Walmart (NYSE: WMT) has been in the news a lot in the past few months and not necessarily for good reason. There was the scandal where 5 Walmart locations closed suddenly. Further, the company tried to launch an online shipping service to compete with Amazon Prime (NASDAQ: AMZN). However, one of the best things Walmart has done was raising the minimum wage to $9 an hour for its workers. The company was following a trend of raising the minimum wage across the country. This news was supposed to be good for Walmart, but now that its profits are down it might be thinking twice about its decision. According to CNN, Walmart reported a loss in profits and Vice President of Investor's Relations Carl Schumacher said most of this loss is due to the raising of the minimum wage for its employees. Another reason the company is struggling through this quarter is because consumers are spending less, followed by competition from other box stores. However, Walmart plans to do better in the next few quarters and are hoping that the online shopping sector may be what helps it come back. For more news about Walmart and other news, click here.