Wal-Mart de Mexico has reported a 14% increase in annual profits after its earnings accelerated in the last three months of 2011.

The company, which runs Wal-Mart Stores’ operations in Mexico and in other Central American markets, yesterday (20 February) posted full-year net income of MXN22.25bn (US$1.75bn), up 13.8% on 2010. Net sales increased 13.3% to MXN379.02bn.

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The retailer, also known as Walmex, saw earnings and sales accelerate in the fourth quarter of the year. Net income was up 26% at MXN8.23bn, while net sales rose 16% at MXN115.46bn.

President and CEO Scot Rank said Walmex had reported “solid results” for 2011. “In Mexico we maintained the profitable growth for which Walmart is known; in Central America we made strong investments aimed at setting the foundations for our future growth.”

During the year, Walmex opened 441 stores, including 365 in Mexico. It now operates 2,722 retail stores and restaurants across Mexico and five other Central American countries.

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