Wal-Mart de Mexico has posted a 5% rise in annual profits as a move to lower prices attracted Mexican consumers and boosted sales.
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The retailer, in which Wal-Mart owns a majority stake, yesterday (11 February) posted a 5% increase in net income in 2008 to MXN14.67bn (US$1.01bn). EBITDA climbed 9% to MXN23.89bn.
Net sales increased 11% to MXN244.03bn, the company said, with lower prices luring in 12% more customers in 2008 than 2007.
President and CEO Eduardo Solorzano, said falling disposable incomes and lower consumer confidence had prompted the move to cut prices.
“We took the decision to strongly invest in prices, in benefit of all our customers,” Solorzano said.
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By GlobalDataWal-Mart de Mexico runs over 1,200 units in the country, including 154 Wal-Mart stores, 67 Superamas and 91 Sam’s Clubs outlets.
