Walmart's Mexico unit posts 4.5% drop in net profit

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© Reuters. A cashier works inside a Walmart store in Mexico City© Reuters. A cashier works inside a Walmart store in Mexico City

MEXICO CITY (Reuters) – Walmart de Mexico, Mexico’s largest retailer, on Thursday reported fourth quarter net profit of 11.2 billion pesos ($594.7 million), a 4.5% drop over the same period last year.

Analysts had anticipated weaker profit due to increased costs in Central America for intellectual property royalty payments to parent company Walmart Inc (N:). The company known locally as Walmex (MX:) posted a 4.7% increase in revenues to 185.7 billion pesos in the quarter, due to growth in its core Mexico market as well as Central America.

The company also said online sales in the quarter grew 47%, with e-commerce representing 2% of total sales in Mexico.

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