“The report was positive, it seems that they managed to resume the path of growth in same store sales and leverage expenses, despite being a very promotion-intensive quarter. We liked the results of both regions, and even more so the behavior of expenses in Mexico,” Alejandra Marcos, director of analysis at Intercam, indicated in a report.
The results in Mexico highlighted that same store sales increased 8%, while e-commerce contributed 0.7% to total revenue. While sales in Central America increased 9.0% without including variations in the exchange rate.
An item that surprised investors was the net profit data, which reached a level of 13,632 million pesos with an increase of 12.2% compared to the same period in 2022. “This is a positive report that exceeds consensus expectations in terms of net income,” said Marcela Muñoz, Vector analyst.
The director of analysis at Intercam points out that for the following year the company will have a positive first semester in terms of consumption in Mexico, this is due to the greater spending contained in the economic package that will support the income of the population, while we estimate that Walmex will be capable of capitalizing on them.