MEXICO: Walmex posts rise in sales, competitors form supplier alliance
Mexican retail giant Wal-Mart de Mexico (Walmex) has posted a 1.0% rise in same-store sales for June, compared to the same month last year.
Walmex said total June sales were 9.06bn pesos (US$862.8m), up 6% from June 2002 after adjustment for inflation.
For the second quarter, sales totalled 27.68bn pesos, down slightly from 27.92bn pesos forecast in an earlier poll by Reuters, and up 10.5% from the second quarter of last year.
Walmex, which is majority owned by US retail giant Wal-Mart, has used aggressive expansion and advertising, as well as low prices, to win market share from its competitors.
Three of Walmex’ rivals, Soriana, Comerci and Gigante, announced this week that they have formed a supplier alliance to lower prices and boost profits.
Companies: Wal-Mart Stores
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