MEXICO CITY: Walmart de Mexico, Mexico's largest retailer, on Thursday reported fourth quarter net profit of 11.2 billion pesos (US$594.7 million), a 4.5per cent drop over the same period last year.
Analysts had anticipated weaker profit due to increased costs in Central America for intellectual property royalty payments to parent company Walmart Inc . The company known locally as Walmex posted a 4.7per cent increase in revenues to 185.7 billion pesos in the quarter, due to growth in its core Mexico market as well as Central America.
The company also said online sales in the quarter grew 47per cent, with e-commerce representing 2per cent of total sales in Mexico.
(Reporting by Daina Beth Solomon; editing by Drazen Jorgic and Marguerita Choy)