Posted on 05/31/2024 7:51:47 AM PDT by Paul46360
DEERFIELD, Ill. - Walgreens is lowering prices on hundreds of products this summer, joining other retailers like Target, Walmart, and Amazon who have announced similar promotions in an effort to lure in more cost-conscious shoppers.
The company on Wednesday announced plans to cut prices "on more than 1,300 national and store-brand products across health and wellness, personal care and seasonal categories."
In an attempt to boost its loyalty program, Walgreens said it will also bring back its "myW Days" in mid-July – a deal offering exclusive promotions for myWalgreens members.
Global Chief Financial Officer Manmohan Mahajan told analysts during a second quarter earnings call that it's still in the midst of a challenging retail environment as there is a continued "shift in discretionary spend away from the drug channel as consumers seek value."
Sales at retail stores open at least a year declined 4.3% in the quarter.
Target, Walmart, others also attempt to lure customers with sales To boost profits, Walgreens is taking a page from retail behemoths Walmart and Target as well as grocers Aldi and Amazon Fresh who have been announcing promotions in recent weeks in a bid to pull in shoppers amid high inflation, which has fallen considerably from a peak of 9.1% notched during June 2022.
Prices are still up 19.4% since January 2021, before the inflation crisis began.
Walmart U.S. CEO John Furner told analysts during an earnings call that the company has almost 7,000 rollbacks, which refers to temporary price reductions on goods.
Target also announced it was cutting prices on 5,000 popular products.
Both major retailers acknowledged that consumers are still feeling the pinch, with Target executives noting how one in three Americans are maxing out their credit cards.
Earlier this month, Aldi said it was passing along $100 million in savings by slashing prices on more than 250 items through Labor Day,while Amazon Fresh said U.S. customers can save 30% on 4,000 weekly rotating grocery items every day.
It confirms that they cut prices because Joe told them to do so... that’s what Dr. Jill says.
Dr Jill is sooooooo smart. Write?
Ok - if they can afford to take less profits in the current economic climate then good for them and their customers...if they are just posturing, loudly dropping prices on some items while quietly raising prices on others as an offset, then let the buyer beware.
Coca-Cola is my one true addiction. Those scoundrels at Walgreens want $3.25 for a 2L bottle!. That’s more than most of my meds.
“lowered” prices at walgreens still means their prices are WAY higher than everyone else’s ... i really don’t know why people shop at walgreens ...
Here comes the Biden rebound.
FJB has already been boasting that his jaw-boning of CEOs forced them to lower prices. Despicable old coot.
This is a sign that we are in a recession or heading into one. Consumers have maxed out their credit cards and now have trouble buying essentials. Sales down 4.3% in just one quarter.
You know that these corporate boards have had a little birdie chirping in their ear, saying if they want to avoid having happen to them what’s happening to Trump, they’ll do what they’re told about prices during an election year.
I find our Walgreens competitive with CVS. But usually Walmart beats them both.
They wouldn’t do it for a republican president
Stock holder lawsuits to follow.
Cut prices when inflation is eating your lunch means lost profits.
Yep, Biden got the usual Democrat dominated businesses to put out a press release saying their “lowering prices”. Yeah, a pack of gum is now $2.95 instead of $2.99. Another scam. What next? The tech barons saying they are now going to censor only a bit less now?
A loss leader for a lost leader.
These are political price cuts. They will be temporary until after the election.
I gave up soda a few years ago because of the sugar so I had no idea the price was up so high. That is crazy!
Sounds like election interference to me.
Yep, it’s an election year and the wealth sovereigns are all in!
I refuse to go to Walmart except during hunting season. Only because they have bags of corn cheaper than anyone else.
I hate Walmart because they NEVER have enough people to check you out at the registers. Which is why I never grocery shop there.
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