I worked at McDonalds for five years, (last two years of high school, first three years through college) and at the beginning of every year they'd raise the minimum wage slightly. It would usually go up only around a dollar.
The first two weeks, the managers would cut our hours, loudly bemoaning how "because of the increased minimum wages, we can no longer afford to give you the same hours." They tried to nail it into our heads that higher wages = less work, lower pay overall.
And then after a week or so, all of hours would go back to normal. Why? Because the increased wages had no actual effect on the store's ability to turn a profit. The only reason they cut our hours was because the holidays were over and the first week of January is the slowest week of the year.
But it's important for corporations to make it seem as if they can't afford to raise wages, and every year they cross their fingers and hope we're stupid enough to not see through their propaganda.