Walmart profits down due to pay raises, lower food prices

Walmart profits down due to pay raises, lower food prices (Image 1)
Walmart profits down due to pay raises, lower food prices (Image 1)

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.

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