Walmart Mexico's second quarter results announced! Revenue increased by 3.3%

It is learned that Walmart Mexico recently announced its second-quarter financial results and said it would restart its store expansion plan after the COVID-19 pandemic slowed down the expansion of its offline physical stores.

Data showed that Walmart Mexico's revenue grew 3.3% to $8.8 billion in the second quarter, with a net profit of 9.8 billion pesos, far exceeding the 1.7 billion pesos in the same period last year, when a major tax expense at Walmart Mexico offset sales growth during the epidemic.

Walmart Mexico, also known as Walmex, the country's largest retailer, opened 25 new stores from April to June, compared with 12 a year earlier.

Walmart Mexico CEO Guilherme Loureiro noted that Walmart is also advancing its online business in Mexico and is working to enable users to shop online using its e-wallet app Cashi. The company did not disclose e-commerce sales figures for the quarter.

Walmart Mexico also said its expenses rose by more than 10%, in part due to higher employee costs as the company adjusts to changes in Mexico's labor and social security laws. Mexico recently passed a law that will severely limit the use of subcontracted work.

Editor ✎ Xiao Zhu/

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