Walmart profits down due to wage increase, strong U.S. dollar

May 19, 2015 5:20 PM

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Walmart profits down due to wage increase, strong U.S. dollar

Shares were reported at $1.03 each, down from $1.11 a share last year. Analysts expected earnings of $1.05 a share.

Walmart announced in February it would give raises to about 500,000 employees, bringing hourly wages above the federal wage minimum to $9 an hour, starting in April, and by Feb. 1, 2016, current employees will earn at least $10 an hour.

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