Walmex Rises After Same-Store Sales Beat Estimates
By Veronica Espinosa
March 5 (Bloomberg) -- Wal-Mart de Mexico SA, Latin America’s largest retailer, rose to the highest in two weeks after reporting February same-store sales above expectations.
Walmex, as the company is known, gained 0.9 percent to 30.04 pesos in Mexico City trading, the highest since Feb. 16.
Sales at stores open at least a year rose 1.5 percent in February, the Mexico City-based company said yesterday in an e- mailed statement after the market closed. The sales exceeded estimates at Banco Santander SA and Actinver SA.
“They managed to increase sales even when February was a day short compared to 2008”, said Joaquin Ley, analyst with Santander in Mexico City. Ley expected a 1 percent decline in sales. He recommends buying the stock.
Sales data “shows the good performance of the company’s pricing campaigns and promotional efforts”, Actinver analyst Mexico-based Marisol Huerta wrote in a report today. Huerta expected a 1 percent increase in sales and has an “overweight” recommendation on the shares.
source:Blommberg
