Mexico's Walmex Same-Store Sales Up 8.4 Pct in Feb

Fri Mar 7, 2008 11:04pm GMT
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MEXICO CITY (Reuters) - Top Mexican retailer Wal-Mart de Mexico said on Friday its same-store sales rose 8.4 percent in February, above analysts' expectations, but still a slower pace when compared with results a year ago.

According to a Reuters poll of five analysts, monthly results were seen up 6 percent. Walmex (WALMEXV.MX: Quote, Profile, Research) same-store sales in February of 2007 rose 10 percent.

The company, a unit of giant U.S.-based retailer Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research), is seen facing another year of weaker sales as a U.S. economic slowdown is expected to hurt Mexico's growth.

A slump in the U.S. construction sector, which employs many Mexican migrants, also has reduced the amount of money that they send back home.

This year, Mexico's gross domestic product is expected to rise 2.8 percent, compared to 3.3 percent last year.

Walmex ended February with 1,032 units, ranging from supermarkets to restaurants.

(Reporting by Cyntia Barrera Diaz; editing by Carol Bishopric)