FILE PHOTO: A clown sits inside a bus seen in front of a Wal-Mart store in Mexico City January 11, 2013. REUTERS/Edgard Garrido/File Photo
MEXICO CITY (Reuters) - Walmart de Mexico, Mexico’s largest retailer, reported a nearly 10% jump in second quarter net profit over a year-ago on Thursday, far outpacing analyst expectations.
Sales at Mexican stores that have been open at least a year rose thanks to both higher traffic and more products sold, the company said.
Analysts had expected net profit to rise 0.8% percent, according to a Reuters poll.
Walmart de Mexico also said it achieved “robust growth” at its Walmart brand stores thanks to discounts tied to the summer vacation season, Mother’s Day and Father’s Day.
Walmart de Mexico’s net profit during the quarter was 8.75 billion pesos ($455.8 million), up from 7.9 billion pesos a year earlier. The company raked in 154.35 billion pesos in revenue during the quarter.
Walmart de Mexico opened 32 new stores from April to June, bringing its total to 3,291 locations, mostly in Mexico. The country is the largest overseas market by store count for parent company Walmart Inc. (WMT).
Reporting by Daina Beth Solomon; editing by Julia Love and Tom Brown
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