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Walmart cuts profit outlook on higher wages

Investment in online services and a stronger dollar are also eating into earnings

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Walmart, based in Bentonville, Arkansas, joins a flurry of retailers reporting second-quarter earnings this week, some of which are gaining traction with the economic recovery.

New York

WALMART cut its annual profit forecast on Tuesday, saying the costs of raising wages for a half-million workers were weighing down its bottom line.

Walmart's investment in its online services as it vies to compete with e-commerce titans such as Amazon is also eating into

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