Retailer Walmex's quarterly profit jumps on more stores, higher wages
Adds new stores in paragraph 5, CEO comments in paragraphs 7-9, management changes in paragraphs 10-12
MEXICO CITY, April 24 (Reuters) -Walmart's Mexico and Central America unit posted a 14.4% year-on-year rise in first-quarter net profit on Wednesday, fueled by strong sales across its markets which it attributed partly to Mexicans' larger disposable income.
Walmart de Mexico WALMEX.MX, the country's largest retailer, posted a net profit of 13.18 billion pesos ($797.5 million), above the average forecast of 12.93 billion pesos seen by analysts polled by LSEG.
Quarterly revenue at the department store and grocery chain rose 9.8% from the year-ago quarter to reach 226.19 billion pesos, beating the mean estimate of 224.41 billion from analysts polled by LSEG.
The company, also known as Walmex, said in a filing to Mexico's main stock exchange that same-store sales grew 9.4% in Mexico and 8.0% in Central America, as it added nine stores in Mexico and three in Central America.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter rose 10.3% to 24.62 billion pesos.
"We started 2024 with a good first quarter delivering double-digit total revenue growth in constant currency, with operating income growing 80 basis points ahead of sales growth," Chief Executive Officer Guilherme Loureiro said in a presentation on Wednesday on the quarter's results.
Loureiro also credited government advanced payments and higher minimum wages that raised disposable incomes in the quarter, boosting consumption.
An additional day from leap year also had a positive effect, Loureiro said, as did Easter week falling in March this year compared with April last year.
Walmex announced earlier in April that Loureiro would leave his role at the end of the month.
The company will propose Ignacio Caride, a former MercadoLibre executive and Walmex's current chief operating officer, as its next CEO at an April 30 board meeting. He will also be nominated to chair the board of directors.
Loureiro will be desginated Walmart's regional head for Canada, Chile and Walmex.
($1 = 16.5310 Mexican pesos at end-March)
Reporting by Brendan O'Boyle in Mexico City
Editing by Sarah Morland and Matthew Lewis
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