Latin America’s largest retailer, Wal-Mart de Mexico SA, has announced a 34% rise in third quarter profit, helped by sales at stores the company opened this year in lower-cost rural areas, according to the Bloomberg news agency.

Walmex, controlled by US giant Wal-Mart, had net income of 2bn pesos (US$186m), compared with an inflation-adjusted 1.5bn pesos a share, a year ago, the company said. Revenue rose 15 percent to 38.8 bn pesos.

CEO Eduardo Solorzano sped up expansion of the smaller, rural stores after he took over the company in February and began cutting costs and boosting margins.