Mexico · Delayed Price · Currency is MXN Wal-Mart de México Earnings Call Transcripts
Fiscal Year 2026
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Q3 demand was cautious, especially in discretionary goods, while price perception and fresh trends strengthened. Productivity, assortment, sourcing and digital initiatives are intended to offset rising costs and support 2027 growth.
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Q3 revenue grew 3% reported and 3.6% in constant currency, with EBITDA margin down 30 bps. Traffic, market share and eCommerce improved; FY2026 sales guidance was reaffirmed.
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Revenue grew modestly amid soft consumer demand, with eCommerce and new businesses like Bait and Walmart Connect showing strong growth. Gross margin expanded in Mexico, but consolidated EBITDA and net income margins contracted slightly. Full-year sales growth guidance was revised down due to slower demand recovery.
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Revenue grew modestly amid soft consumer demand, with e-commerce and new businesses like Bait and Walmart Connect showing strong growth. Guidance was revised downward due to slower recovery, but market share gains and operational improvements provide confidence in long-term prospects.
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Bodega faced early Q1 challenges but is recovering, while Sam's Club and e-commerce show strong momentum. Price perception and productivity are improving, with ongoing investments in automation and a more global marketplace approach.
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Revenue grew 1.7% reported and 4.1% in constant currency, with Mexico up 4.4% and e-commerce net sales up 14.4%. EBITDA margin contracted slightly, but operational improvements and digital investments are driving future growth.
Fiscal Year 2025
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Management anticipates a soft first half of 2026 but expects improved GDP growth and is focused on EDLP, availability, and e-commerce acceleration. Gross margin improved, driven by new businesses and private label expansion, while Bodega outperformed and e-commerce growth was mixed.
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Q4 and full year 2025 saw solid execution and share gains despite macro headwinds, with revenue and EBITDA growth, margin expansion, and record store openings. eCommerce and ecosystem businesses grew, while management targets accelerated growth and capital returns in 2026.
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Leadership transition and renewed focus on fundamentals are driving operational improvements, with SG&A and inventory efficiency gains. E-commerce, private label, and store expansion remain key growth drivers, while macro uncertainties persist.
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Leadership transition and renewed focus on pricing, availability, and e-commerce drove 4.9% revenue growth and market share gains, with strong e-commerce and new business performance. Margin slightly contracted, but productivity and innovation support future growth.
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Reported 8.3% growth with strong ticket and mix, reaffirmed full-year margin and SG&A guidance, and advanced digital and operational initiatives. Price investments and weather impacted traffic, while AI and remodel strategies are driving efficiency.
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Second quarter 2025 saw 8.3% consolidated revenue growth, led by strong e-commerce and new business performance, despite slower consumption recovery and margin pressure. Guidance for full-year growth and margin expansion remains unchanged.
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Sales and traffic improved by quarter-end after a slow start, with Bodega e-commerce and Sam's Club outperforming. Ecosystem initiatives boosted gross margin, and full-year sales growth guidance of 6-7% is maintained amid ongoing investments and macro softness.
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Q1 2025 saw consolidated revenue up 6.5%, led by new store openings and e-commerce growth, despite macro headwinds and a tough comparative base. Gross margin expanded, but operating income and cash declined. Sales guidance for 2025 remains at 6–7% growth.
Fiscal Year 2024
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Q4 featured strong market share gains, driven by price investments and ecosystem expansion, despite softer consumption and margin volatility. New businesses and digital initiatives are fueling growth, with continued investment in automation and e-commerce planned for 2025.
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Q4 saw 4.3% same-store sales growth, record sales during El Fin Irresistible, and 180 new stores opened. E-commerce and digital businesses grew rapidly, while consolidated revenue rose 8.3% and net income 1.4%. 2025 guidance is for 6%-7% revenue growth.
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Resilience and market share gains continued despite softer consumer demand and intense competition. Key initiatives like Beneficios and tech upgrades are driving engagement, while investments in pricing and store formats aim to boost growth in Q4 and beyond.
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Revenue grew 8% year-over-year, with strong e-commerce and ecosystem expansion. Operating income and EBITDA increased, but net income declined due to a prior year tax provision. New store openings and digital initiatives drove growth, while the company navigates a softer consumer environment and regulatory uncertainties.
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Gross margin in Mexico expanded by 40 bps, driven by new businesses and e-commerce efficiencies, while labor costs remain elevated due to wage hikes. The company is optimistic about long-term growth, with ecosystem integration and automation expected to drive future performance.
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Q2 2024 saw 6.4% revenue growth, 6.8% operating income growth, and 7.7% EBITDA growth, with strong omnichannel and e-commerce performance. Store expansion, new digital initiatives, and robust cash generation support continued momentum.