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Walmex sees sales grow by 11 percent in third quarter

Thursday, October 18, 2012

Wal-Mart de Mexico, Latin America’s largest retailer, saw sales grow 11 percent in the third quarter as it used discounts and promotions to increase store visits.

Walmex, as the company is known, said sales rose to $7.9 billion, in line with the average estimate of nine analysts compiled by Bloomberg.

The Mexico City-based retailer started a price-cutting campaign in August in response to competitors’ markdowns that slowed Walmex's sales growth during the summer.

Source: Bloomberg