Walmart's Mexico unit reported a 15.4% jump in quarterly profit on Tuesday, meeting analysts' expectations of strong results due to a surge in shopping triggered by the coronavirus pandemic.
MEXICO CITY - Walmart’s Mexico unit reported a 15.4% jump in quarterly profit on Tuesday, meeting analysts’ expectations of strong results due to a surge in shopping triggered by the coronavirus pandemic.
Chief Executive Guilherme Loureiro said in a webcast that the results reflected high demand for essential goods in an emergency period that was not part of the “ordinary course” of business, and led to 20,500 new hires. Mexico registered its first cases of COVID-19 - the illness caused by the highly contagious coronavirus - at the end of February, triggering a spate of panic buying nationwide in parent company Walmart Inc’s largest overseas market by store count.
Even so, e-commerce now represents 1.6% of total sales in Mexico, down from 2% in the fourth quarter last year.
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