Last week, Walmart had a stock fire sale. Walmart's usually stable stock price tumbled 11% as the company said at its annual investor day that higher wages for associates will dent profits by about $1.5 billion in the 2017 fiscal year, following a $1.2 billion hit this fiscal year. Serious types put the blame for Walmart's decline on competing online stores and the increase in labor wages. Certainly those are factors but collectively they ignore the single biggest challenge for Walmart: The failure to accept revenue.
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