO Doug McMillon said he wants to help bring inflationary prices down by keeping his company’s own private brands priced low, telling Cramer that the company is “not participating in a recession if there is one.”
“I think we have historically shown that we can bring prices down,” said McMillon. He added 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.”
McMillon told Cramer he was confident Walmart’s store brand products would also help consumers not only by saving money with their purchase but could also push other brands to bring down their own prices.
“Over time, the market works,” McMillon said. “We believe branded manufacturers and all of our suppliers of all types will have to respond to that market in time.”
Walmart also reported record annual revenue of $611 billion in 2022.
Earlier, during a conference call announcing Walmart’s latest results, John Furner, president and CEO of Walmart U.S spoke about the growing popularity of Walmart’s store brands. “We want to be there for any customer and make sure that quality and value are right across all product lines, but there’s definitely some acceleration to private brands.”