Wal-mart de Mexico S A B de C V - ADR

Soft Market Environment: Walmex anticipates a relatively soft market environment in the first half of 2026, but GDP growth expectations are slightly stronger than in 2025, projected at approximately 1.5%. The company aims to stay prepared for a growth period by focusing on price perception and customer value.

Same-Store Sales Trends: The company reported a slight decrease in traffic, with most growth coming from increased average ticket size. Management highlighted that traffic trends have shown improvement, with better results in Q3 and Q4 as recent initiatives kick in. This indicates reliance on higher ticket sizes rather than increased footfall, which presents a challenge going forward.

E-commerce Strategy and Growth Potential: Walmex is emphasizing e-commerce acceleration, particularly through improvements in availability, reach, and assortment. Management noted gains in on-demand sales, growing nearly 20%, but acknowledged that slower performance in one-price (1P) categories, like electronics, impacted overall e-commerce growth. The company is committed to expanding its operational model to reach more households.