Walmex Grows Sales as Consumer Spending Remains Soft

Summary: Walmart de México y Centroamérica (Walmex) reported 3.1% revenue growth in the second quarter of 2026, supported by higher average ticket values and strong e-commerce performance, despite a 1.1% decline in customer transactions that reflects weaker consumer spending. The retailer is responding by accelerating digital transformation through the deployment of 1.7 million electronic shelf labels, expanding automation and omnichannel capabilities while maintaining its long-term growth strategy despite a slower-than-expected recovery in consumption. 

Mexico's largest retailer, Walmart de México y Centroamérica (Walmex), reported higher revenue during 2Q2026 despite signs of weaker consumer demand, as fewer shoppers visited stores and customers became more selective in their purchasing decisions. The company continued expanding its store network, accelerating investments in digital retail technologies and maintaining its long-term automation strategy while forecasting moderate sales growth for the full year.

Walmex reported revenue of MX$209.2 billion during 2Q2026, a 3.1% increase compared with the same period in 2025. Comparable-store sales rose 1.8%, supported by a 2.9% increase in average ticket size. However, total transactions declined 1.1%, reflecting lower customer traffic across its network.

"The slower-than-expected recovery in consumption is clearly affecting our revenue performance," said Cristian Barrientos Pozo, President and CEO of Walmart de México y Centroamérica. During the company's earnings webcast, Barrientos acknowledged that results remain below the company's expectations and said execution must improve in several operational areas.

The retailer said consumers are spending more time comparing prices and planning purchases, reinforcing a cautious consumption environment in Mexico.

As customer behavior continues to evolve, Walmex is adjusting both its retail operations and store formats to respond to changing demand. 

Store Expansion Continues Despite Lower Traffic

Bodega Aurrera, Walmex's largest store format, underperformed internal expectations during the quarter due to lower customer traffic and smaller shopping baskets, particularly at larger stores located in central Mexico.

By contrast, Sam's Club delivered the strongest performance among the company's retail formats. Membership acquisition recorded double-digit growth, while more customers upgraded to the premium Plus membership.

Walmex is also advancing operational initiatives intended to increase customer visits. The company is phasing out its long-running Martes de Frescura promotional program, stating that the first results from its replacement strategy have generated higher sales and increased traffic.

During the quarter, Walmex opened 21 new stores in Mexico, all under the Bodega Aurrera banner, bringing its total store count in the country to 3,351 locations.

The retailer also confirmed it will implement its first reduction in employee working hours beginning in January 2027, although it did not disclose the number of hours involved.

Beyond expanding its physical footprint, Walmex continued investing in digital capabilities as online shopping remains one of its fastest-growing businesses. 

E-Commerce and Fast Delivery Support Growth

Walmex reported continued momentum across its digital business. Net e-commerce sales increased 16.2% year over year, while its On-Demand business grew 21.1%.

Delivery speed remained a competitive differentiator. Nearly 70% of online orders were delivered the same day, and almost one-quarter arrived in less than two hours. The company has also launched 60-minute delivery pilot programs at selected Bodega Aurrera Express and Sam's Club locations.

Marketplace performance, however, was mixed. Gross merchandise value (GMV) declined 6.6%, which Walmex attributed to issues involving marketplace sellers without providing additional details.

Despite the decline in GMV, the marketplace continued expanding. Its product catalog increased 26%, while Walmart Fulfillment Services now manages approximately 45% of marketplace orders, strengthening logistics capabilities as the company scales its third-party seller ecosystem.

To support future growth, Walmex is also investing in supply chain automation and in-store digital infrastructure. 

Retail Technology Becomes Strategic Priority

Walmart de México is accelerating its digital transformation through one of the largest deployments of electronic shelf-label technology in Latin America in partnership with Vusion.

The first phase of the project includes installing more than 1.7 million electronic shelf labels and more than 180,000 EdgeSense smart rails across its store network. Deployment will begin at Walmart Express stores before expanding to Walmart Supercenter locations. A pilot program is also planned for Bodega Aurrera stores, reported MBN. 

EdgeSense combines electronic shelf labels with artificial intelligence, computer vision and real-time data systems to automate pricing, improve inventory accuracy and strengthen shelf management. The technology is designed to reduce manual processes while enabling faster price updates and more efficient merchandising.

According to Vusion, Walmart de México will become the first retailer in Latin America to deploy EdgeSense technology at this scale, reinforcing the company's strategy to develop connected stores and modernize retail operations across multiple formats.

The rollout complements other automation investments already underway within Walmex's logistics network. 

Capital Investment Supports Long-Term Expansion

In Mexico, EBITDA increased 3.2% to MX$20.1 billion during the quarter, while operating income rose 1.6% to MX$14.7 billion.

At the consolidated level, Walmex reported MX$39.3 billion in capital expenditures and MX$90.3 billion in operating cash flow over the past 12 months. The company ended the period with MX$30.1 billion in cash while returning MX$38.6 billion to shareholders through dividends and share repurchases.

Looking ahead, Walmex expects consolidated sales to grow between 3.5% and 4.5% during 2026, while projecting a slightly lower EBITDA margin than the previous year as consumer spending recovers more gradually than anticipated.

The company also outlined several long-term strategic priorities. Over the next five years, Walmex aims to expand its Marketplace to 250 million SKUs. In Mexico, it plans to extend the automation capabilities developed at its Megapark logistics facility to its Bajío and Tlaxcala distribution centers during 2027, further strengthening fulfillment capacity as omnichannel retail continues to expand.