MEXICO CITY, Dec 10 (Reuters) - Mexico’s biggest retailer Wal-Mart de Mexico said on Monday that sales at its Mexican stores open for at least a year rose 5.5 percent in November from a year earlier.
The results were below analysts’ expectations. According to a Reuters survey of six sector analysts, Walmex’s same-store sales were expected to rise 6 percent last month.
The retailer benefited from Mexico’s version of a “Black Friday” shopping spree, which took place Nov. 16 to 19, although results were weaker than last year, when the program was first launched.
Walmex is under investigation by U.S. and Mexican authorities over allegations that it bribed local officials to speed up store openings.
Mexico’s anti-corruption body said on Nov. 23 that it has found no irregularities in its probe of permits and documents given to the retailer to open stores, but two audits are still underway.
The company has posted lackluster sales results against its peers in recent months, prompting it to reinforce its low-price marketing to attract customers.
Walmex, the Mexican affiliate of Wal-Mart Stores Inc , slipped 0.16 percent to close at 42.83 pesos on Monday, before the sales results were disclosed.