Walmart is spending billions of dollars to pay its hourly workers more and spruce up its stores and online services. But its fourth-quarter results show that it’ll take time to fix its business. Adjusted fourth-quarter results beat Wall Street estimates. But profit fell 8 percent as Walmart faces higher costs. Walmart also reported a revenue shortfall for the quarter and lowered its annual sales forecast because of the negative impact of a strong U.S. dollar and the company’s move to close some stores globally.
Seat belt problem prompts Toyota recall
Toyota said Thursday it is recalling nearly 2.9 million sport utility vehicles, including more than 1.1 million in the U.S., because of seat belts that might fail in a crash. The recall covers RAV4 SUVS from the 2005 through 2014 model years, the RAV4 electric vehicle from 2012 through 2014, sold in North America, and the Vanguard sold in Japan from 2005 through 2016, the Japanese automaker said.
Defense Department plans move to Windows 10
The Department of Defense is embarking on a program to update about 4 million of its devices to Windows 10, an unusually quick move for one of Microsoft’s massive government customers. Microsoft highlighted the department’s plans in a pair of blog posts this week, but the news emerged in a little-noticed November memo by Terry Halvorsen, the Pentagon’s chief information officer. Halvorsen said the department must rapidly transition to Windows 10 to improve cybersecurity and lower costs. He set a goal of completing the migrations by January 2017.
— From wire reports