Mexican retail giant Wal-Mart de Mexico (Walmex) has reported a better-than-expected 4.5% rise in same-store sales for May.
Walmex, which is majority owned by US retail titan Wal-Mart, posted total sales of 11.18bn pesos (US$0.98bn) for May, a rise of 10.8% from the year-ago period after adjustment for inflation. Analysts had forecast 4% growth in same-store sales for May, reported Reuters.
Walmex has won market share in Mexico through a strategy of aggressive expansion and advertising, and low prices.
The company recently said it would invest 7.2bn pesos in expanding its chain by 77 stores by mid-2005.