Walmart’s Mexico and Central America unit Walmex reported a rise in first-quarter revenue, although operating profit and margins moved lower during the period.
For January to March, consolidated revenue increased 1.7% from a year earlier to 245.01bn pesos ($14.08bn).
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The result was underpinned by revenue growth of 4.4% in Mexico and 2.5% (constant-currency) in Central America.
Gross profit climbed 2.6% to 59.59bn pesos, with gross margin edging up to 24.3% from 24.1% a year earlier.
Operating income, however, fell 2.2% to 18.47bn pesos.
As a result, the operating margin narrowed to 7.5%, compared with 7.8% in the same period last year.
Net income increased 1.5% to 12.50bn pesos, while net margin remained unchanged at 5.1%.
Walmex president and CEO Cristian Barrientos Pozo said: “We are seeing early signs of improvement across key operational levers. The actions we have taken are gaining traction, reinforcing our confidence in the path forward.
“This is a year of building, and we are approaching the months ahead with intensity and discipline to translate these efforts into tangible results and accelerated share gains.”
In Mexico, total revenue reached 204.35bn pesos, representing year-on-year growth of 4.4%.
Gross profit rose 6.0% to 49.80bn pesos, and the gross margin improved to 24.4%.
Operating income in the Mexican business was largely unchanged, rising 0.3% to 15.89bn pesos.
The operating margin nevertheless declined to 7.8% from 8.1%.
Central America saw a weaker performance. Revenue in the region fell 10.3% to 40.66bn pesos.
Gross profit dropped 11.8% to 9.79bn pesos, with gross margin slipping to 24.1%.
Operating income in Central America declined 15.4% to 2.57bn pesos, while operating margin contracted to 6.3%.
Online performance was uneven across the business.
In Mexico, net sales from e-commerce rose 14.4%, helped by 20% growth in on-demand services.
Gross merchandise value increased 9%, although marketplace activity was down 14%.
In Central America, e-commerce gross merchandise value rose 24% compared with the first quarter of 2025.
The company said gross margin expansion was supported by contributions from new businesses but partially offset by price investments in Central America.
Overall, Walmex recorded modest top-line growth and steady net income in the quarter, while operating profitability came under pressure amid ongoing investment and softer results in Central America.
