|Wal-Mart de Mexico November Same-Store Sales Up 0.5% on Year|
Paul Kiernan - Dow Jones Newswires
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December 10, 2010
Mexico City - Local retail leader Wal-Mart de Mexico SAB, or Walmex, said Tuesday sales at its stores open for at least 12 months rose 0.5% in November from a year earlier, marking the slowest growth rate since April.
Walmex's total sales jumped 22% last month from November 2009, to 28.86 billion pesos ($2.31 billion), due to new store openings in the past year as well as the company's acquisition earlier this year of more than 500 Wal-Mart stores in Central America.
The sluggish growth in same-store sales came as the average receipt value rose 2.7% from November 2009, barely offsetting a 2.1% decline in the number of transactions at Walmex stores.
November same-store sales fell well short of the 3.1% year-over-year increase in the January-November period, likely dashing analyst hopes that October's 4.2% growth indicated a pick-up in same-store sales.
Walmex saw a flurry of openings last month, adding 58 stores in Mexico and 10 in Central America. So far in December, the company has opened 15 stores in Mexico and two in Central America.
Walmex said it invested MXN3.02 billion so far this year to repurchase 99.09 million of its own shares.
Walmex's locally traded V shares closed 0.1% higher Tuesday at MXN35.46 billion.