Wal-Mart de Mexico SAB de CV: 2Q26: First Impressions

研报英文原文证据摘录

Wal-Mart de Mexico SAB de CV: 2Q26: First Impressions

Equity Research

Mexico Consumer

22 July 2026

Wal-Mart de Mexico SAB de CV

2Q26: First Impressions

Walmex reported largely in-line 2Q26 results, with revenues,

EBITDA and EPS in line with our estimates. Mexico remained

the primary growth driver, supported by positive SSS and WALMEX.MX/WALMEX* MM EQUAL WEIGHT

Mexico Consumer NEUTRAL

double-digit eCommerce growth, while a softer consumer Price Target MXN 63.00

backdrop weighed on profitability. Price (17-Jul-26) MXN 49.49

Potential Upside/Downside +27.3%

Source: Bloomberg, Barclays Research

Consolidated revenues increased 1.9% YoY to P$250.9bn, in line with our estimate, as 3.1%

growth in Mexico and 3.6% growth in Central America on a constant-currency basis were

partially offset by continued softness in consumer spending and adverse FX. Mexico SSS Mexico Consumer

increased 1.8%, driven by 2.9% ticket growth and a 1.1% decline in traffic, while Central America Benjamin M. Theurer

+52 55 5241 3322SSS grew 2.4%, supported by 2.3% traffic growth and a 0.1% increase in ticket. eCommerce

benjamin.theurer@barclays.com

remained a key growth driver, with Mexico eCommerce net sales increasing 16.2% and Central BCCB, Mexico

America eCommerce GMV growing 23.7%, although management continued to characterize the

consumption environment as soft. Management noted that the recovery in consumer demand Rahi Parikh

+1 212 526 0150remains slower than expected, although Walmex continued to gain market share and

rahi.parikh@barclays.com

outperform ANTAD self-service SSS by 180bps in Mexico. BCI, US

Consolidated EBITDA increased 0.6% YoY to P$23.6bn, 1.2% ahead of our estimate, while Ryan Lavin

operating income declined 3.2% YoY to P$16.4bn, a 2.0% miss vs our forecast.