BENTONVILLE (dpa-AFX) - Wal-Mart Stores Inc (WMT) is reducing employee hours at some stores as part of efforts to cut costs, reports said.
In the past weeks, executives at Wal-Mart executives have asked managers at some of its U.S. stores to stick to predetermined staffing plans that are based on a store's sales projections, thereby indicating fewer working hours for its employees. The retailer's instructions applies only to a small number of its 4,500 U.S. locations, reports said.
Wal-Mart has been trying to shore up margins. In April, the retailer had increased the company-wide minimum wage to $9 an hour, and plans to increase pay to $10 an hour for many employees by February.
Earlier this month, Wal-Mart reported a 15 percent drop in second-quarter profit, hurt by a stronger dollar and wage hike costs.
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