Walmart's Mexico unit on Wednesday said its gross margin in the fourth quarter shrank in a push to offer lower prices, even as strong same-store sales helped boost net profit nearly 12% from a year earlier.
Profit for the quarter stood at 14.82 billion pesos , while revenue hit 237.82 billion pesos, up 11% from the 2021 October-December period, and slightly above bank analysts' average forecast of 237.6 billion.
The company known as Walmex posted earnings per share of 0.85 pesos, in line with a Refinitiv estimate, as net profit rose nearly 12% to reach 14.82 billion pesos . Walmex's EBITDA grew 7.5% in the quarter compared with last year, with same-store sales up nearly 13% in Central America and more than 10% in Mexico.
Still, the company's gross margin contracted 20 basis points in the quarter as Walmex made "price investments" in apparel, seasonal and home categories, said Chief Financial Officer Paulo Garcia.
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