Wal-Mart ..A scccess Story

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Wal-Mart de México said it achieved "solid" results in a "difficult" environment in 2009 with a lift in full-year profits.

For the 12 months to the end of December, Wal-Mart de México earned MXN16.8bn (US$1.29bn), a 15% increase on 2008.

Net sales rose 10.4% to reach MXN269.39bn, while EBITDA amounted to MEX26.91bn, a 13% increase on 2008.

Scot Rank, president and CEO, said: "I feel very proud of the results achieved in 2009. We achieved very solid results in a difficult economic environment and we improved our competitive position for the long term."

The company struck a deal to buy Walmart Centroamerica, a retailer with over 500 stores in five Central American markets, in December.

And in the fourth quarter, net income rose 17% to reach MEX5.74bn, while net sales amounted to MEX80bn, a 10% increase on 2008. EBITDA also rose 10% to reach MEX8.55bn.