Wal-Mart de Mexico SA says its fourth-quarter profit rose 17 percent as the company continued to open new stores and cut prices to draw customers in a tough economy.
The Mexican unit of Wal-Mart Stores Inc. says 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.
Mexico's largest retailer says total revenue rose 11 percent to 80.3 billion pesos ($6.2 billion) from 72.7 billion pesos.
Walmex CEO Scott Rank said in a conference call with investors Thursday that 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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