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US retail seafood sales will experience more challenges in 2023


US retail seafood sales will experience more challenges in 2023

Seafood sales at U.S. grocery stores are predicted to suffer this year as a result of ongoing food inflation forcing consumers to switch to less expensive options.

Walmart's worries about customers and Lidl's corporate cutbacks also portend difficulty for total grocery sales. Walmart's CEO, Doug McMillon, warned that consumers are being more cautious and the company decreased its profit projection for the year despite reporting stronger Q4 revenue and an 8.3 percent gain in U.S. comparable store sales. According to Barron's, Walmart executives predicted "stubborn inflation" in the food industry on an investor call.

McMillon told CNBC that he intends to maintain low prices for the retailer's own private labels after Walmart officials noticed an increase in the retailer's private label sales. McMillon stated that he would like for Walmart's brand partners and suppliers to "come forward" and decrease costs on their own, but he wants "to play a role in helping bring prices down."

“While we remain committed to the long-term success of Lidl US and look forward to continuing our expansion along the East Coast, we are continually evaluating our operations to ensure we are supporting our stores effectively,” Lidl US Senior Manager of Communications and Public Relations Chandler (Ebeier) Spivey told SeafoodSource. “As a part of this process, we have made the difficult decision at this time to eliminate a number of roles across the Company.”

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