Walmart is rolling out a handful of new apparel brands at low prices and will phase out some of its older brands as a result, a source familiar with those plans confirmed to CNBC.

The revamped clothing lines will include Time and Tru for women, Terra & Sky for plus sizes and Wonder Nation for kids, said the source, who requested anonymity because the information has not yet been released by the company.

The existing brand known as George, which Walmart incorporated from its British unit Asda, will be reconfigured to sell only items for men.

Current labels such as Faded Glory, White Stag and Just My Size will be pulled from shelves. Some of those items will still be available online, though.

Bloomberg first reported the news Friday morning.

As it announced late last year, Walmart is also redesigning its website with a focus on home goods and fashion, which will include merchandise from Hudson's Bay-owned Lord & Taylor. The department store chain's flagship shop on Walmart.com is set to be unveiled later this spring.

Competition in the apparel industry is growing more intense, particularly among Walmart, Target and Amazon.

Target has been investing heavily in its private-label brands and within the past year has launched A New Day for women, JoyLab for athletic apparel, Goodfellow & Co. for men and Universal Thread for denim.

Amazon has been doing more of the same, albeit quietly, though most of its success in fashion thus far stems from selling basic items, such as underwear and t-shirts. A new report from Coresight Research (formerly Fung Global Retail & Technology) found that the e-commerce behemoth is increasingly a force to be reckoned with in the apparel industry and is stealing share from Target, Macy's and J.C. Penney.

In acquiring Modcloth, Bonobos and Moosejaw, Walmart has started to accumulate a house of established apparel brands under its name. Now it's looking to refresh its own suite of labels to accompany them.

Items from Time and Tru, Terra & Sky and Wonder Nation are already available online.

Walmart is scheduled to report fourth-quarter earnings on Tuesday.