Walmart's Mexico and Central American division, known as Walmex, has reported a 8.1% rise in revenue for the fiscal year 2024 (FY24), reaching a total of 958.50bn pesos ($46.70bn) - an improvement from the previous year's 886.52bn pesos.
The revenue boost was primarily fuelled by a 7.4% growth in Mexico and a 5.2% rise in Central America.
The company also enjoyed a healthy uptick in same-store sales, with 5.8% growth in Mexico and a 4.3% increase in Central America in FY24.
Walmex's consolidated net income grew by 4.3% to 53.82bn pesos during the year and its diluted earnings per share also reflected this positive trend, standing at 3.08 pesos.
The company's consolidated operating income climbed by 5.6%, maintaining an 8.1% margin.
Contributing to this success was an expansion in gross margin by 30 basis points to 24.1%, propelled by the higher contributions from new business ventures across both regions, enhanced commercial margins in Mexico and supply chain efficiencies.
In the fourth quarter (Q4) of the fiscal year, the company recorded 1.4% increase in net profit to 15.2bn pesos.
Net sales for the quarter grew 8.3% to 272.88bn pesos.
Despite this, earnings before interest, taxes, depreciation and amortisation experienced a modest 2.5% increase to 27.38bn pesos.
In the final quarter of the year, Walmex expanded its footprint significantly, opening 91 new stores in Mexico and 13 in Central America, with a focus on Bodega Aurrera discount outlets and six Walmart Supercenters.
Same-store sales rose by 4.3% in Mexico and by 3.1% in Central America during the quarter while its ts e-commerce gross merchandise value in Mexico soared by an impressive 20%.
Walmex president and CEO Ignacio Caride stated: “As we conclude 2024, I am pleased to report our positive result throughout the year, driven by strategic investment, customer-centricity and strength of our omnichannel portfolio and ecosystem.
"We continue focused on providing value, a broad assortment, convenience and a great experience for our customers, thereby deepening their preference.
"Finally, I would like to thank all our associates as we look forward to another successful year in 2025.”
