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Walmex's net profit drops 13 percent

Wednesday, February 19, 2014

Wal-Mart de México, known as Walmex, reported a 13 percent drop in fourth-quarter net profit, despite a 3.5 percent expansion on the year in net sales.

The company said sales at stores open more than 12 months in Mexico declined 1.4 percent during the quarter, outpacing the 0.8 percent decline reported by Mexican retail association Antad for the same period.

The retailer said a weak consumer environment in Mexico made 2013 a challenging year.

Source: MarketWatch