Wal-Mart: Wage hikes are killing our profits

Share prices in Wal-Mart Stores Inc. (NYSE: WMT) dropped Wednesday after the retailer announced low sales in 2015 and issued a bleak forecast for profits in 2016.

According to CNNMoney, Chief Financial Officer Charles Holley said the costs of increased wages and training for around 100,000 employees would lower operating profits for the Bentonville, Ark.-based company by roughly $1.5 billion in fiscal 2017, 11 months of which occur in 2016.

Shares in the company’s stock were trading as low as $60.12 per share Wednesday after falling from as much as $67.95 a share after the market’s open.

Holley said overall earnings would be down between 6 percent and 9 percent this year, with earnings not expected to show growth until 2019.

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