Wal-Mart Stores, the world’s biggest retailer, posted second-quarter earnings that missed analysts’ estimates after currency fluctuations and spending on employee raises dragged down profit.
Profit in the quarter was $1.08 a share, excluding some items, the Bentonville, Arkansas-based company said today in a statement. Analysts had expected profit of $1.12 a share, according to data compiled by Bloomberg.
Wal-Mart also lowered its earnings forecast for the year.
CE Doug McMillon is coping with a strong dollar overseas, which has cut into revenue. He’s also raised wages in the US, aiming to retain more employees and improve customer service.
Wal-Mart shares fell in early trading in New York after the results were released. The stock slid 16 percent this year through Monday’s close.
BLOOMBERG