Wal-Mart de Mexico (Walmex) has announced its 2011 first-quarter financial results.
The retailer declared a 17 per cent increase in EBITDA to MXN$8.3bn (US$707m) on net sales growth of 18 per cent, matching its sales and investment expectations.
Scot Rank, Walmex's executive president and CEO, revealed: 'In Mexico we opened 38 units, which is 121 per cent more than the footage that we added during the same period last year.'
Walmex has begun converting its hypermarkets in the region to Walmart Supercenters. 'We are confident that this business model with generate considerable benefits for all Central American families,' said Rank.
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