Retail giant Wal-Mart de Mexico (Walmex) has posted solid growth in first-quarter net profit, helped by an increased market share despite weak consumer demand.
Walmex, which is majority owned by US retail giant Wal-Mart, reported a 5% increase in first-quarter net profit to 943m pesos (US$88.5m), slightly below market forecasts, reported Reuters.
The retailer reported a 9% rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to 1.82bn pesos, narrowly beating estimates.
Walmex’ same-store sales increased 2.9% year-on-year for the first quarter.
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