Updated: Wednesday, 11 Feb 2009, 8:22 PM EST
Published : Wednesday, 11 Feb 2009, 8:22 PM EST
MEXICO CITY, MEXICO (AP) - Wal-Mart de Mexico SA says fourth quarter profit rose 9 percent as the company cut prices to increase sales.
Mexico's largest retailer, known as Walmex, is reporting net income of 4.9 billion pesos (US$359 million) in the fourth quarter -- up from 4.7 billion pesos during the fourth quarter in 2007.
Total sales rose 8 percent to 72.4 billion pesos (US$5.3 billion) as the company slashed prices to draw customers despite growing economic uncertainty.
Walmex is the Mexican unit of the Arkansas-based Wal-Mart Stores Inc.
It announced earnings Wednesday in a statement.