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Wal-Mart of Mexico says 2Q profit down 3 percent, cites new store openings; revenue up 9 pct
MEXICO CITY (AP) ' Wal-Mart de Mexico SA says store openings pushed down its second quarter profit by 3 percent.
The Mexican unit of Wal-Mart Stores Inc. says net income sank to 4.49 billion pesos ($380 million) in the April-June period, down from 4.65 billion pesos during the same three months of 2010.
Mexico's biggest retailer says revenue rose 9 percent to 88.37 billion pesos ($7.49 billion) from 80.4 billion pesos in 2010.
CEO Scot Rank says spending to open new stores cut into profits but will help performance in the second half of the year.
Walmex has opened 176 stores so far in 2011. Ranks says the majority of the openings were in late June.
(This version CORRECTS dollar revenues to $7.49 billion, instead of million.)