Wal-Mart CEO Defends Plan After Outlook Sends Stock Tumbling
- Earnings will fall as much as 12 percent in next fiscal year
- Retail chain investing in its workforce, e-commerce programs
Wal-Mart CEO: Next Year Is Pressure Point
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Wal-Mart Stores Inc. Chief Executive Officer Doug McMillon defended his attempt to revamp the retailer after a weak profit forecast sent the shares on their biggest decline in more than 27 years.
The CEO said in an that he’s focused on the long-term health of the company, even as his efforts to increase worker pay and improve e-commerce capabilities cause “a pressure point.”