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(Updates prices in second paragraph.)
Nov. 15 (Bloomberg) -- Mexican retailers advanced after same-store sales jumped the most in three months and stores prepared for the holiday gift-buying season.
Organizacion Soriana SAB, the Mexican grocery and consumer goods chain, rose 2.4 percent, while Grupo Comercial Chedraui SA gained 2.8 percent. Wal-Mart de Mexico SAB, Latin America’s largest retailer, added 1.1 percent.
A pickup in revenue may bode well for the Mexican retail industry as it gains momentum heading into Christmas, according to Leon Cabrera, a trader at Vanguardia Casa de Bolsa. Same- store sales jumped 5.8 percent in October, the biggest increase since July, helped by a 9.4 percent increase in sales at existing department stores.
“This sector stands to profit,” Cabrera said in a telephone interview from Mexico City. “The last quarter in this sector is generally very good.”
Mexico’s federal government is backing a program known as Buen Fin to start the holiday season with four days of discounts from Nov. 18 to Nov. 21, a long weekend in the country.
The program will give retailers a boost, said Cabrera, who recommends buying shares of Wal-Mart de Mexico, Chedraui and Controladora Comercial Mexicana SAB.
--Editors: Glenn J. Kalinoski, Marie-France Han
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