Walmart south-of-border revenue dips

Walmart Inc.’s operations in Mexico and Central America reported Tuesday that first-quarter revenue slipped from the same quarter last year as the covid-19 pandemic forced lockdowns and store closures in some of its countries.

Walmart de Mexico y Centroamerica, or Walmex, said revenue dropped 0.3% to $8.55 billion.

Walmex posted net income of $493 million in the quarter that ended March 31, compared with net income of $420 million in the same quarter last year.

Guilherme Loureiro, the retailer’s chief executive officer, said in the earnings presentation that 24 new stores opened in the quarter and two distribution centers are under construction.

In Mexico, sales at stores opened at least a year, or same-store sales, decreased 0.6%, Loureiro said. In Central America, which saw the most pandemic-related store closures, same-store sales fell 4%. Same-store sales are considered a key indicator of a retailer’s health.

The unit’s e-commerce net sales grew 164%, representing 4.2% of total sales, up from 1.6% a year ago.

Walmex is Bentonvillebased Walmart’s largest international market.

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