Wal-Mart de Mexico posted record sales and profits last year, and said the positive growth trend is continuing in 2006.
Mexico’s leading retailer, also known as Walmex, reported net profits of MXN9.47bn (US$902m) in 2005. The company achieved sales totalling MXN164.3bn, with same-store sales up 5.4% year-on-year.
Fourth-quarter sales grew by an impressive 15% over results for Q4 2004, to MXN50.25bn, although increased tax payments meant that net profits slipped by 2%.
Eduardo Solorzano, the company’s president and chief executive, said Walmex had its best results ever in a year in which it invested US$764m. During the year, Wal-Mart de Mexico opened new 95 outlets, expanding into 29 new cities.
Sales growth has continued into 2006, with the company reporting a year-on-year rise of 14.1% in January.