Wal-Mart de Mexico’s Net Income Jumps 27%
Wal-Mart de Mexico, or Walmex, said its first-quarter profit rose 27%, beating expectations as it continued expanding and boosting sales.
Walmex, a unit of No. 1 global retailer Wal-Mart Stores Inc., said its quarterly net income reached 2.43 billion pesos ($223 million), compared with 1.92 billion pesos in the first quarter of 2005.
Sales rose 13% from the same period a year earlier to 42.16 billion pesos.
Analysts in a Reuters poll had estimated a profit increase of 22% and a sales rise of 14% to 42.69 billion pesos compared with the 2005 quarter.
Walmex, Mexico’s No. 1 retailer, has plowed profit into expansion to take a growing share of the market, with 797 stores and restaurants.
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