April 26, 2016 / 8:50 PM / 3 years ago

Mexico's Walmex first-quarter profit jumps on higher sales

MEXICO CITY (Reuters) - Mexico’s biggest retailer, Wal-Mart de Mexico, reported a 29.9 percent rise in first-quarter net profit on Tuesday, helped by a boost in sales.

Wal-Mart de Mexico posted a net profit of 6.719 billion pesos ($389 million) in the January-March period, up from 5.175 billion pesos in the year-earlier period.

Quarterly net profit beat analysts’ expectations of 5.751 billion pesos, according to a Reuters poll of five analysts.

Revenue for the quarter was 126.4 billion pesos, 13 percent higher than in the year-earlier period.

Walmex said in March that it was concentrating more on improving productivity than expansion this year. The company said it planned to invest 17 percent more in 2016 compared to last year.

Reporting by Joanna Zuckerman Bernstein and Christine Murray; Editing by Tom Brown

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