Content about Walmex

August 15, 2012
Wal-Mart Mexico hit with new tax and money-laundering allegations

Multiple reports revealed that Wal-Mart Stores’ Mexican arm has been leveled with new allegations concerning tax evasion and money-laundering schemes.

Mexico City -- Multiple reports on Wednesday revealed that Wal-Mart Stores’ Mexican arm has been leveled with new allegations concerning tax evasion and money-laundering schemes.

The accusations against Walmex were outlined in a letter by U.S. Rep. Henry Waxman, sent Tuesday to Wal-Mart CEO Michael Duke and suggesting that the company “"may have had compliance issues relating not only to bribery, but also to 'questionable financial behavior' including tax evasion and money laundering in Mexico."

July 10, 2012
Wal-Mart de Mexico June sales rise 5.3%

Walmex, Mexico’s largest retailer, reported that same-store sales for the month of June rose 5.3%.

Mexico City – Walmex, Mexico’s largest retailer, reported Monday that same-store sales for the month of June rose 5.3%. Total sales in June jumped 15%.

The retailer opened 26 stores and restaurants in June, after announcing it was reducing planned store openings to between 325 and 335 this year from a previously announced 410 to 436 stores.
 

June 21, 2012
Wal-Mart Mexico cuts 2012 store openings as new procedures delay process

Wal-Mart Stores’ Mexico subsidiary said that new store openings for 2012 will be cut from the originally planned 410 to 430 stores to 325 to 335, due in large part to added real estate documentation procedures.

Mexico City -- Wal-Mart Stores’ Mexico subsidiary said Wednesday that new store openings for 2012 will be cut from the originally planned 410 to 430 stores to 325 to 335, due in large part to added real estate documentation procedures.

Expansion plans for new stores will be delayed by 60 to 90 days, said Wal-Mart Mexico, as the retailer institutes reinforced documentation around real estate projects. Wal-Mart Mexico has been in the throes of a bribery scandal involving alleged payments to middlemen to accelerate the store-opening process.

April 26, 2012
Report: Mexico's federal watchdog to investigate Wal-Mart Mexico permits

A Wall Street Journal report said that the Mexico’s Ministry of Public Functions – the country’s public-sector watchdog – will investigate new-store permits secured by Wal-Mart’s Mexico division, Wal-Mart de Mexico.

Mexico City -- A Wall Street Journal report on Thursday said that the Mexico’s Ministry of Public Functions – the country’s public-sector watchdog – will investigate new-store permits secured by Wal-Mart’s Mexico division, Wal-Mart de Mexico.

The agency is looking for misconduct on the part of federal government employees in granting construction and other permits, according to WSJ.

April 25, 2012
Report: Mexico to open probe into Wal-Mart allegations

A report by Reuters said that the Mexican federal comptroller’s office has given the go-ahead to open an investigation into allegations that Wal-Mart Mexico bribed officials to expand its business in the country.

New York -- A Wednesday report by Reuters said that the Mexican federal comptroller’s office has given the go-ahead to open an investigation into allegations that Wal-Mart Mexico bribed officials to expand its business in the country.

"If wrongdoing attributable to federal public officials is detected, the federal government will take action," the office said.
 

April 23, 2012
U.S. lawmakers launch investigation into Wal-Mart bribery scandal

Two U.S. lawmakers are launching an investigation into allegations of bribery at Wal-Mart Stores’ Mexican affiliate.

New York -- Two U.S. lawmakers are launching an investigation into allegations of bribery at Wal-Mart Stores’ Mexican affiliate. Representative Elijah Cummings, the top Democrat on the House Oversight and Government Reform Committee, and Representative Henry Waxman, the top Democrat on the House Energy and Commerce Committee, sent a letter to Michael Duke, Wal-Mart CEO, requesting an in-person meeting with company officials.

October 19, 2011
Walmex Q3 profit up 15%

Wal-Mart de Mexico SA said its third quarter profit rose 15%, rebounding from a decline.

New York City -- Wal-Mart de Mexico SA said its third quarter profit rose 15%, rebounding from a decline.

Net income grew to $366 million in the July-September period, the chain said in a filing to the Mexican stock exchange. Revenue increased 11% 11 percent to 91.04 billion pesos ($6.72 million) from 82.29 billion pesos.

Wal-Mart de Mexico has opened 258 stores this year, including 215 in Mexico and 43 in Central America. The openings include restaurants and the company’s namesake retail stores.
 

September 27, 2011
Wal-Mart online chief Eduardo Castro-Wright to retire

Wal-Mart Stores announced that Eduardo Castro-Wright, 56, vice chairman and CEO of the company’s global e-commerce and global sourcing businesses, will retire on July 1, 2012.

New York City -- Wal-Mart Stores announced that Eduardo Castro-Wright, 56, vice chairman and CEO of the company’s global e-commerce and global sourcing businesses, will retire on July 1, 2012.

The company plans to name a replacement by the end of January, after which Castro-Wright will assist in the transition.

August 16, 2011
Wal-Mart profits rise in Q2, U.S. same-store sales flat

Wal-Mart Stores reported Tuesday that profit for the quarter ended July 31 rose to $3.8 billion, up from $3.6 billion in the year-ago period.

Bentonville, Ark. -- Wal-Mart Stores reported Tuesday that profit for the quarter ended July 31 rose to $3.8 billion, up from $3.6 billion in the year-ago period. Overall revenue, up 5.4% to $109.37 billion, topped Wall Street’s expectations.

Yet, the world’s largest retailer is feeling the pinch from a tight economy that is slow to loosen. Wal-Mart U.S., the company's biggest unit, posted a 0.9% drop in same-store sales, the ninth consecutive quarterly drop and beneath analysts' estimates for a 0.6% fall.

July 20, 2011
Wal-Mart de Mexico Q2 profit drops on store openings

Wal-Mart de Mexico SA said second-quarter profit fell 3.4% as the chain increased spending to open new stores and integrate Central American operations.

New York City -- Wal-Mart de Mexico SA said second-quarter profit fell 3.4% as the chain increased spending to open new stores and integrate Central American operations.

The Mexican unit of Wal-Mart Stores reported a net income of 4.49 billion pesos ($380 million) in the April-June period, down from 4.65 billion pesos during the same three months of 2010. Revenue rose 9% to 88.37 billion pesos ($7.49 billion).

CEO Scot Rank says spending to open new stores cut into profits but will help performance in the second half of the year.

May 17, 2011
Wal-Mart Q1 earnings rise on overseas strength, U.S. still slumping

Wal-Mart Stores reported Tuesday that net income for the first quarter ended April 30 rose 3% to $3.39 billion, beating Wall Street estimates.

Bentonville, Ark. -- Wal-Mart Stores reported Tuesday that net income for the first quarter ended April 30 rose 3% to $3.39 billion, beating Wall Street estimates. Overall results were powered by overseas stores and stringent cost controls, but business in the United States remains soft as U.S. Walmart stores posted an eighth straight quarter of same-store declines.

Wal-Mart's U.S. division recorded a 0.3% dip in same-store revenue, dragged down by a 1.1% drop at its namesake stores. Same-store sales increased 4.2% at Sam’s Club warehouse stores.

April 7, 2011
Discounters post stronger than expected March results

Although there were some same-store drops among the discount retail players in March, most beat Wall Street expectations and showed that shoppers are continuing to spend despite a less-than-ideal economic climate.

New York City -- Although there were some same-store drops among the discount retail players in March, most beat Wall Street expectations and showed that shoppers are continuing to spend despite a less-than-ideal economic climate.

Costco Wholesale Club was a strong performer in March, beating analysts’ estimates with a 7% rise in same-store sales for the month, excluding fuel. Wall Street expected a 5.5% increase.

February 25, 2011
Wal-Mart de Mexico to open 445 stores in 2011

Wal-Mart de Mexico SAB (Walmex) plans to increase investment by 45% in 2011 from last year as it expands its business in Mexico and Central America, Bloomberg reported.

New York City -- Wal-Mart de Mexico SAB (Walmex) plans to increase investment by 45% in 2011 from last year as it expands its business in Mexico and Central America, Bloomberg reported.

Capital expenditures will increase to 18.97 billion pesos ($1.56 billion) this year, CEO Scot Rank said in remarks broadcast on the company’s website.

February 22, 2011
Wal-Mart de Mexico Q4 profit increases 14%

Wal-Mart de Mexico SA reported Tuesday that profit for the fourth quarter increased 14%, citing newly acquired stores in Central America for the improved performance.

Mexico City -- Wal-Mart de Mexico SA reported Tuesday that profit for the fourth quarter increased 14%, citing newly acquired stores in Central America for the improved performance.

The Mexican unit of Wal-Mart Stores said that net income rose to $539 million in the fourth quarter, up from $474 million in the year-ago period.

Revenue rose 25% to $8.3 billion. 

Walmex recently acquired stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica.

July 19, 2010
Wal-Mart de Mexico Q2 profit soars 24%

Wal-Mart de Mexico SA reported late Monday that its second-quarter profits surged 24%....

January 28, 2010
Wal-Mart reorganization designed to increase efficiency

Wal-Mart was lifted to buy on Friday by Goldman Sachs, after announcing plans to reorganize...

October 8, 2009
Wal-Mart de Mexico profit up 18% in Q3

Mexico's largest retailer, Wal-Mart de Mexico SA, reported Thursday that its net profit rose 18%...

January 18, 2009
Wal-Mart Mexico Installs Photovoltaic Array

Wal-Mart Stores announced that its Mexico division has installed a photovoltaic complex that will generate...

January 6, 2009
Wal-Mart Names New Chief of International Division

Wal-Mart Stores Inc. on Wednesday named the manager who leads its Sam’s Club division as...

April 30, 2008
Wal-Mart Redux: A Turnaround To Make Sam Proud

About a century after Marshall Field coined the phrase “Give the lady what she...

April 8, 2008
Walmex Profits Up on Sales Gains

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

February 12, 2008
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Wal-Mart de Mexico SAB said Tuesday it plans to open 205 new stores and restaurants...

February 12, 2007
Walmex to Open 125 Stores This Year

Mexico City, Wal-Mart...

May 21, 2006
Wal-Mart to Exit South Korea

New York City, ...