MEXICO: Wal-Mart increases net income in 2010
Wal-Mart de Mexico recorded an increase in net income during 2010 as the company said it worked to strengthen its "leadership position" in Mexico and incorporated its Central American operations into its results.
The retailer recorded a 16% increase in net income for the full year to reach MXN19.5bn (US$1.61bn), while net sales rose 24% to reach MXN334.5bn.
During the fourth quarter, net income was up 14% to MXN6.5bn, while net sales increased 25% to reach MXN99.9bn.
Executive president and CEO Scot Rank said: "During 2010 we achieved very sound growth figures. We strengthened our leadership position in Mexico and incorporated Central American operations to our results, thus achieving increases of 24% in sales, 21% in operating income and 24% in EBITDA."
Wal-Mart Mexico and Central America has seen its second-quarter net income fall on the back of investment into developing new stores....
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