Wal-Mart De Mexico 2008 Sales Up 11% To Record MXN244.03 Billion
Same-store sales fell 0.8% in the last month of the year from December 2007, affected in part by a negative calendar effect.
Walmex, as Mexico's biggest retailer is known, said same-store sales for the full year 2008 were up 4.6% from 2007.
The sales report comes as a number of analysts take a dim view of the outlook for the retail sector, given the slowdown in economic growth and expectations of further economic weakness in 2009.
Citigroup (C) unit Banamex said in a report that while aggressive promotions are bringing customers into stores, the average amount they spend is low.
"The first quarter of 2009 looks challenging for the sector, considering expectations of weak same-store sales and margin pressure," Banamex said.
Banamex was one of several banks that downgraded Walmex shares this week - cutting them to "hold" from "buy" and citing weak consumption and expected pressure on profit margins.
Walmex said Wednesday that on a comparable basis, it served 1.5% more customers in December, but that the average receipt was 2.3% lower than a year ago. For the full-year, customer traffic increased 4.2% and the average receipt was up 0.4%.
The company said it opened 182 stores and restaurants last year, increasing floor space by 12% and restaurant seating capacity by 3.2%. The expansion, which brought total units to 1,204, was below the company's original plan of 205 new units, although increased capacity was practically in line with the goal of 12.6%.
-By Anthony Harrup, Dow Jones Newswires; (5255) 5001 5727; anthony.harrup@dowjones.com
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Publié le 07 janvier 2009 Copyright © 2009 Dowjones
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