Wal-Mart de Mexico (Walmex), a part of retail giant Walmart Stores, has posted double digit net sales growth in the second quarter (Q2) of 2012, as sales at newly opened stores increased.
Net sales grew 12% to MXN97.4bn ($7.17bn) for the quarter ended June 2012, compared to MXN87bn ($6.40bn) in the corresponding quarter a year ago.
Revenue jumped 12% to MXN98.5bn ($7.25bn) in the April-June period, helped by the 56 new retail outlets and restaurants Walmex opened in Mexico and Central America during the reporting quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 15% to MXN9.06bn ($667.37m) in the Q2, compared to MXN7.9bn ($581.92m) in the previous year’s same quarter.
During the same period, operating income totalled MXN6.98bn ($514.16m), an increase of 15% from the corresponding quarter last year.
Profit of the Walmart controlled company increased 9% to MXN4.94bn ($363m) in the second quarter, compared to MXN4.52bn ($332.17m) in the year-earlier period.
In the first half of 2012, net sales grew 13% to MXN193.37bn ($14.24bn), while revenue also rose 13% to MXN195.4bn ($14.39bn) from a year ago.
Operating income increased 10% to MXN13.58bn ($1bn) from MXN12.37bn ($911.19m), while EBIDTA moved up 11% to MXN17.7bn ($1.3bn) in the January-June period.
In the six months to June 2012, Walmex opened 111 stores, comprised of 104 outlets in Mexico and seven shops in Central America, including six Sam’s Clubs and three discount stores.
The retailer has cut back on an aggressive expansion plan as the US and Mexican authorities investigate allegations it bribed local officials to accelerate store openings.
Although the Mexican retail chain is still expanding, growth has slowed as a result of the corruption investigations.