BY CHRONICLE STAFF
Despite a difficult economic environment, retail giant Wal-Mart de Mexico (Walmex, ADR: WMMVY) boosted sales last year by 11.1 percent to a record 244.0 billion Mexican pesos (US$18.1 billion). That means Walmex sales grew six times faster than the Mexican economy last year, which only expanded by an estimated 1.8 percent.
However, Walmex did see a slowdown in the fourth quarter and especially December. Fourth quarter sales grew by 8.4 percent to 72.4 billion pesos, while December sales increased by 5.6 percent to 31.4 billion pesos.
Walmex continued expanding last year, opening 182 new stores in
Walmex also operates a bank, Banco Wal-Mart, which boasts more than 115,000 clients. Jose Maria Urquiza Gonzalez, a Citibank veteran, took over management of the bank last month.
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