Walmart's Mexico unit sees first-quarter sales fall

1 minute

MSXICO CITY, April 27 - Walmart says its first quarter revenue was slightly lower from a year ago, hit by weaker sales in Central America, where economies have been affected by pandemic lockdown measures.

Walmex, locally known as Walmart de Mexico, brought in 2017 estimates of 170.76 billion pesos in January to March sales from a year ago, down 0.3%.

While the total sales of its Central America sector rose 0.5%, sales in Mexico grew 2.7%.

In the quarter, the company reported a net profit of 10.1 billion pesos, up 0.7% from the year-earlier period overall.

Walmart de Mexico said in a statement accompanying results it was preparing to comply with Mexico's modified labor law, which was recently reformed to restrict the use of subcontracting.

The company, which is Mexico's biggest retailer, added that it did not expect the new law to impact financial results for the year.

  • Comments
Loading comments...