MEXICO CITY, July 22 (Reuters) - Walmart's Mexico unit on
Thursday said revenue grew 3.3% in the second quarter as it
revved up store openings again after the pandemic slowed
Walmart de Mexico, the biggest retailer in
Mexico, brought in revenue of 174.7 billion pesos ($8.8 billion)
in the period.
It also posted net profit of 9.8 billion pesos ($491.3
million), far outpacing the year-earlier period's 1.7 billion
pesos, when a major tax charge in Mexico offset a shopping spike
due to coronavirus stay-at-home measures.
Walmart de Mexico, also known as Walmex, opened 25 new
stores from April to June compared with just 12 a year before.
Chief Executive Guilherme Loureiro said the company is also
pushing forward its online business and working on letting users
shop online using its e-wallet app, Cashi.
"It's been challenging to adapt so quickly to the changes in
the way customers shop," Loureiro said in a webcast accompanying
the results. "We will continue to find ways to serve them
The company did not disclose e-commerce sales figures for
Walmart de Mexico also said its expenses grew more than 10%,
in part due to higher employee costs as the company adapts to
reforms of Mexico's labor and social security laws. Mexico
recently passed a law that will severely limit the use of
The reforms do not change the retailer's financial
expectations for the year, said Walmart de Mexico's interim
Chief Financial Officer Milton Brandt.
He will be replaced next month by Paolo Garcia, who most
recently was chief financial officer at Dutch food retail group
($1 = 19.9470 pesos at end-June)
(Reporting by Daina Beth Solomon and Noe Torres; Editing by