MEXICO CITY – Wal-Mart de Mexico SA says net income rose by 9 percent in the second quarter as new stores opened and customer traffic increased.
Walmex, as the local unit of Arkansas-based Wal-Mart Stores Inc. is known, said Wednesday that profits rose to 3.2 billion pesos (US$313 million) in the quarter from 2.97 billion pesos (US$288 million) in the same period last year, just meeting analyst expectations.
Net sales rose 12 percent to 57.2 billion pesos (US$5.6 billion), as new outlets opened and same store-sales increased by 5.9 percent at Mexico's largest retail chain.
Retail sales have continued to climb in Mexico despite rising inflation, which reached 5.26 percent in June.
