Companies

Wal-Mart Cuts Prices on 15,000 More Items

Reuters
WATCH LIVE
Steven Senne

Wal-Mart Storessaid Thursday that it is cutting prices on 15,000 more items this week as the world's largest retailer continues its push to boost sales headed into the holiday season.

The new round of price cuts follow the retailer's move on Sept. 30 to begin cutting prices on hot toys. It has now reduced prices on 20 percent more items than at this point a year ago.

Wal-Mart has said it intends to be very aggressive this holiday season as it tries to drive shoppers into its stores.

But this year, those core shoppers are being squeezed by higher food and fuel costs, and the slowdown in the housingmarket. Toys sales have also been hit by a rash of recalls that have raised questions over the safety of toys on store shelves.

Last week, Wal-Mart reported September sales at its U.S. stores open at least a year that rose 1.4 percent, missing Wall Street expectations for a 1.9 percent rise, and it forecast October U.S. same-store sales would be flat to up 2 percent. But it raised its third-quarter earnings view, aided by cost cuts.

The new round of price cuts extend beyond toys into food, home and apparel items.

For instance, Wal-Mart said it cut the price on a Black & Decker 12-cup digital coffee maker to $24.96 from $29.92, while it reduced the price on a GE microwave to $59.96 from $64.72.

Wal-Mart said more savings in electronics, home, food and toys will be announced in the coming days.