Walmart’s Mexico unit sees quarterly net profit rise 10%

MEXICO CITY (Reuters) -Walmart’s Mexico unit on Thursday said its third-quarter net profit rose 10% from the year-earlier period, helped by strong same-store sales as the retailer works to keep prices low at a time of swelling inflation.

Walmart (NYSE:) de Mexico, the biggest retailer in Mexico, posted a net profit of 12.15 billion pesos ($603.8 million). The quarterly revenue of 197.89 billion pesos equated to a 12.4% rise from the prior July-to-September period.

The company known as Walmex said in a statement it opened 26 stores in the quarter in Mexico and Central America, and invested in its e-commerce business, which now makes up 4.8% of total sales in Mexico.

($1 = 20.1271 pesos at end-September)

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