Wal-Mart de Mexico, Mexico’s largest retailer, has reported a 13.3% increase in sales for 2007, with sales in real terms, excluding inflation, rising by 9%.
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EBITDA reached MXN22.4bn (US$222.6m), representing 10% of total revenues and growth in real terms of 11% over last year’s levels. Operating income increased by 12% in real terms, the company stated.
Sales for the fourth quarter rose by 10.8%, and by 6.7% in real terms, with operating income up by 6% in real terms, Wal-Mart de Mexico said. EBITDA reached MXN7.34bn and represented 10.9% of total revenues.
“Throughout 2007, our company faced important challenges: contracting consumption growth rates and a tough comparison with the previous year,” said president and CEO Eduardo Solorzano. “In light of this situation we implemented an expense reduction programme companywide and we reinforced the cornerstone of our value proposition: Every Day Low Prices, achieving the highest sales ever in the history of the company.”
Solorzano added that during 2007 the company invested MXN11.26bn in opening 136 stores, creating 15,728 permanent jobs. During 2007, the company also launched a sustainability programme, focusing on areas such as energy and water consumption and waste management, Solorzano said.
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By GlobalDataWhile US retail giant Wal-Mart is the majority shareholder in Wal-Mart de Mexico, also known as Walmex, shares in the company are also traded on the Mexican Stock Exchange.
