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Earnings

Wal-Mart de Mexico net profit surges 70 percent in third quarter

A person walks outside a Wal-Mart store in Mexico City January 11, 2013. REUTERS/Edgard Garrido

MEXICO CITY (Reuters) - Mexico's Wal-Mart de Mexico WALMEX.MX, the country's biggest retailer, posted a 69.7 percent rise in third-quarter net profit on Tuesday, helped by stronger sales and its divestment of a clothing chain.

The company reported net profit of 10.050 billion pesos ($519 million) in the July-September period, up from 5.921 billion pesos in the same period a year prior.

Third-quarter revenue at Walmex was 126.863 billion pesos, 10.8 percent higher than the year-earlier period.

Quarterly net profit was above expectations of 6.517 billion pesos predicted in a Reuters poll of seven analysts.

During the quarter, the retailer reached an agreement to sell its Suburbia clothing chain to El Puerto De Liverpool LIVEPOLC1.MX for about $852 million.

Reporting by Natalie Schachar amd Gabriela Lopez; Edited by Joanna Zuckerman Bernstein, Bernard Orr

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