2023 is getting off to a tough start as a growing number of companies lay off employees as they expect 2023 to be a tough year. Now Walmart is also cutting its predicted growth for 2023.
Recently when Walmart announced its recent earnings report Walmart gave an update on its expected growth for 2023.
Walmart ended 2022 with an 8.3% jump in sales during the holiday season. Walmart’s growth was helped by customers buying more of Walmart’s private label brands like Great Value, helping profits. Now Walmart expects sales to jump only by 2% to 2.5% at the same store.
“The consumer is still very pressured,” Walmart CFO John Rainey told CNBC. “And if you look at economic indicators, balance sheets are running thinner, and savings rates are declining relative to previous periods. And so that’s why we take a pretty cautious outlook on the rest of the year.”
Walmart is not alone in predicting a general slowdown. Amazon recently announced a second round of layoffs affecting 9,000 more employees. Meta Facebook and Instagram’s parent company is laying off more staff as it expects ad revenue to drop in 2023.
Other retailers are also reporting slower numbers or declining bankruptcy. In recent months Tuesday Morning, Party City, Pet Partners, and more have all declared bankruptcy.
Walmart hopes that Easter will help drive up sales again. To help with this
Walmart will also be selling entire easter meal baskets for less than $100. These meals will include everything you need for an Easter dinner and cost less than $100.
Walmart says they will base the price of these means and products on what they sold for in your area from February 15th, 2022, through April 15th, 2022. This special offer will end on April 15th, 2023. Prices in different regions will vary.Walmart hopes selling Easter meals at last year’s prices will help drive up sales at stores.