U.S based retail company operating a chain of hypermarkets, discounted departmental stores and grocery stores Walmart Inc. (WMT) says that some suppliers have been working with the retailer to lower prices at a time when inflation is on a rapid increase in the country.
This was announced by the company’s U.S chief executive officer, John Furner, while responding to a question by an analyst during the Walmart’s annual general meeting. Investors have been questioning the retailer’s ability to ask suppliers to lower costs at a time when inflation seems to be nearing record highs.
“There are certain suppliers that have taken one line, others that are working with us to find ways to reduce costs even in times when costs are going up. A number of suppliers are working with Walmart to ensure prices do not go up, and in some cases. I am really impressed” said the CEO.
The company’s overall CEO, Doug McMillon, said they are using methods such as ordering further out or asking for changes in pack sizes or case sizes to make it easier for suppliers to control their costs.
“In my 30 years of experience, most of it in merchandising, there has always been something you can do, there has always been a way to get costs out to alleviate pressure,” added McMillion.