Hennion & Walsh Asset Management President and CIO Kevin Mahn analyzes Walmart’s earnings and the state of the U.S. economy on ‘Mornings with Maria.’
Retail giants Walmart and Sam’s Club on Monday announced sweeping summer discounts on thousands of everyday essentials and seasonal items, a move that quickly drew political attention after President Donald Trump said the retailer acted at his administration’s request.
In a news release Monday, Walmart and Sam’s Club said they are introducing nationwide price cuts to help families stretch their dollars during backyard barbecues, vacations and weekly grocery trips.
The savings span several categories, including groceries, household essentials, outdoor living, toys and apparel.
At Walmart, fresh sweet corn on the cob was slashed to $0.25 each from $0.68, fresh red cherries were cut to $5.63 from $11.18, and 1 lb. fresh 73% ground beef rolls were reduced to $5.94 from $6.74.
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FILE – Walmart announced it is slashing prices on summer essentials. (Christopher Dilts/Bloomberg via Getty Images / Getty Images)
Soda prices also fell steeply, with 24-packs of Coca-Cola products dropping to $9.97 from $14.97, and 24-packs of Pepsi products dropping to $9.97 from $13.97.
“Customers count on Walmart to deliver the value they need every day, and summer is no exception,” Julie Barber, executive vice president and chief merchant for Walmart U.S. wrote in a statement.
Barber added Walmart is investing heavily in lowering costs on items customers shop for most, ranging from beef and fresh produce to grills, pools and summer fashion.
FILE – The companies announced meat prices will be slashed dramatically. (Spencer Platt/Getty Images / Getty Images)
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Meanwhile, Sam’s Club is lowering prices on more than 250 items, targeting road trip snacks, grilling essentials and summer entertaining favorites.
Notable club discounts include Member’s Mark bone-in chicken wings marked down to $2.00/lb. from $2.88/lb., and Member’s Mark beef hot dogs reduced to $10.86 from $12.96.
Ticker Security Last Change Change % WMT WALMART INC. 110.65 -1.19
-1.06%
In a Truth Social post on Monday, President Donald Trump praised Walmart as a “truly patriotic company” and said Walmart’s discounts were initiated “at my Administration’s request to celebrate our great Country’s 250th birthday.”
He highlighted the ground beef price drop specifically, claiming the retailer is dropping the price “by almost 15%, among many other products.”
FILE – President Donald Trump said the price cuts come after a request from his administration. (Joe Raedle/Getty Images / Getty Images)
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“This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A.,” Trump wrote in the post. “My Administration is lowering prices that Joe Biden incompetently raised with the worst inflation crisis in history, a total disaster along with the Southern Border, the botched withdrawal from Afghanistan, and many other failures.”
“Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, just like egg and Prescription Drug prices which I am bringing down by historic levels,” he continued. “Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots. Together, we will make America stronger and greater than ever before!”
