By Paul Ziobro And Michael Calia 

Wal-Mart Stores Inc. plans to boost the pay of its U.S. employees to at least $9 an hour by April, a raise that will top the federal minimum wage by 24% and take a bite out of the company's profit this year.

The company said it would raise the pay for those employees by another dollar an hour by next year. In all, the moves affect some 500,000 full-time and part time employees at Wal-Marts and Sam's Clubs, about a third of the company's 1.4 million U.S. total.

The move by the world's largest retailer comes as the vast gulf between the richest Americans and the rest of the country has become a key political issue for both parties as another presidential election cycle looms. Wal-Mart, with its low wages and scheduling policies that critics say make it hard for part-time employees to predict their hours, has long been a flash point for that debate.

Chief Executive Doug McMillon has for months said Wal-Mart would soon detach itself from the official minimum wage, joining retailers like Gap Inc. and Costco Wholesale Corp. that have committed to paying workers more than federal law requires. Aetna Inc. also said last month that it would boost the wages of its lowest-paid workers by as much as a third, to $16 an hour, to draw better prospects and reduce turnover.

Wal-Mart's action will raise average full-time worker wages to $13 an hour, up from nearly $12 an hour, while average part-time workers will be paid $10 an hour. It wasn't immediately clear what that would mean for the other key variable in the income equation--hours--though the company said scheduling would become more predictable.

The gains also may not be enough to satisfy critics. A group including some Wal-Mart workers had been pushing the retailer to institute a $15 minimum wage.

While Congress hasn't voted to boost the federal pay floor since raising it to $7.25 in 2009, many states and cities have set minimum wages well above the federal level. Seven states, including California and Massachusetts, already mandate that all employers pay workers at least $9 an hour. An eighth state, Minnesota, reaches $9 in August.

With states and companies raising pay floors, relatively few workers earn the federal minimum wage or less per hour, according to the Labor Department. In 2013, 3.3 million workers earned the federal minimum, or 4.3% of hourly wage earners. Of those workers, 14% worked in retail jobs. Nearly half worked in food service.

Low-wage employers, broadly, have seen wage pressures increase in the past year as the unemployment rate has fallen.

Mike Bufano, senior vice president for planning at Panera Bread Co., told investors this month that the company is paying "higher wages across-the-board" adding there is "war for talent" in the sector.

The wage announcement came as Wal-Mart reported a relatively strong holiday season, with sales at its core U.S. business up 1.5%, excluding newly opened or closed stores, led primarily by getting more shoppers to come into stores. Customer traffic increased 1.4%, the first quarterly increase in more than two years, helped by lower gasoline prices, Mr. McMillon said.

But Wal-Mart said the investment in higher wages and better training will cost the company. It projected earnings of $4.70 to $5.05 a share. The stronger dollar, if it remains at current rates, would cut another 10 cents a share from the bottom line, putting earnings below the recently ended fiscal year.

The company's shares fell 2.9% in afternoon trading.

Wal-Mart also warned that its net sales could take a $10 billion hit if foreign-exchange rates remain where they are. The company said it now expects sales growth of 1% to 2%, down from its October guidance of 2% to 4% growth.

For the quarter ended Jan. 31, Wal-Mart reported earnings of $4.97 billion, up from $4.43 billion a year earlier. Revenue rose 1.4% to $131.6 billion.

The retailer also raised its quarterly dividend to 49 cents a share, an increase of a penny. The boost brings the dividend yield to 2.3%, compared with the 2.7% at rival Target Corp.

Eric Morath contributed to this article.

Write to Paul Ziobro at Paul.Ziobro@wsj.com and Michael Calia at michael.calia@wsj.com

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