Wal-Mart Mexico and Central America has seen its second-quarter net income fall on the back of investment into developing new stores.
The Wal-Mart Stores subsidiary announced yesterday (19 July) that net income was down 3% to MXN4.5bn (US$386.5m) for the quarter ended 30 June. However, net sales rose 9.1% to MXN87.9bn.
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For the first half, net income was up 4% to MXN9.1bn, while net sales grew 13% to reach MXN173bn.
“The second quarter of the year was characterised by significant investment in store openings, remodels, logistics, and systems, among others,” said Walmex president and CEO Scot Rank.
“I would like to highlight the investment made in strengthening our every day low prices in Mexico and introducing it in Central America. We are committed to continue lowering prices consistently in benefit of all our customers in Mexico and Central America alike. Although the schedule for the investments made did not favour this quarter’s results, it nonetheless allows us to be better positioned for the second half of the year.”
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