Wal-Mart's options could offer hefty gain-Barron's

* Wal-Mart's shares have underperformed in 2009

* Investor bets economic recovery will help Wal-Mart

NEW YORK, July 5 (Reuters) - Wal-Mart Stores Inc (WMT.N), whose shares have lagged this year in the retail industry, could bring hefty gains for options traders betting on back-to-school sales and the beginning of the holiday season, Barron's said on Sunday.

The shares of the world's largest retailer have fallen 14 percent this year, while the consumer staples select index (XLP) has gone down 2 percent, Jon Najarian, co-founder of optionMonster and tradeMonster, said in a column in Barron's.

Najarian said he liked the chances of buying Wal-Mart September calls at $47.50, and sell a similar amount of September $52.50 calls, for a net of $1.90.

Najarian said that if Wal-Mart traded at $52.50 or higher when the September options expired, the $5 spread will offer a 163 percent gain, betting that Wal-Mart will show the recovery of the markets in the third quarter.

Wal-Mart has grabbed market share during the economic downturn as frugal shoppers seek low prices. Its shares rose 18 percent last year as investors sought a safe haven from the financial crisis.

But the shares have underperformed this year as investors look for better returns with more discretionary retailers that might benefit when good times return.

Wal-Mart is adamant that it can retain its new shoppers once good times return. The company is renovating its U.S. stores, decluttering shelves, widening aisles and adding skylights to appeal to higher-income shoppers.

Wal-Mart shares ended at $47.79 on Thursday on the New York Stock Exchange. (Reporting by Juan Lagorio; Editing by Maureen Bavdek)