Sept 9 (Reuters) - Wal-Mart de Mexico, Mexico’s biggest retailer, expects sales to hold up in the second half of the year and does not plan to raise prices despite a slump in the peso, the company’s chief executive said on Wednesday.
Walmex CEO Enrique Ostale told a conference in New York that rising remittances sent to Mexicans had helped lift sales this year.
“We expect the second half to be relatively strong,” Ostale said, according to a webcast of his speech on the company’s website.
Walmex’s sales at stores open over a year were up 5.4 percent in the first eight months of 2015 compared with the same period last year. Total sales were up 7.4 percent for the period.
Ostale took over in December after the company saw its same-store sales slide over the past two years.
Ostale said the company could absorb the costs associated with a weaker peso, noting that imports are minimal, and that it had purchased much of its expected year-end inventory ahead of time.
Mexico’s peso is down more than 20 percent since the middle of last year, and some companies have been saying they will need to raise prices soon. (Reporting by Gabriela Lopez; Writing by Michael O‘Boyle; Editing by Jonathan Oatis)