MEXICO CITY Oct 23 Mexico's biggest retailer,
Wal-Mart de Mexico, said on Wednesday that
third-quarter profit, hindered by a soft economy, rose slightly
from a year earlier.
The company said it earned 5.295 billion pesos ($403
million) in the July-September period, up from 5.256 billion
pesos in the same period in 2012.
Walmex, as it is known locally, said revenue
increased almost 2 percent to 101 billion pesos.
Mexico's economy contracted for the first time in four years
in the second quarter, hurt by sluggish consumption as well as
lower government spending and weak demand for exports.
The government slashed its growth outlook to 1.8 percent
from a prior outlook for 3.1 percent growth, and later forecast
that storm damage last month could shave off an additional 0.1
"The economic environment in Mexico continues to be soft,"
said Chief Executive Scot Rank on a pre-recorded call discussing
The company is trying to draw customers with more
advertising focusing on low prices in its stores, as well as by
remodeling older stores, Rank said.
Walmex, as part of an effort to sell non-core assets, said
last month it would sell its restaurant business to local
restaurant operator Alsea for just over $600 million.
That deal has not yet closed.
Shares of Walmex closed down 0.65 percent at 33.67 pesos
before the company reported its results.