Walmart CEO: Inflation on toys, clothing and sports equipment is easing [CNN]
Walmart Inc. (WMT)
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Source: CNN
New York CNN Business — “In toys, sporting goods, apparel, categories like that, prices have come down more aggressively,” McMillon said in an interview on CNBC. “We're still inflated but we're not inflated nearly as much as we are in the other categories.” Prices on toys were up 3.1% in October annually, according to the latest data from the Bureau of Labor Statistics. Sporting goods were up 3%, while apparel was up 4.1%. All three were below the 7% overall rate of inflation. Although prices on these goods are still rising, they're not rising by nearly as much as other categories, because retailers misjudged consumer demand and have excess inventory piled up. To clear out merchandise and entice shoppers to buy, stores have ramped up promotions. Walmart (WMT) is the largest retailer in the United States and has a gauge into consumer habits and a wide array of products. McMillon said that inflation was “most stubborn” on packaged food. Double-digit price increases on these
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