Walmex posts profit beat as Mexico sales and online growth offset weakness

Walmex delivered a modest profit beat as Mexico’s sales engine and online growth helped offset weakness elsewhere, but the quarter also exposed how fragile that momentum may be. Net profit rose 1.5% from a year earlier to 12.5 billion pesos, slightly above the 12.06 billion peso analyst estimate, even as revenue missed expectations and core earnings slipped.

The retailer reported first-quarter revenue of 245.018 billion pesos and net sales of 243.263 billion pesos, both up 1.7% from a year earlier. EBITDA came in at 24.979 billion pesos, while operating income reached 18.472 billion pesos. The company said the gain was driven mainly by Mexico, where total revenue was 204.358 billion pesos, while Central America contributed 40.660 billion pesos and remained the weaker part of the business.

That split matters because Walmex is trying to prove that Mexican households can still absorb higher prices, tighter budgets and uneven economic growth. The results suggest consumer demand has not cracked, but it has not accelerated either. Walmex’s numbers point to resilience at the mass-market end of the economy, not broad-based strength. The retailer is leaning on more affluent and digitally active shoppers to keep growth moving, even as margins come under pressure.

Online business provided one of the clearest bright spots. Mexico e-commerce gross merchandise value rose 9.1% in the quarter, on-demand GMV grew 19.5% and e-commerce penetration reached 7.7% of total GMV. But the marketplace business weakened, with GMV falling 14.4%, showing that Walmex’s digital momentum is still uneven. The company also said active Bait users reached 26.6 million, while contactable Beneficios customers climbed to 47 million, giving it a broad customer base to target across stores, delivery and loyalty channels.

Management is also betting that event-driven spending will carry the next quarter. Prathibha Rajashekhar, who heads Sam’s Club, said the chain is expanding licensed merchandise and trying to build an emotional connection with customers, citing products tied to Mario Bros. and the FIFA World Cup. That push comes just as Hot Sale 2026 runs from May 25 to June 2, followed by Mexico City’s World Cup match on June 11 and Monterrey’s on June 14.

Walmex said it operated 4,282 units across Mexico, Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua as of March 31. It also reaffirmed plans to invest about 43 billion pesos in 2026, roughly 10% more than last year, while shareholders approved an ordinary cash dividend and the company moved ahead with a buyback plan that Reuters reported could reach 10 billion pesos. The coming quarter will show whether that spending wave reflects durable middle-class strength or just a temporary lift from the World Cup calendar.