By Amy Guthrie
MEXICO CITY--Wal-Mart Stores Inc.'s Mexican unit said Tuesday
that its net profit expanded 8.9% on the year during the first
quarter, as sales rebounded versus a weak comparison period dogged
by new taxes and cautious consumer spending.
The company, which accounts for around 6% of Wal-Mart's annual
sales and is one of the Bentonville, Ark.-based retailer's biggest
overseas operations, reported quarterly net profit of 5.18 billion
Mexican pesos ($334 million), as total revenue increased 9.3% to
111.72 billion pesos.
Walmex had been expected to report net profit of 5.4 billion
pesos on sales of 111.7 billion pesos, according to the median
estimate of seven equities analysts polled by The Wall Street
Journal.
The unit failed to grow same-store sales last year in Mexico,
its main market, amid a weak economy and struggles to turn around
its Sam's Club business in the country.
Write to Amy Guthrie at amy.guthrie@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires