Walmart’s Mexico and Central American division, known as Walmex, has reported a 8.1% rise in revenue for the fiscal year 2024 (FY24), reaching a total of 958.50bn pesos ($46.70bn) – an improvement from the previous year’s 886.52bn pesos.
The revenue boost was primarily fuelled by a 7.4% growth in Mexico and a 5.2% rise in Central America.
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The company also enjoyed a healthy uptick in same-store sales, with 5.8% growth in Mexico and a 4.3% increase in Central America in FY24.
Walmex’s consolidated net income grew by 4.3% to 53.82bn pesos during the year and its diluted earnings per share also reflected this positive trend, standing at 3.08 pesos.
The company’s consolidated operating income climbed by 5.6%, maintaining an 8.1% margin.
Contributing to this success was an expansion in gross margin by 30 basis points to 24.1%, propelled by the higher contributions from new business ventures across both regions, enhanced commercial margins in Mexico and supply chain efficiencies.
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By GlobalDataIn the fourth quarter (Q4) of the fiscal year, the company recorded 1.4% increase in net profit to 15.2bn pesos.
Net sales for the quarter grew 8.3% to 272.88bn pesos.
Despite this, earnings before interest, taxes, depreciation and amortisation experienced a modest 2.5% increase to 27.38bn pesos.
In the final quarter of the year, Walmex expanded its footprint significantly, opening 91 new stores in Mexico and 13 in Central America, with a focus on Bodega Aurrera discount outlets and six Walmart Supercenters.
Same-store sales rose by 4.3% in Mexico and by 3.1% in Central America during the quarter while its ts e-commerce gross merchandise value in Mexico soared by an impressive 20%.
Walmex president and CEO Ignacio Caride stated: “As we conclude 2024, I am pleased to report our positive result throughout the year, driven by strategic investment, customer-centricity and strength of our omnichannel portfolio and ecosystem.
“We continue focused on providing value, a broad assortment, convenience and a great experience for our customers, thereby deepening their preference.
“Finally, I would like to thank all our associates as we look forward to another successful year in 2025.”
