MEXICO CITY, July 18 Retailer Comercial Mexicana
said on Thursday its second-quarter net profit fell
91 percent compared to the previous year when it received a
boost after it sold a 50 percent stake in warehouse club
The company, known locally as Comerci, said second-quarter
profit slipped to 490.1 million pesos ($37.8 million) in the
April-June period, from 5.38 billion pesos in the same period a
On a like-for-like basis, before accounting for the
discontinued Costco operation, profit rose 247.6 percent from
141 million pesos in the year-earlier quarter.
Comerci, which used the gains from its Costco stake sale to
pay down debt, had a higher tax burden in the quarter and was
also hit by a 1.7 percent decrease in revenue to 11.7 billion
Comerci shares closed up 1.99 percent at 49.09 pesos before
the company reported its results.