Wal-Mart de Mexico (Walmex) has revealed strong results for the first quarter of 2009, with group profit jumping to MXP3.5bn (US$243m) and net income increasing by 6 per cent as the group cut prices to increase sales.
Sales during the three-month period increased by 8 per cent to hit a record MXP61.4bn (US$4.2bn), as shoppers were drawn to the lower prices on offer during the slowing global economic environment.
'Results were good despite the challenging economic environment and a negative calendar effect,' said group chief financial officer Rafael Matute in a conference call, adding that same-store sale increased by 1 per cent during the quarter despite February having one fewer day than in 2008 and the Easter holidays falling in April instead of May.
The group launched 14 new outlets in the country throughout the first three months of the year to expand its national portfolio to 1,219 units, while customer traffic at these stores increased 10 per cent on a year-on-year basis.
Walmex's positive results were in contrast to a monthly report by Mexican retail organisation ANTAD, which earlier in the week revealed an overall fall in sales at its member retailers (including Walmex) of 3.3 per cent during March.
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