MEXICO CITY (Reuters) - Mexico’s biggest retailer Wal-Mart de Mexico WALMEXV.MX 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 November 16 to 19, although results were weaker than last year, when the program was first launched.
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 November 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 underway.
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 (WMT.N), slipped 0.16 percent to close at 42.83 pesos on Monday, before the sales results were disclosed.
Reporting By Cyntia Barrera Diaz; Editing by Tim Dobbyn