• REQUEST: The Mexican unit of retail giant Walmart confirmed that tax authorities (SAT) are requesting the equivalent of USD 568 million in unpaid taxes and fees, stemming from the 2014 purchase by Alsea’s restaurant group. The deal brought 361 physical locations to the group.
• CONTEXT: Walmart originally entered the Mexico market in 1991, and up to last year, the conglomerate has approximately 3,407 store locations. However, the SAT requirement could put pressure on the Bentonville-based company. Walmart Mexico is confident it will be able to demonstrate that its accounts are in order.
• UNCERTAINTY: “Although we believe that Walmex may be able to demonstrate that it has complied with its fiscal obligations…we believe that this process could take some time to be completely resolved, generating uncertainty around the stock”, warned a note by Grupo Financiero Monex.
• STOCK: Yesterday, the restaurant group known as Alsea to which Vips was sold, also experienced some turbulence after its stock fell 6% in just one day. This after it was made public that the Mexican revenue service (SAT) presented a request to pay USD 208 million more in taxes.
