Mexico’s largest retailer Wal-Mart de Mexico (Walmex) has reported an increase of 12.1% in Q3 net profit compared to a year earlier.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 17.5% compared to the third quarter last year.
Both increases were roughly in line with industry analysts’ expectations.
The company also recorded an increase in operating profit, up 20% from a year earlier.
Total third-quarter sales were 24.26bn pesos (US$2.4bn), a 13.4% increase from a year earlier. Same-store sales increased by 3.5% in the quarter.
Walmex resigns from ANTAD
Walmex, which is owned by US retail giant Wal-Mart, announced yesterday [Wednesday] that it was resigning from business association ANTAD over a disagreement with other supermarket owners.
The disagreement concerned Walmex’ standard practice of posting price comparisons with other named supermarkets. ANTAD recently decided to prohibit its members from such practices, leading to Walmex’s decision to resign from the group.