February 15, 2017 / 9:37 PM / 10 months ago

REFILE-UPDATE 1-Mexico's Walmex posts 23 pct rise in 4th-qtr net profit

(Corrects day of the week in first paragraph)

MEXICO CITY, Feb 15 (Reuters) - Mexico’s biggest retailer, Wal-Mart de Mexico, reported a 23 percent increase in fourth-quarter net profit on Wednesday, helped by strong sales.

Wal-Mart de Mexico posted a net profit of 10.4 billion pesos ($504 million) in the period, up from 8.47 billion pesos a year earlier.

The result beat analysts’ expectations of 10.156 billion pesos, according to a Reuters poll of five analysts.

Revenue for the quarter was 157.5 billion pesos, nearly 12 percent higher than in the year-earlier period.

During the quarter, the retailer said it would invest $1.3 billion in logistics in Mexico, where it aims to double sales by 2024.

$1 = 20.64 pesos on Dec. 30 Reporting by Noe Torres and Natalie Schachar

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