Walmart de Mexico has reported a 12.2 per cent increase in year-on-year sales during the second quarter of 2008, up to US$5.2bn. Net income grew 8.6 per cent to US$295.2m.
“Once again, during this quarter we showed our commitment to investing in prices for the benefit of our consumers,” said president and CEO Eduardo Solozano.
In the six-month period ended 30 June the company increased its net income to US$627.3m, up from US$556.6m in the year-earlier period. Net sales rose by 10 per cent to US$10.4bn for the first half of 2008.
Separately, sales at Walmart’s US stores increased by 5.8 per cent in June, beating Wall Street estimates and prompting the retailer to raise it earnings forecast. With a growing number of shoppers flocking to the retailer’s stores to take advantage of discounted prices as concerns about the economy mount, Walmart’s monthly sales have been outpacing those of its competitors.
