Wal-Mart cuts forecast as it spends more on health care, online

Wal-Mart Stores Inc. cut its full-year profit forecast, citing higher employee health care costs and increased investment in its online business.

The company decreased its earnings forecast for the year ending Jan. 31 to $4.90-$5.15 per share from $5.10-$5.45.

According to Reuters, Wal-Mart CEO Doug McMillon blamed flat same-store sales on intense competition and weak consumer spending. Also, the report noted Wal-Mart has struggled to find a foothold in the online retail world largely dominated by Amazon.

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