MEXICO: Walmex posts strong Q2
Retailer Wal-Mart de Mexico has posted a 24% jump in second-quarter profits as sales climbed on the integration of stores from Central America.
For the quarter ended 30 June, net earnings reached MXN5.7bn, a 24% increase on the previous year. The company posted a 25% increase in EBITDA to MXN9.5bn.
The rise in profits was driven by a 26.7% increase in net sales, which reached MXN80.6bn.
The second quarter of 2010 was the first full period in which Walmex could report numbers from stores in Central America that it bought from parent Wal-Mart earlier this year.
The Central American operations posted a 4% increase in total income to MXN11bn. Comparable-store sales were up 2.1% and EBITDA increased 10.3% to reach MXN6.1bn.
In Mexico, Walmex booked a 2.7% increase in comparable sales against the same quarter last year.
Total income for the country increased 10% on the same quarter last year to reach MXN70bn. EBITDA was up 14% to MXN10bn and operating income increased 15% to reach MXN8.2bn.
Wal-Mart Mexico CFO Rafael Matute said the company has opened 77 stores and restaurants this year and that it is on target to meet its expansion programme for the full-year.
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