Walmart de México y Centroamérica (Walmex), the world’s largest retail chain, reported a 10.3% decrease in net income for the second quarter of 2025. The figure amounted to 11,227 million pesos, a decline compared to the same period last year, when net income totaled 12,510 million pesos.
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Why did Walmart Mexico’s net income decline in the second quarter of 2025?
According to the report submitted by Walmart de México y Centroamérica to the Mexican Stock Exchange (BMV), the drop in net income was attributed to a slowdown in consumption, combined with an economic environment that continues to show signs of uncertainty. Although consolidated revenues grew by 8.3% year-on-year, reaching 246,254 million pesos, profitability was affected by increased operational and financial expenses.
During the earnings presentation, Ignacio Caride, CEO of Walmex, acknowledged:
“We are beginning to see a gradual recovery in sales. However, the recovery has been slower than expected, with consumer confidence showing mixed results this quarter and uncertainty still present”.
The executive was also self-critical, stating: “I am satisfied with the progress of our strategy, although I am not satisfied with the current results”.
How much did Walmart Mexico’s revenues grow and why didn’t they offset the drop in profits?
Walmart Mexico achieved an 8.3% increase in total revenues compared to the second quarter of 2024, slightly surpassing the analysts’ forecast from LSEG, which anticipated revenues of 246,070 million pesos. Nevertheless, this performance was not enough to avoid the drop in net income, mainly pressured by:
- A 12.2% increase in general expenses, accounting for 17.2% of total revenues, driven by investments in technology, eCommerce expansion, the opening of new stores, and improvements in employee working conditions.
- A 30.6% rise in net financial expenses, reflecting a more expensive financial environment compared to the previous year.
How did Walmart’s sales perform in Mexico?
Regionally, revenues in Mexico grew by 6.0% during the quarter, while in Central America, the increase was 6.0% in constant currency, which translated to a 20.2% growth in Mexican pesos due to the exchange rate.
In Mexico, the average ticket increased by 6.0%, but store traffic fell by 1.4%, indicating that although consumers spent more per visit, they visited stores less frequently.
What are Walmart Mexico’s expectations for 2025?
Despite this performance, Walmart Mexico remains confident that the year will close in line with the expectations set. The company reaffirmed its forecast of a consolidated annual revenue growth of between 6% and 7% for 2025.
What role did e-commerce play in Walmart Mexico’s 2025 results?
E-commerce continues to be a key growth driver for the company:
- The GMV (Gross Merchandise Value) of eCommerce grew by 20%, driven by the On-Demand segment (+24%) and the Marketplace (+14%).
- During the Hot Sale event, online sales grew by 28% compared to the previous year.
- Walmart now has approximately 1,350 stores with On-Demand delivery capabilities across more than 400 cities.
However, despite this momentum, e-commerce still represents only 8.8% of total GMV, indicating significant growth potential in this segment.
How many Walmart stores are there in Mexico in 2025?
As of June 2025, Walmart de México y Centroamérica reported a total of 3,191 stores across Mexico, strengthening its footprint in the country with various formats, including 2,587 Bodega Aurrera, 328 Walmart Supercenter, 103 Walmart Express, and 173 Sam’s Club. During the second quarter of this year, the company opened 20 new units in Mexico as part of its expansion strategy to enhance coverage in key regions and meet the evolving needs of consumers. Regionally, including Central America, the total number of operating units stands at 4,124 stores.
