MEXICO CITY, April 29 (Reuters) – Walmart’s Mexico and Central America unit is aiming to recover sales speed after reporting results in the first quarter that it deemed were “not good”, the company’s CEO Cristian Barrientos said on Wednesday.
The retailer, known as Walmex, on Tuesday reported a slight rise in first-quarter net profit, landing at 12.5 billion pesos ($697.34 million) for the January-March period.
“Not good results in the quarter, very clear, but we’re confident that we are in the right direction to recover the speed that we need in terms of sales,” Barrientos said in a call with analysts when asked about the company’s marketplace.
Barrientos added that Walmex is working on improving its cross border business with the help of its U.S. parent company.
The retailer had said in March it was planning to invest around 43 billion pesos (some $2.43 billion) in 2026 – around a 10% increase from the previous year – and to propose a buyback program of up to 10 billion pesos.
($1 = 17.9252 Mexican pesos at end-March)
(Reporting by Aida Pelaez-Fernandez and Jorge Ollero, Editing by Iñigo Alexander)
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