As the cost of groceries and household goods rises, Walmart CEO Doug McMillon said the big-box retailer will lean into its longtime strategy: Undercutting rivals on price.
In an interview with CNBC’s “Squawk on the Street” on Tuesday, he said the company sees inflation as an opportunity to gain market share and emphasize its commitment to value.
“That’s our purpose,” he said. “We save people money and help them live a better life. Those are the words that came out of [Walmart founder] Sam Walton’s mouth. He loved to fight inflation. So do we.”
That means Walmart is absorbing rather than passing on some of the higher costs that have come from fuel, shipping, labor and more — even as that…