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Mexican retailer Walmex says third-quarter profit rises slightly
October 23, 2013 / 8:13 PM / 4 years ago

Mexican retailer Walmex says third-quarter profit rises slightly

MEXICO CITY (Reuters) - Mexico's biggest retailer, Wal-Mart de Mexico WALMEXV.MX, said on Wednesday its third-quarter profit rose 0.74 percent from a year earlier, helped by higher sales and new store openings.

The company said it earned 5.295 billion pesos ($403 million) in the July-September period, up from 5.256 billion pesos in the same period in 2012.

Walmex WALMEXV.MX, as it is known locally, said revenue rose almost 2 percent to 101 billion pesos.

Mexico's economy contracted for the first time in four years in the second quarter, hurt by sluggish consumption as well as lower government spending and weak demand for exports.

The government slashed its growth outlook to 1.8 percent from a prior outlook for 3.1 percent growth, and later forecast storm damage last month could shave off an additional 0.1 percentage point.

Shares in Walmex closed down 0.65 percent at 33.67 pesos before the company reported its results.

($1 = 13.1524 pesos at end Sept)

Reporting by Elinor Comlay

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