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