MEXICO CITY (Reuters) – Walmart’s Mexico unit reported a 10% jump in second quarter revenue compared with the year-earlier period on Thursday, helped by more grocery sales and online shopping amid stay-at-home measures meant to contain the coronavirus.
Still, Walmart de Mexico <WALMEX.MX>, the biggest retailer in Mexico, saw earnings before interest, tax, depreciation and amortization (EBITDA) fall 3.3% from last year to 15.73 billion pesos, despite analyst forecasts EBITDA would increase.
The retailer also posted 1.66 billion pesos ($72.4 million) in quarterly net profit, a huge year-on-year drop due to a 8.1 billion peso payment to Mexico’s tax authority (SAT) in May.
Chief Financial Officer Milton Brandt said the retailer had managed to contain other costs in its core Mexico market.
“Excluding the payment to the SAT, we were able to keep expense growth below total revenue growth, despite incurring higher operating costs given the measures taken to handle