Wal-Mart de Mexico, the Latin American country’s largest retailer, posted a 16% rise in second-quarter profit thanks to aggressive promotional activity and efficiency gains.

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Walmex, reported earnings of MXN3.753bn (US$285m) in the April-June period on revenues that were up 11% to MXN63.98bn.


EBITDA climbed 16% to MXN6.14bn.


However, same store sales were down 0.1% as the recession dented consumer spending.


This was offset by store expansion and promotions, the company said.

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In its earnings release, Walmex added that the comparable result was also boosted by the Holy Week holiday, which fell in the first quarter of last year.