Mexican retail giant Wal-Mart de Mexico (Walmex) has reported a solid rise in quarterly net profit, helped by higher revenues and improved operating efficiencies.

Walmex, which is majority owned by US retail giant Wal-Mart, posted first-quarter net profit of 1.31bn pesos (US$117.1m), a 33% rise from 983m pesos in the year-ago period. Analysts polled by Reuters had been expecting, on average, a 26% rise in first-quarter net profit to 1.192bn pesos.

The company said revenues rose to 30.78bn pesos in the first quarter of 2004 from 27.89bn in the first quarter of 2003.

Sales have been boosted by Walmex’s aggressive expansion and price cuts, as well as its “everyday low prices” campaign, reported Reuters.