Wal-Mart de Mexico SAB rose the most in more than a year after reporting first-quarter results that beat analysts’ estimates, the most recent sign of growth for Mexican companies this earnings season.

Walmex rose 7.7 percent to 42.90 pesos at 11:09 a.m. in Mexico City after reaching 43.33 pesos, the biggest jump since February 2015. Mexico’s largest retailer said earnings before interest, taxes, depreciation and amortization rose 25 percent to 12.23 billion pesos ($703 million), according to a statement Tuesday after markets closed. Analysts projected 11 billion pesos, the average of estimates compiled by Bloomberg.

“We’re seeing a better sales-floor distribution, a better mix of products and a price aggressiveness that’s pushing sales,” Luis Willard, a Corporativo GBM SAB analyst in Mexico City, said in an interview. “Sales campaigns before the start of this year helped margins this quarter. Now we have to see whether that can be sustainable.”

Consumer spending, fueled by job growth and rising cash transfers from Mexicans abroad, is helping support growth amid weakness in sales of manufactured goods to the U.S. and tumbling oil exports that spurred the government to cut public spending. So far, companies in the IPC stock benchmark that have reported results for the first quarter have exceeded projections by an average of 14 percent, according to data compiled by Bloomberg. That’s on pace for the best performance by companies in Mexico in at least two years, according to data compiled by Bloomberg.

Same-store sales in Mexico jumped 9.3 percent in the quarter, and 5 percent in Central America, Guilherme Loureiro, chief executive officer of Mexico City-based Walmex, said on the company’s earnings call on Tuesday.

“Consumption continues to be favorable,” Loureiro said. “We will continue building on our sales, reinforcing our productivity loop to leverage the business, increase our competitiveness and grow earnings faster than sales.”

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