Latest news with #IgnacioCaride
Reuters
5 days ago
- Business
- Reuters
Walmart Mexico's market value sheds $3 billion after Q2 profit dip
MEXICO CITY, July 17 (Reuters) - Shares in Walmart's Mexico and Central America unit, known as Walmex ( opens new tab, slid 6% on Thursday morning, wiping off 60.9 billion pesos ($3.25 billion) from the firm's market capitalization after posting weaker-than-expected margins. "The company faces a very important challenge: regaining profitability," analysts at financial group Banorte said. Walmex on Wednesday posted a 10% decrease in net profit, despite sales coming up 8%, as the firm spent more than analysts expected. That pressure came from investments in tech, e-commerce, store openings and labor expenses, Actinver analyst Antonio Hernandez wrote in a note to clients. The group's earnings before interest, taxes, depreciation, and amortization (EBITDA) margin landed at 9.5%, 81 basis points below the year-ago quarter and the lowest since the same quarter in 2020. Walmex, Mexico's largest retailer, has made a push in recent quarters to consolidate its market share, particularly in online sales. CEO Ignacio Caride, who took the job last year, had spent more than a decade at e-commerce powerhouse MercadoLibre (MELI.O), opens new tab. Caride acknowledged in a pre-recorded webcast on Wednesday that he was unhappy with the results, though he said Walmex's overall strategy was on track. Executives are set to discuss the results with analysts in a call later on Thursday. ($1 = 18.7527 Mexican pesos)
Yahoo
27-03-2025
- Business
- Yahoo
Walmart Mexico to invest $6 billion in 2025
MEXICO CITY (Reuters) -Walmart's Mexico unit said on Thursday it would invest more than $6 billion in the country this year, around triple its planned spending from the year before. The funds will go toward opening new stores and to continue construction on two distribution centers, according to the firm. Mexico City-listed shares climbed more than 2% on the announcement. Speaking virtually from Mexican President Claudia Sheinbaum's daily press conference, Walmex Chief Executive Officer Ignacio Caride said the investment would create 5,500 direct jobs. Walmex, which operates Walmart and Sam's Club stores in Mexico as well as low-cost supermarket chain Bodega Aurrera, is one of the nation's largest private employers. The group had earmarked just around $2 billion in spending for 2024. Walmex executives will host an investor's day later on Thursday in which they will give more detail on planned spending. Sign in to access your portfolio
Bloomberg
27-03-2025
- Business
- Bloomberg
Walmart to Invest $6 Billion in Mexico in 2025 to Add Locations
Wal-Mart de Mexico SAB, the local unit of the US retail giant, plans to invest $6 billion this year in its Mexico operations to add more locations. The expansion will create 5,500 jobs, Chief Executive Officer Ignacio Caride said at Mexican President Claudia Sheinbaum's daily news conference. The company will use the funds to open more stores under the Bodega Aurrera, Sam's Club, Walmart Supercenter and Walmart Express brands, the company said in a statement.
Reuters
27-03-2025
- Business
- Reuters
Walmex to invest $6 bln in Mexico in 2025
MEXICO CITY, March 27 (Reuters) - Walmart's Mexico unit said on Thursday it would invest more than $6 billion in the country in 2025 to open new stores and two new distribution centers. Speaking virtually at the Mexican president's daily press conference, Walmex Chief Executive Office Ignacio Caride said the investment would create 5,500 direct jobs.
