Walmex Profits Up on Sales Gains

Mexico City Wal-Mart de Mexico reported an 11% increase in first-quarter profits Tuesday despite a consumption slowdown.

Walmex, the Mexican unit of Arkansas-based Wal-Mart Stores Inc., said its net income rose to $308 million in the first quarter of 2008, from $278 million in the year-ago period.

Net sales totaled $5.4 billion in the first quarter, a 14% increase compared to the first quarter in 2007.

"Customers have been more cautious on their spending but they continue to come to our stores and we continue to see a very good trend in customer growth," Walmex CEO Eduardo Solorzano noted in a prepared statement.