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The retail giant Walmart Mexico reported Thursday that its profits edged up 0.1% in the third quarter to 8,682 billion pesos ($ 464 million), surpassing Market expectations.
Anticipated analysts Walmex, with operations in Mexico and Central America, an average net profit of 8,401 million pesos, according to a survey by Reuters.
Total revenues of the company, controlled by the US giant Walmart Stores Incadded 147,768 million pesos between July and September 2018.
The retailer stated that its result was affected by exchange rate fluctuations and by a difficult comparison compared to the previous year, when it had recorded a profit from discontinued operations related to the sale of stores Suburbia clothing.
The company's consolidated revenues, controlled by US giant Wal-Mart Stores Inc., grew 7.9% year-over-year, due to higher sales in Mexico, which offset the low consumption in Central America.
"We are not satisfied, there is still a lot of work to be done," Walmex Chief Financial Officer Olga Gonzalez said in a call for analysts.
The leaders also highlighted the impact of the political and social conflicts that are shaking Nicaragua. The retailer said it was going through a period of heavy investment to improve its performance, particularly in areas such as e-commerce, technology, logistics and new stores.
In the third quarter, Walmex opened 25 stores: 15 in Mexico and 10 in Central America. Its operating cash flow (EBITDA), an important indicator of profitability, increased by 11.6% year-on-year.
Walmex shares closed Thursday at 55.29 pesos on the local stock market with a retracement of 2.69% before the publication of the report.
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