Walmart (WMT) is lowering prices on thousands of items as Inflation is easinga sign that consumers are still Hunt for bargains.

“We lower prices when it comes to value,” says Doug McMillion, Walmart’s (WMT) CEO said during the company’s second-quarter earnings call. The retailer is cutting prices on 7,200 items across various categories.

McMillion said the company made the decision after Quarterly resultswhich highlighted that consumers of all income levels continue to use the retailer for their everyday essentials. Key growth areas included food and general merchandise, as well as the US health and wellness division, which generated significant sales from 2017 to 2019. GLP-1 drugs“So far, we are not seeing a weaker consumer overall,” McMillon said.

Walmart (WMT) The price cuts come as consumers, burdened by high inflation, are increasingly Focused on finding valueAt the end of May, major retailers, including Goal, Amazonand Walmart announced Plans to reduce prices To attract cost-conscious buyersAt that time, Walmart announced that it would cut prices on 7,000 items.

As the largest US retailer, Walmart could further consolidate its market dominance through these strategic discounts.

On Thursday, the retail giant reported strong Second quarter results which exceeded Wall Street expectations. The results were seen by higher-income households and Advertising and e-commerce units.

The company said market share gains increased at all income levels but were “driven primarily by higher-income households.”

In March, Walmart announced it would remodel about 650 of its stores. Attempt to attract more affluent buyersImprovements included improved lighting, an increase in the number of mannequins, fewer displays and a focus on high-end products. In addition, the introduction of the Bettergoods own brand inspired by chefs and a wider selection of back-to-school items have also added to its appeal to consumers.