Walmart announces a significant reduction in clothing prices! It seems that it can't withstand the decline in performance

It is learned that according to foreign media reports, Walmart recently announced that it will significantly reduce clothing prices to clear excess inventory.

Walmart said shoppers will now be able to find discounts of up to 60 percent on apparel on the Walmart website.

Walmart CEO Doug McMillon explained that the soaring prices of food, fuel and other products are changing people's consumption habits. Under limited budgets, consumers can only reduce the purchase of non-essential goods such as clothing. This has led to an excessive backlog of clothing inventory, forcing Walmart to clear the inventory by increasing discounts.

Walmart did not say how much inventory would be sold at the low prices, nor how long the price cuts would last, but industry insiders predict that the retail giant's move will not end in the short term.

It is worth noting that Walmart is not the first retailer to take this approach to fight inflation. Previously, Target also said that due to the continued rise in prices of food and other daily necessities, consumers' shopping preferences have changed dramatically, so it will reduce prices in multiple categories such as clothing and electronics.

Retailers have launched a "price war" to clear inventory, and it can be seen that the US retail industry is suffering a heavy blow.

It is learned that in addition to lowering clothing prices, Walmart also announced earlier this week that it will lay off some employees, with an estimated total of about 200 people.

These moves by Walmart came on the eve of the release of its second-quarter 2022 financial report, which inevitably makes people suspect that the retail giant's revenue performance in the new quarter is not optimistic.

Editor ✎ Nicole/

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