Mexico Walmex same-store sales peak in Aug, investment plan slashed
(Recasts headline, lead to reflect investment plan cut, adds details on new store opening) By Gabriela Lopez MEXICO CITY, Sept 3 (Reuters) - Wal-Mart de Mexico , Mexico's biggest retailer, said on Wednesday its same-store sales rose 3.5 percent in August from a year earlier, the best reading year-to-date, even as the company slashed its 2014 investment plan.
The company is cutting its investment plan for 2014 by 10.7 percent to 13.4 billion pesos ($1.02 billion), Walmex Chief Executive Officer Scot Rank told an online conference.
Rank said the cut in investment is due to a delay in the opening of new stores scheduled for this year and the spending will now be pushed to early 2015. He cited problems obtaining permits.
Walmex said it expects to open 149 new stores in order to achieve 4.4 percent growth in sales this year, compared with a previous forecast of 5.2 percent.
Walmex anticipates sales growth of 4.1 percent in Mexico, and 7.6 percent growth at its stores in Central America.
"The company will continue to invest in the region and estimates similar sales growth next year," the company said in a statement.
Pct change vs year August July ago Mexico same-store +3.5 +0.8 sales Mexico total sales +7.1 +4.4 Central America +7.6 +4.5 same-store sales Central America +10.5 +5.0 total sales (1 US dollar = 13.0750 Mexican peso) (Writing by David Alire Garcia; Editing by Simon Gardner and Jonathan Oatis)
