Mexico City, Apr. 19 - Soriana, Mexico's No. 2 retailer, said Thursday its first-quarter net profit jumped 30 percent, helped by solid revenue growth as it fends off heavy competition from market leader Walmex.
Soriana said earnings rose to 742 million pesos ($67 million) from 571 million pesos in the same period a year ago.
Revenue rose 10.34 percent to 14.250 billion pesos from the January-March period in 2006.
Same-store sales, which measure revenue at stores open at least 12 months, rose 1.2 percent in real terms during the quarter.
Soriana, headquartered in the northern industrial city of Monterrey, ended March with 238 stores.
The company faces tough competition from Wal-Mart de Mexico (Walmex) a unit of global leader Wal-Mart Stores Inc. which has used rapid expansion and low prices to dominate the Mexican market.
Walmex is expected to hit 1,000 stores this year while Soriana aims to reach 400 stores by 2010 and has not ruled out acquisitions in the near future to help it reach this goal.
Soriana has performed well in recent quarters -- in the October-December period net profit jumped 40 percent -- and is slowly extending into markets, such as the State of Mexico, where Walmex has strongholds.
Soriana shares, which were about flat before the results were released, rose 1.57 percent to 32.91 pesos in afternoon trading.