Wal-mart’s Mexican subsidiary Walmex’s third-quarter net profit jumped 18% as its low price promotions helped it weather the economic slump.

The retailer said it earned MXN3.86bn (£177m) in the period, compared with MXN3.26bn (£149m) a year earlier. Total revenue for the quarter rose 12% to MXN64.59bn (£2.96bn), while EBITDA grew 17% to MXN6.39bn (£293m).

Walmex chief executive Eduardo Solórzano said despite the challenging economic environment, Walmex had gained market share from formal and informal competitors alike.