July 25, 2012 / 11:28 PM / in 5 years

Mexican retailer Chedraui posts lower second-quarter profit

MEXICO CITY, July 25 (Reuters) - Mexico's third-biggest retailer, Grupo Comercial Chedraui, on Wednesday reported a 5.8 percent drop in its second-quarter profit as higher financing costs offset a pickup in revenue.

The company said second-quarter profit fell to 419 million pesos ($31.4 million) from 445 million pesos a year earlier, according to a filing with the Mexican stock exchange.

Chedraui, which has 221 stores in Mexico and the United States, said revenue climbed 15.2 percent and Mexican same-store sales rose 3.3 percent.

The retailer faced higher interest costs after it took on more bank loans in the second half of 2011 to pay for its expansion plans.

Chedraui shares last traded down 0.23 percent at 34.97 pesos in local market trading.

$1 = 13.3396 at end June Reporting by Gabriela Lopez and Elinor Comlay; Editing by Lisa Shumaker

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