MEXICO CITY Dec 10 Mexico's biggest retailer
Wal-Mart de Mexico said on Monday that sales at its
Mexican stores open for at least a year rose 5.5 percent in
November from a year earlier.
The results were below analysts' expectations. According to
a Reuters survey of six sector analysts, Walmex's same-store
sales were expected to rise 6 percent last month.
The retailer benefited from Mexico's version of a "Black
Friday" shopping spree, which took place Nov. 16 to 19, although
results were weaker than last year, when the program was first
Walmex is under investigation by U.S. and Mexican
authorities over allegations that it bribed local officials to
speed up store openings.
Mexico's anti-corruption body said on Nov. 23 that it has
found no irregularities in its probe of permits and documents
given to the retailer to open stores, but two audits are still
The company has posted lackluster sales results against its
peers in recent months, prompting it to reinforce its low-price
marketing to attract customers.
Walmex, the Mexican affiliate of Wal-Mart Stores Inc
, slipped 0.16 percent to close at 42.83 pesos on Monday,
before the sales results were disclosed.