Wal-Mart de Mexico Q2 profit soars 24%

Mexico City Wal-Mart de Mexico SA reported late Monday that its second-quarter profits surged 24%. The Mexican unit of Wal-Mart Stores credited strong performance from its Central American stores for the results.

Walmex, Mexico’s second-largest retailer, said net income rose to 4.65 billion pesos (US $360 million) in the second quarter, up from 3.75 billion pesos a year earlier.

Total revenues rose 27% to 80.94 billion pesos from 63.89 billion a year ago.

"This increase comes from a very good performance both in Mexico and Central America," said Scott Rank, CEO of Wal-Mart de Mexico.

Walmex is including the first full quarter of operations from stores recently acquired in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica.