WMMVY Wal Mart de Mexico SAB de CV (QX)

By Anthony Harrup

MEXICO CITY--Retailer Wal-Mart de Mexico SAB posted a 10% rise in first-quarter profit on higher sales in Mexico and Central America.

The unit of Bentonville, Ark.-based Walmart Inc., known as Walmex, reported a profit of 11.1 billion Mexican pesos ($544 million) for the first quarter, up 10% from the year-earlier period.

Sales rose 10%, reaching 187.8 billion pesos, with same-store sales up 9% in Mexico and 9.7% in Central America.

A 13% increase in general expenses led to a lower operating margin. Operating profit rose 6.7% to 15.9 billion pesos. Earnings before interest, taxes, depreciation and amortization were up 6.4% to 20.7 billion pesos.

The company attributed the increased expenses to investments aimed at speeding up sales growth, including improving salaries which has reduced employee turnover by a third in three years.

Walmex plans capital investments of 27.6 billion pesos in 2022, of which 40% is for store remodelings and maintenance and 28% for new stores. Walmex opened 11 stores in the first quarter, nine in Mexico and two in Central America.

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

(END) Dow Jones Newswires

April 26, 2022 17:33 ET (21:33 GMT)

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