MEXICO CITY (Reuters) -Walmart’s Mexico unit on Tuesday said its first quarter revenue rose 10%, in line with a Refinitiv estimate, even as it acknowledged its growth was below the retail sector as a whole for the first time in eight years.
Walmart de Mexico, the biggest retailer in Mexico, brought in revenue of 187.8 billion pesos ($9.4 billion)in the January-to-March period.
“In the first quarter, the market grew faster than we did,” the retailer said in a statement accompanying results, referring to companies that comprise Mexico’s retail association ANTAD.
It added that it planned to keep investing to pull ahead of rivals while boosting productivity and managing costs carefully.
The retailer’s net profit rose more than 10% to reach 11.1 billion pesos. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 6.4% to 20.7 billion pesos, slightly below a Refinitiv estimate.
($1 = 19.8911 pesos at end-March)
(Reporting by Daina Beth Solomon, Valentine Hilaire and Noe Torres; Editing by Christian Plumb)
