- October Mexico same-store sales increase 10.8%, most since '11
- Credit Suisse says Walmex posted `impressive growth figures'
Wal-Mart de Mexico SAB, the nation’s biggest retailer, climbed after same-store sales surged the most in almost four years.
Shares gained 4.5 percent to a record 45.95 pesos at 10:28 a.m. in Mexico City, posting the biggest increase on Mexico’s benchmark IPC stock index. The stock has advanced 45 percent this year.
The retailer said late Thursday that sales at stores in Mexico open at least a year jumped 10.8 percent in October from a year earlier, well above a 6 percent projection by Credit Suisse Group AG. Chief Executive Officer Enrique Ostale told investors last week that the company is positioned to benefit from a rebound in Mexico’s economy after net income rose by about 22 percent last quarter, beating analysts’ estimates.
“These are impressive growth figures,” Credit Suisse analysts led by Antonio Gonzalez, who has the equivalent of a buy recommendation, wrote in a note to clients. “Macro figures continue to be strong.”
Mexico’s consumer confidence index rose to three-month high in October, the national statistics agency reported Friday. The nation’s retail sales climbed 6.4 percent in August from the same month a year earlier, the biggest gain in more than three years.