RPT-PREVIEW-Walmex Q1 profit seen up 21 pct

* WHAT: Wal-Mart de Mexico Q1 results

* WHEN: Friday, April 15

* REUTERS FORECAST: Net profit rise of 21 pct

By Gabriela Lopez

MONTERREY, Mexico, April 12 (Reuters) - Wal-Mart de Mexico,
the country's top retailer, is expected to post a 21 percent
jump in its first-quarter profit, helped by the addition of
stores in Central America and even as consolidation costs weigh
on its profit margins.

A Reuters survey of five analysts showed that the company,
due to report results on Friday, may have earned a profit of
4.96 billion pesos ($417 million), up from 4.11 billion pesos
in the same period a year earlier.

The retailer, known as Walmex (WALMEXV.MX), finalized its
purchase of more than 500 stores from Walmart Centroamerica in
March 2010.

According to the survey, Walmex's total sales may be up
19.6 percent, which will boost earnings before interest, taxes,
depreciation and amortization (EBITDA) by 20 percent on the
year-earlier quarter.

But the company's profit margins may be only slightly
higher, as the cost of integrating the new stores offsets
better sales.

"The results will be modest, with little operating leverage
thanks to the increase in revenues and more investment in
Central America," according to a report from BBVA's brokerage
unit.

Walmex, a unit of U.S. Wal-Mart Stores Inc (WMT.N), is
immersed in a price war with rivals in Mexico in an effort to
win more customers as consumer spending is recovering at a slow
pace after the recession.

Following is a table with the expected results, all prices
in pesos:
==============================================================

JAN-MAR JAN-MAR PERCENTAGE*

2011 2010 CHANGE
--------------------------------------------------------------
Sales 86.53 bln 72.33 bln +19.6 pct
EBITDA* 8.54 bln 7.10 bln +20.2 pct
Operating profit 6.86 bln 5.73 bln +19.7 pct
Net profit 4.96 bln 4.11 bln +20.6 pct
==============================================================

* Earnings before interest, tax, depreciation and
amortization

($1 = 11.8903 as of end-March)
(Reporting by Gabriela Lopez; Editing by Gary Hill)