By Anthony Harrup
MEXICO CITY -- Retailer Wal-Mart de Mexico SAB's sales and profit grew in the second quarter as economies in Mexico and Central America continued to recover from the pandemic-induced downturn.
Walmex, as the unit of Bentonville, Ark.-based Walmart Inc. is known, said net profit increased almost fivefold to 9.8 billion Mexican pesos ($485 million), equivalent to 0.56 pesos per share. Profit was lower in the year-earlier quarter because of a tax settlement with the Mexican government.
Sales in the April-June period grew 3.3% from the second quarter of 2020 to 174.7 billion pesos, with same-store sales in local currency up 4.7% in Mexico and 8.6% in Central America.
Earnings before interest, taxes, depreciation and amortization -- a measure of operating cash flow -- was up 15% at 18.1 billion pesos.
Walmex is Mexico's largest retailer, with 2,677 stores in Mexico and 861 in Central America at the end of the second quarter.
Write to Anthony Harrup at [email protected]