Walmart plans to sell used goods from companies such as Apple, Samsung - Business Insider

Summary

The "Walmart Restored" program will let customers buy refurbished items from the Fall.

Products from companies such as Apple and Samsung will be available online and in some stores.

The "Walmart Restored" program will let customers buy refurbished items from the Fall.

Products from companies such as Apple and Samsung will be available online and in some stores.

Walmart unveiled the scheme after it marked down prices this summer to move excess stock.

Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. Loading Something is loading. Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy

Walmart will start selling used products including headphones, tablets and sewing machines later this year to help shoppers save money and boost its online marketplace.

The retailer will let customers buy refurbished goods "at a fraction" of usual prices as the cost of living crisis continues to hit American shoppers, it said in a statement on Friday.

The "Walmart Restored" program will let customers buy refurbished products from manufacturers including Apple, Samsung and KitchenAid.

"All products listed on the site have been professionally inspected, tested and cleaned, and if for any reason a customer isn't satisfied, we offer 90-day free returns to help enable shopping with confidence," Walmart said.

The retail giant already works with third-party sellers on its online store and will run its used goods program online as well as in some stores.

The new program comes days after Walmart told store managers to mark down prices on summer products to move excess stock, Insider reported.

The company had a third more stock at the end of April than it did compared to the previous year and its staff told Insider that its storage rooms were overflowing, forcing them to use trailers.

The build-up of stock had been intentional, CEO Doug McMillon said in May, as a result of delayed deliveries and inflation. He said on an earnings call at the time that the excess stock would be shed in the coming months.

Walmart also announced a profit warning this week and said it expected a decline in the bottom line in the second quarter of this year and for the 2023 financial year.