Wal-Mart, the world’s largest retailer, announced fourth quarter profits that were lower than expectations, saying low prices cut into the profit margin.
Blomberg is reporting that the company said net income for the quarter fell 15 percent to 45.16 billion, down from $6.06 billion for the same period a year earlier.
The retailer is focusing on cutting costs to retain profits and keep prices low. For instance, the company started pulling greeters from the front of the store to do other tasks.
Read more at Bloomberg.