Wal-Mart profit hit by workers’ raises

Wal-Mart Stores Inc. (NYSE: WMT) lowered its profit forecast Tuesday for fiscal 2016 in the wake of implementing worker raises.

The world’s largest retailer revised profits per share to between $4.40 and $4.70, down from $4.70 to $5.05. Wal-Mart reported its fourth consecutive quarter of comparable sales growth in the U.S., up 1.5 percent in the second quarter ending July 31.

In April, Wal-Mart raised the starting minimum wage in stores to $9 per hour, affecting more than 500,000 workers. The move, announced in February, was intended to combat declining customer satisfaction scores based on long checkout lines, insufficient staffing, cleanliness of stores and slow restocking of shelves.

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