Wal-Mart de Mexico 3Q Net Profit Rises 10%
October 20 2022 - 7:45PM
Dow Jones News
By Anthony Harrup
MEXICO CITY - Mexico's biggest retailer Wal-Mart de Mexico SAB
reported a 10% rise in third-quarter net profit on higher sales and
operating gains.
Walmex, as the unit of Bentonville, Ark.-based Walmart Inc. is
called, made a net profit of 12.15 billion Mexican pesos ($608
million) in the July-September period, compared with 11.05 billion
pesos in the year-earlier quarter.
Sales rose 12.4% to 197.89 billion pesos, with same-store sales
- which only include store thaht have been open at least a year -
up 11.1% in Mexico and 14.4% in Central America. Overall average
ticket increased 6.2% and customer traffic was up 5.2%.
Walmex's earnings before interest, taxes, depreciation and
amortization, a measure of profitability, rose 5.6% to 21.1 billion
pesos.
"Macro conditions continued to be challenging in the quarter,
and the high level and persistence of inflation are affecting our
customers, especially the most price-sensitive ones," Walmex Chief
Executive Guilherme Loureiro said in a webcast presentation.
He said some customers were opting for smaller package sizes, or
making more frequent trips to stores, affecting average ticket
growth. The higher inflation also fueled sales of private brand
products, he added.
Consumer price inflation in Mexico is at its highest level in
more than two decades, and averaged 8.5% in the third quarter.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
October 20, 2022 19:30 ET (23:30 GMT)
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