MEXICO CITY, MEXICO (AP) - Wal-Mart de Mexico SA says fourth quarter profit rose 9 percentas the company cut prices to increase sales.
Mexico's largest retailer, known as Walmex, is reporting netincome 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$5.3billion) as the company slashed prices to draw customers despitegrowing economic uncertainty.
Walmex is the Mexican unit of the Arkansas-based Wal-MartStores Inc.
It announced earnings Wednesday in a statement.
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