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Last Updated: Friday, October 09, 2009
Walmart de Mexico net profits up 18 percent in 3Q
Associated Press Financial Wire
October 8, 2009 Mexico's largest retailer, Walmart de Mexico SA, reported Thursday that net profits rose 18 percent in the third quarter, saying discount prices attracted more recession-squeezed shoppers even as customers spent less on average. The Mexican unit of Walmart Stores Inc. posted earnings of 3.86 billion pesos ($290 million) in the July-September period, up from 3.27 billion pesos in the third quarter of 2008. The company said sales rose 11.9 percent to 64.3 billion pesos ($4.84 billion). Same-store sales were up 4.7 percent on the quarter, and earnings per share increased 19.2 percent. Walmex President Eduardo Solorzano credited "price leadership" for the results, with discount stores Bodega and Walmart posting the best performance. Read on
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