UPDATE 2-Mexico's Walmex 2nd qtr net profit soars 24 pct

Mon Jul 19, 2010 5:58pm EDT

* Net jumps, exceeds analysts expectations

* Sales receive boost from Centam operations

* World Cup helps make up for weak consumer sentiment (Adds CEO comments on sales, financial details)

MEXICO CITY, July 19 (Reuters) - Walmex, Mexico's top retailer, said on Monday second-quarter net profit jumped 24 percent as sales received a lift from its recently acquired Central American operations and the World Cup.

Wal-Mart de Mexico, or Walmex (WALMEXV.MX), said it earned 4.65 billion pesos ($360 million) in the April-June period, compared with 3.75 billion pesos a year earlier, above analysts' expectations.

The company's quarterly sales rose to 80.94 billion pesos from 63.89 billion pesos. This was the first full quarter that Walmex included results from its operations in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica.

Additional promotions related to the soccer World Cup, which ran from mid-June to mid-July, helped counter a weak April, said Walmex's chief executive, Scot Rank, during a conference call.

"Categories like electronics had an excellent performance ... we took advantage of the World Cup to increase store traffic and average ticket (per customer)," he said.

However, the early elimination of the Mexican team in the competition cut Walmex short of stronger sales in the period.

Walmex is trying to convince shoppers to buy more nonessential items but consumers are still wary of spending, as Mexico slowly recovers from its worst recession since the 1930s.

Walmex shares gained 0.58 percent to close at 29.73 pesos on Monday, shortly before results were released.

($1 = 12.94 at end June) (Reporting by Cyntia Barrera Diaz, editing by Matthew Lewis)

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