Wal-Mart de México (WALMEX) Q2 2024 earnings summary

Executive summary

• Total revenue grew 6.4% in Q2 2024, with Mexico up 7.1% and Central America up 3.2% on a constant currency basis; operating income rose 6.8% and EBITDA 7.7% year-over-year.

• E-commerce GMV rose 19% in Mexico and over 80% in Central America, now representing 7.8% of total GMV in Mexico, with marketplace and on-demand as main drivers.

• New customer loyalty and supplier analytics programs (Digital Connection, Walmart Luminate) launched to deepen engagement and data-driven decision-making.

• Operates 3,033 stores in Mexico and 905 in Central America, serving over 6 million daily customers, with 1,350 on-demand stores and 1,440 pickup locations.

• Net income grew 9.3% in Q2 2024 and 11.9% in H1 2024, with EPS of 0.717 pesos for Q2 and 1.473 pesos for H1.

Financial highlights

• 2Q24 total revenues: $227,415M MXN (+6.4% YoY); 1H24: $453,609M MXN (+8.1% YoY).

• 2Q24 gross profit: $54,914M MXN (+10.2% YoY); 1H24: $109,083M MXN (+10.7% YoY).

• 2Q24 operating income: $17,984M MXN (+6.8% YoY); 1H24: $37,154M MXN (+8.7% YoY).

• 2Q24 EBITDA: $23,539M MXN (+7.7% YoY); 1H24: $48,161M MXN (+9.0% YoY).

• Cash and cash equivalents at June 30, 2024: $48,509M MXN.

Outlook and guidance

• Store openings to accelerate, targeting over 1,000 new stores in five years.

• Continued investment in technology, new business, and omnichannel capabilities to sustain growth.

• Central America operations are considered financially strong with significant growth potential under continued Walmex ownership.