Walmart Mexico's second quarter revenue reaches $8.8 billion!

Foreign media data show that recently, retail giant Walmart Mexico released its second quarter financial results report, with performance maintaining continued growth.

Financial report data shows that Walmart Mexico's revenue in the second quarter increased by 3.3% to US$8.8 billion, and its net profit reached 9.8 billion pesos, far exceeding the 1.7 billion pesos in the same period last year . Due to the COVID-19 pandemic, Walmart Mexico took a major tax expenditure to alleviate the epidemic crisis, which offset the sales growth during the epidemic.

It is reported that Walmart Mexico stated that the COVID-19 pandemic has slowed down the expansion of its offline physical stores , so Walmart will restart its store expansion plan and expand offline stores .

Walmart Mexico, also known as Walmex, the country's largest retailer, opened 25 new stores from April to June, compared with 12 a year earlier.

Walmart also added 24 stores in Central America , primarily in Mexico, in the first quarter, the fastest pace of first-quarter store openings in five years, bringing the retailer's total to 3,513 stores. Now that number has increased again.

Walmart Mexico CEO Guilherme Loureiro noted that Walmart is also advancing its online business in Mexico and is working to enable users to shop online using its e-wallet app Cashi , but the company did not disclose e-commerce sales data for the quarter.

Previously, Walmart Mexico's first-quarter revenue fell slightly from the same period last year due to overall weak sales in Central America due to the impact of epidemic blockade measures on the economy.

A year ago , Mexicans made emergency purchases as they stayed home due to the coronavirus, but some people began to cut back on spending after the pandemic. Same-store sales, excluding stores opened last year, fell 0.6% in Mexico and 4% in Central America.

The pandemic has changed the way Mexicans shop. Before the quarantine, very few people shopped online. But after the quarantine, people's consumption habits changed, and more people started shopping online. In addition, most Mexican consumers are very young and proficient in mobile Internet. Compared with physical shopping, they prefer online shopping.

Walmart

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Financial Report