Walmex second-quarter profit doubles

Mexico's biggest retailer, Wal-Mart de Mexico, said its second-quarter profit doubled, driven by the sale of its restaurant business but also helped by a pickup in revenue across its stores.

The company reported a profit of $802 million for the period from April to June, up from $397 million a year earlier.

The company's same-store sales have been picking up relative to competitors, Chief Executive Officer Scot Rank said, but he added that competitors have also been offering a lot of promotions over the summer, particularly around the World Cup soccer tournament.


Source: Reuters