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Wal-Mart profit falls on currency shifts, pay raises

Wal-Mart Stores Inc. reported a 7% drop in first-quarter profit as the strong dollar and some efforts to improve its business hurt its bottom line. The company said Tuesday that higher worker wages and increased spending on its online operations were among the reasons its results missed Wall Street estimates. Greg Foran, who had been president and CEO of Wal-Mart Asia and took over Wal-Mart's U.S. business last summer, asked for investor patience. "We're not interested in reaching our goals, but reaching them in a way which is sustainable for the long term," Foran said. "This requires a steady execution, a pace that is fast but calculated, and one that allows...