MEXICO: Walmex books bumper Q3 profits

9 October 2009 | Source: just-food.com

Wal-Mart de Mexico has booked a 18% jump in quarterly profits on the back of robust sales growth and lower costs.

The retailer, in which Wal-Mart owns a majority stake, yesterday (8 October) posted net income of MXN3.86bn (US$290.2m) for the three months to the end of September - an increase of 18% on the year.

Sales rose 12% to MXN64.33bn; comparable-store sales were up 4.7%.

President and CEO Eduardo Solorzano said Walmex had managed to increase its "customer count" by 16% during the quarter.

"I feel proud of the results achieved by our company. They are a directly related to our price leadership, and the commitment and effort of all our associates to better serve our customers, and to be more efficient every day," Solorzano said.

Wal-Mart de Mexico runs 1,334 units in the country, including 163 Wal-Mart stores, 68 Superamas and 97 Sam's Clubs outlets.