MEXICO CITY Feb 26 Mexican retailer Comercial
Mexicana on Wednesday reported a sharp jump in
fourth-quarter profit, boosted by a tax benefit related to the
sale of its 50 percent stake in the local arm of warehouse chain
Costco in 2012.
The company known commonly as Comerci, which last month said
it was considering selling itself, reported a profit of 2.24
billion pesos ($171 million), up from 363 million pesos in the
On a before-tax basis, the company's profit rose 20 percent
to 626 million pesos from 519 million pesos in the year-earlier
quarter, helped by slightly higher sales as well as lower
Net revenue rose by 2.9 percent compared with the same
quarter a year earlier to 11.92 billion pesos.
Family-owned Comerci is Mexico's No. 4 supermarket chain by
revenue. It has fared better than its larger rivals amid a
downturn in consumer spending in Mexico.
The Mexico City-based company, which went through a
prepackaged bankruptcy in 2010, has trimmed its debt load in the
last few years, helped by selling the Costco stake.
Comerci shares closed down 2.13 percent at 52.03 pesos.