Department store operator Grupo Famsa reported MXN199m (£9.3m) net income for the third quarter, up by 371.6% from the same period in 2008.

Net sales during the quarter reached MXN3.71bn (£173m), up by 6.1% year on year. The positive performance was primarily attributed to an 8.4% increase in sales at its Mexican operations.

Conversely, Famsa US sales declined 6% in the quarter. “The economic deceleration in the US has maintained a strong pressure on consumption, especially in the Hispanic market,” the company said.

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