Wal-Mart de Mexico 4Q Profit Rises 1.2% to MXN15 Billion
By Anthony Harrup
MEXICO CITY--Retailer Wal-Mart de Mexico posted a modest increase in fourth-quarter net profit as results were negatively affected by the impact from Hurricane Otis, which caused devastation in the Pacific resort of Acapulco in October.
Walmex, as the unit of Arkansas-based Walmart is known, reported net profit of 15 billion Mexican pesos ($878 million) for the October-December period, up 1.2% from MXN14.82 billion in the year-earlier quarter.
Sales for the quarter were 6.7% higher on the year at MXN253.66 billion, while earnings before interest, taxes, depreciation and amortization, a measure of profitability, rose 5.4% to MXN26.71 billion.
Same-store sales, excluding stores opened in the past 12 months, rose 6.6% in Mexico and 4.6% in Central America. The company served 3.7% more customers overall with the average ticket up 2.5%, Walmex said.
The fallout from the hurricane, the strongest ever to hit Mexico's Pacific coast, curbed sales growth and added to general expenses. Excluding the impact of the hurricane and a non-recurring accounting adjustment, sales for the quarter would have been 7% higher and net profit up 3.5%, the retailer said.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
February 14, 2024 17:30 ET (22:30 GMT)
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