Wal-Mart de Mexico SA reported Thursday that its fourth-quarter profit rose 17 percent, citing the opening of new stores and in-store price cuts that have drawn economically-cautious customers, according to Associated Press.
The Mexican unit of Wal-Mart Stores Inc. (NYSE: WMT) said net income totaled 5.7 billion pesos ($440 million) in the fourth quarter, up from 4.9 billion pesos in the same period of 2008.
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Wal-Mart de Mexico, Mexico's largest retailer, said total revenue rose 11 percent to 80.3 billion pesos ($6.2 billion) from 72.7 billion pesos ($5.6 billion).
The company opened a record 275 stores and restaurants in 2009 and attracted 13.8 percent more customers than in 2008.
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