Covering the Mexican Economy, Actinver Research

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Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Macroeconomics

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

<ul>
<li>Revenues of P$230.2bn were 8% higher YoY, and slightly (0.5%) below our estimates, with SSS in Mexico of 4.5% (vs our 4.9% estimates), driven by ticket growth of 5.5%, while traffic declined 1%.</li>
<li>In CAM, SSS of 3.7% were well below our more estimates, with positive ticket and traffic performance of 2.5% and 1.2%, respectively; El Salvador and Costa Rica underperformed the region.</li>
<li>From a format perspective, Sam’s Club outperformed, with the other 3 formats slightly above ANTAD SSS.</li>
</ul>


Revenues of P$230.2bn were 8% higher YoY, and slightly (0.5%) below our estimates, with SSS in Mexico of 4.5% (vs our 4.9% estimates), driven by ticket growth of 5.5%, while traffic declined 1%.
In CAM, SSS of 3.7% were well below our more estimates, with positive ticket and traffic performance of 2.5% and 1.2%, respectively; El Salvador and Costa Rica underperformed the region.
From a format perspective, Sam’s Club outperformed, with the other 3 formats slightly above ANTAD SSS.


Actinver Research - Walmex 3Q24: SSS Deceleration and Margin Contraction as Expected (Quick View)