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Categories: Corporate Results

Mexico's Walmex Q4 Net Profit Rises 4 pct

Source: Reuters
12/02/2009

Mexico City, Feb 11 - Top Mexican retailer Wal-Mart de Mexico posted a 4 percent rise in fourth-quarter net earnings on Wednesday, beating market expectations, as strong advertising and promotions lifted revenue.

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The company, known as Walmex, said earnings increased to 4.92 billion pesos ($356 million) in the quarter, from 4.72 billion pesos in the year-earlier period, according to a filing with the Mexican stock exchange.

Results exceeded analysts' expectation of quarterly net profit of 4.783 billion pesos ($346 million).

"2008 was a year of big challenges," Walmex Chief Executive Eduardo Solorzano said in a separate company release.

Retailers have faced declining consumption since late 2008 as Mexico's economy has waned, hurt by a widening global financial crisis.

Sales for the quarter rose to 72.67 billion pesos from 67.33 billion a year earlier.

Shares in Walmex, a unit of U.S. retail giant Wal-Mart Stores Inc, slipped 0.88 percent to close at 29.26 pesos.

The company said it will propose a cash dividend of 0.61 peso per share at its next shareholder meeting. ($1=13.8150 pesos as of end-Dec)



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