UPDATE 1-Walmart's Mexico unit reports jump in quarterly profit from coronavirus demand [Reuters]
Walmart Inc. (WMT)
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Source: Reuters
Walmart's Mexico unit reports jump in quarterly profit from coronavirus demand MEXICO CITY (Reuters) - Walmart’s Mexico unit reported a 15.4% jump in first-quarter net profit on Tuesday, meeting analysts’ expectations of strong results on the back of a shopping surge triggered by the coronavirus pandemic. Walmart de Mexico ( WALMEX.MX ), the biggest retailer in Mexico, posted 10 billion pesos ($420 million) in net profit during the January to March period, up from 8.7 billion pesos a year earlier. The company, also known as Walmex, also booked revenue of 171.3 billion pesos in the first quarter. In a statement accompanying results, Walmex said the results reflected high demand for essential goods in an emergency period that were not part of the “ordinary course” of business. Mexico registered its first cases of the coronavirus at the end of February, triggering a spate of panic buying nationwide.
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