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Walmart Inc.'s operations in Mexico and Central America reported that third-quarter revenue rose 6.7% over last year, though net income dropped slightly.

Walmart de Mexico, or Walmex, said Thursday that revenue reached $7.89 billion in the quarter. However, profit fell from $441.3 million to $437.6 million, or 0.9%, the company said. Earnings per share remained at 0.03 cents.

Walmex Chief Executive Officer Guilherme Loureiro said in an earnings presentation that the company's revenue grew despite a 4% loss in its Central American stores. The governments of several countries restricted operations at all stores for several months because of the pandemic.

Still, sales at Walmex stores open at least a year grew 5.4%, led by Sam's Club. Same-store sales, as these are known, are considered a key indicator of a retailer's health.

Online sales skyrocketed 201% in the quarter. Most of that growth came from Walmex's grocery business, but general merchandise sales increased as well.

Walmart's largest international market, Walmex had 2,599 stores in various formats in Mexico and 853 in Central America as of September. Most of its stores are the small-format Bodega Aurrera chain.

Loureiro said in July that conditions related to the pandemic meant the company couldn't implement an expansion plan on the scale it expected for this year. But in the third quarter, Walmex still opened 19 stores in Mexico and five in Central America.

The company said in its report that board member Lori Flees announced her resignation when the board met earlier Thursday. Flees was recently named chief operating officer of Walmart's health and wellness business.

Walmex also said in the report that it has no plans at this time to replace Flees because the company intends to propose to fill vacancies and make other changes at its next annual shareholders meeting, scheduled for late March.


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