Wal-Mart Makes Splashy Price Cuts to Get Mojo Back

NEW YORK – Wal-Mart is counting on $1 ketchup bottles and sub-$4 cases of Coke to get its low-price mojo back.

The sharp cuts came ahead of Memorial Day 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 percent — splashy enough to get attention and perhaps change perceptions.

The world's largest retailer is also restoring items like certain soups and laundry detergent it stopped carrying when it tried to declutter its stores.