Company says rise in hourly wages accounts for 75% of lower earnings target as tough economy and pressure from rivals responsible for hit to sales growth Walmart,the world’s biggest retailer, issued a profits warning on Tuesday and cleave its sales outlook for 2015, and blaming wage rises and intensifying online competition for its woes.
The company said it expects sales growth to be flat for this fiscal year,as it faces unfavorable currency exchange rates. The company had previously forecast sales growth of 1-2%. Its shares plummeted on the news, falling over 9% to just over $60 by early afternoon. Related: No PR campaign will save Walmart from being 'exhibit A' of bad worker policies | Richard L Trumka Continue reading...
Source: theguardian.com