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Name | Symbol | Market | Type |
---|---|---|---|
Wal Mart de Mexico SAB de CV (QX) | USOTC:WMMVY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.16 | 0.43% | 37.45 | 37.45 | 38.27 | 38.09 | 37.17 | 37.2505 | 48,259 | 21:01:37 |
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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