Walmart Misses on Sales and Profit, Hit by Strong Dollar

Walmart (WMT) posted results on Tuesday that missed analyst estimates. The company was hit by the strong dollar and sluggish consumer spending. The retail giant reported earnings of $1.03 per share, down from last year's numbers. Revenue also came in below expectations at $114.83 billion, missing the expected $116.21 billion. The discount chain also fell short on sales estimates, despite seeing a 1.1% rise in same store sales. Walmart has been investing heavily in its online presence to boost ecommerce and compete with rivals such as Target (TGT) and Amazon (AMZN). The company recently announced a $50 per year shipping service plan to compete with Amazon Prime. Walmart will also raise worker wages to $10 per hour by 2016. Shares were down on the earnings numbers