Hennion & Walsh Asset Management president and CIO Kevin Mahn analyzes Walmart's earnings and the state of the US economy on 'Mornings with Maria.'
Retail giants Walmart and Sam's Club on Monday announced big summer discounts on thousands of everyday essentials and seasonal items, a move that drew political attention after President Donald Trump said the retailer had complied with his request.
In a news release Monday, Walmart and Sam's Club said they are rolling out price cuts nationwide to help families stretch their dollars during backyard barbecues, holidays and weekly grocery trips.
Savings covers several categories, including groceries, household essentials, outdoor living, toys and clothing.
At Walmart, fresh sweet corn on the cob was reduced to $0.25 each from $0.68, fresh red cherries were cut to $5.63 from $11.18, and 1 lb. fresh beef rolls are 73% off to $5.94 from $6.74.
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FILE – Walmart has announced it is slashing prices on summer essentials. (Christopher Dilts/Bloomberg via Getty Images/Getty Images)
Soda prices also fell significantly, with a 24-pack of Coca-Cola products down to $9.97 from $14.97, and a 24-pack of Pepsi products down to $9.97 from $13.97.
“Customers rely on Walmart to deliver the value they need every day, and this summer is no different,” said Julie Barber, senior vice president and chief merchandiser for Walmart US in a statement.
Barber added that Walmart is investing heavily in reducing the cost of items that customers buy most, from beef and fresh produce to grills, pools and summer fashion.
FILE – Companies have announced that meat prices will be drastically reduced. (Photos by Spencer Platt/Getty/Getty Images)
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Meanwhile, Sam's Club is slashing prices on more than 250 items, targeting road trip snacks, grilling essentials and summer entertaining favorites.
Notable club discounts include Mark's bone-in chicken wings marked down to $2.00/lb. from $2.88/lb., and Mark's beef hot dogs are reduced to $10.86 from $12.96.
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| WMT | Company WALMART INC. | 110.65 | -1.19 |
-1.06% |
In a tweet on Truth Social on Monday, President Donald Trump praised Walmart as “a truly patriotic company” and said Walmart's discounts were initiated “at the request of my administration to celebrate our wonderful 250th birthday.”
He emphasized the drop in beef prices specifically, saying that the retailer is reducing the price by “about 15%, among many other products.”
FILE – President Donald Trump said the price reduction comes after a request from his administration. (Photos by Joe Raedle/Getty Images)
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“This is a great deal for the many millions of Americans who, wisely, shop at Walmart, a truly American company that loves the USA,” Trump wrote in the post. “My Administration lowered the tariffs that Joe Biden unreasonably raised with the worst inflation crisis in history, the total disaster and the Southern Border, the wrongful withdrawal from Afghanistan, and many other failures.”
“As I promised, Oil Prices are dropping fast, and Gas Prices are also dropping, just like eggs and Prescription Drugs which I am lowering historically,” he continued. “Walmart is stepping up in a big and bold way, and other retailers should absolutely follow the lead of these Patriots. Together, we will make America stronger and greater than ever!”
