Wal-Mart: Food stamp cuts to hit profits

NEW YORK (CNNMoney)

The cut in food stamps went into effect Nov. 1. Food stamps had been increased during the height of the recession, but that expansion expired without Congressional action.

The expiration of the program saved the government $5 billion.

And more cuts in food stamp funding could be on the way. A bipartisan deal on a new farm bill reached earlier this week could trim $90 a month in benefits for 850,000 food stamp recipients.

The nation's largest retailer also said bad weather was affecting its financial performance.

Shares of Wal-Mart (WMT, Fortune 500)fell in premarket trading on the warning.

First Published: January 31, 2014: 8:29 AM ET

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