Wal-Mart makes splashy price cuts to boost sales

NEW YORK: Wal-Mart is counting on $1 ketchup bottles and sub-$4 cases of Coke to re-ignite sales.

The sharp cuts came ahead of the Memorial Day holiday weekend. They have already pushed rivals such as Target into price wars. And the markdowns are expected to keep coming throughout the summer.

They're one of the boldest moves the world's largest retailer is making to turn around sluggish business and win back shoppers from rivals. The cuts target 22 foods and other essentials at an average savings of 30 per cent - splashy enough to get attention and perhaps change perceptions.

Wal-Mart is also restoring items like certain soups and laundry detergent it stopped carrying when it tried to declutter its stores.