WalMart Carnage: Stock Plummets Most In 17 Years After Slashing Earnings Guidance, Blames Wage Hikes
by Tyler Durden
ZeroHedge.com
10/14/2015
Do you see what happens Larry when Wal-mart succumbs to “progressive” pressure and hikes minimum wage? This: WMT CFO: 2017 RISE IN WAGES TO COST $1.5B; WMT PLANS REDUCTION IN CAPITAL EXPENDITURES THROUGH FY19; WAL-MART SEES FY2017 EPS DECREASING 6-12% VS FY2016. In other words, the company just slashed its 2017 earnings forecast by up to a whopping 12%: the reason – the recent increase in wages. So did the American worker win for once? Alas, no…
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