Walmex (Wal-Mart de Mexico) has reported record sales and profits, bucking a market struggling with a slowdown in growth and a weak economy.

Walmex enjoys a 40% retail market share and is Mexico’s largest employer, reported the Financial Times. The company reported net profits up 13.5% in the fourth quarter, while sales rose 9%.

Walmex, which is controlled by its American parent, posted a quarterly net profit of 2.11bn pesos (US$191.7m) on sales of 32.25bn pesos, up from earnings of 1.86bn pesos on sales of 29.5bn pesos one year ago.

Walmex is growing its own store portfolio and also seeking further penetration by selling through corner shops from which many low-income consumers buy most of their food. It currently operates 597 outlets including Wal-Mart, Sam’s Club and Bodega Aurrera hypermarkets, Superama supermarkets, Suburbia clothing stores and 260 of the diner-style restaurant Vips.