Walmart’s recent pay hikes to employees has put a dent in its profits. The store chain says its recent profits missed Wall Street’s forecasts, and its recent raises are a big reason.
Walmart raised its minimum wage for workers last month to $9/hr. But the retailer says the increase will only help in the long term, as workers will have more money to spend.
The company also blamed lower food prices and a drop in international revenue for the profit slump.