Inside This Issue - News
Walmex plans store openings
March 25th, 2013
MEXICO CITY – Walmart de México plans capital expenditures of between 17.3 billion pesos and 17.9 billion pesos ($1.35 billion to $1.4 billion) this year, with more than half of that sum devoted to new store openings.
Walmex has not said how many stores it plans to open this year, but did say it expected to increase its total store square footage by 8% to 9% in Mexico, and by 6% in Central America.
The planned spending of between 9.2 billion pesos ($720.7 million) and 9.8 billion pesos ($767.7 million) on new stores marks a decline from what the company originally planned for last year. In February 2012 the company announced plans to spend 12.2 billion pesos ($955.7 million) on new store openings during the course of that year. Those figures were reduced after Walmex came under investigation in the United States and Mexico for allegedly bribing Mexican officials to facilitate store openings.
Walmex opened 285 new stores and restaurants in 2012 throughout Mexico and Central America.
Walmex, Mexico’s biggest retailer, earlier reported that its fourth quarter profit rose less than 1% compared to the prior-year period.
Walmex reported a profit of 8.37 billion pesos ($650 million) for the fourth quarter. The company said that costs in Central America rose more quickly than sales, hurting profits.
The company’s revenue for the quarter rose 5.5% to 121.8 billion pesos ($9.55 billion), just beating analysts’ estimates.