WMMVY Wal Mart de Mexico SAB de CV (QX)

By Anthony Harrup 

MEXICO CITY -- Sales growth at Mexico's biggest retailer, Wal-Mart de Mexico SAB, grew 9.1% in the third quarter from a year earlier, but marked a slowdown from the previous two quarters.

Walmex, as the unit of Arkansas-based Wal-Mart Stores Inc. is known, had sales in the July-September period of 127.1 billion Mexican pesos ($6.6 billion), compared with 116.5 billion pesos in the third quarter of 2015.

The increase was smaller than the 11.5% growth in the second quarter of this year and 13.2% in the first.

Despite a sluggish overall economy, Mexican retail sales have been strong this year thanks to gains in employment, increased consumer credit and low inflation, although private consumption has shown signs of slowing in recent months.

Walmex's September sales rose 9.8% from the year-earlier month, to MXN32.4 billion pesos. Same-store sales, which include only stores that have been open at least one year, rose 6.1% in Mexico and were up 5.2% in Central America.

Walmex runs Mexico's biggest retail chain, with 2,259 stores in Mexico including supermarkets, big-box stores and Sam's Club membership stores. In Central America it has 718 stores.

In recent years, the company has sold its bank and its restaurants, and in August agreed to sell its clothing store chain to Mexican department store operator El Puerto de Liverpool SAB.

The asset sales are part of Walmex's strategy of focusing on its core business as it seek to double sales between 2014 and 2024. The company plans to report its third-quarter financial results on Oct. 25.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

October 05, 2016 18:14 ET (22:14 GMT)

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