Soriana, the country’s second-largest grocer behind Walmart, reported a 19% drop in net profit in the second quarter to MXP716m (£38m).

The slump was attributed to higher financial costs, despite an increase in sales of 6.5% to MXP22.8bn (£1.2bn). This improvement in sales was confined mostly to the central and southern parts of the country.

Soriana said it expects sales in the north to recover during the third quarter. Twelve stores were opened during the quarter, bringing the retailer’s total to 491.

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