Wal-Mart Stores, Inc. (NYSE:WMT) is executing aggressive sales strategies to ensure that it will remain highly-competitive and capture significant consumer traffic during the holiday shopping season.
Doug McMillon, the CEO of the world’s largest retailer emphasized that their on-going priority is to maintain its position as a price leader. He said, “Being the price leader is an ongoing priority for us and a commitment to our business. And with every year, that is even more important during the holiday season.”
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McMillon added that Wal-Mart Stores, Inc. (NYSE:WMT) is focusing on improving customer service particularly for the holiday season.
Wal-Mart to match prices from Amazon.com
Wal-Mart Stores, Inc. (NYSE:WMT) is maintain its status as a price leader by offering free shipping to customers on all eligible orders of $50 or more and price reductions on 20,000 products.
The retail giant also directed all of the managers of its approximately 4,300 stores in the United States to match the prices of Amazon.com, Inc. (NASDAQ:AMZN) and other online retailers.
According to Greg Foran, the president and CEO Wal-Mart U.S. said almost 50% of the retail giant’s stores were already matching the prices of online retailers, but the policy is official starting today.
Wal-Mart benefits from lower gas prices
Wal-Mart Stores, Inc. (NYSE:WMT) said the declining fuel prices in the United States and other key markets favorable.
“Our sense is that consumer confidence is reasonable out there and there is no doubt that lower gas prices are probably giving us a bit of benefit as well,” said Foran.
According to AAA, the average gasoline prices in the United Stated have been declining over the past 48 consecutive days. Currently, drivers are paying an average of $2.92 per gallon.
Ken Perkin, president of Retail Metrics LLC suggested that Wal-Mart Stores, Inc. (NYSE:WMT) and other retailers will probably experience the benefit of lower gas prices not until December.
Yesterday, Wal-Mart CFO Charles Holley told reporter that the company is already observing some benefit from lower gas prices given the improvement of customer traffic at its stores. He emphasized the fact that lower gas prices “can help the average consumers.”
Wal-Mart Stores, Inc. (NYSE:WMT) posted better than expected earnings for the third quarter. The retail giant delivered $1.15 in earnings per share on $118.1 billion in revenue. Wall Street analysts expected the company to achieve $1.14 in earnings per share on $114.9 billion in revenue.