Mexico's Walmex posts 11 pct jump in Q4 net profit

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MEXICO CITY, Feb 13 (Reuters) - Mexico's largest retailer Wal Mart de Mexico reported an 11 percent rise in fourth-quarter net profit on Wednesday, far outdoing analyst estimates.

The company known as Walmex saw operating income climb 13 percent over the year-earlier period, also outstripping expectations, while revenue of 177.4 billion pesos ($9 billion) rose 5.5 percent. Net profit was 11.8 billion pesos.

The retailer particularly benefited from shopping in November, when Walmex offered promotions in Mexico during the "Buen Fin" discount season, similar to Black Friday, amid levels of high consumer confidence.

Same-store sales in Mexico jumped 5.9 percent that month.

But sales climbed just 4.7 percent in December, below analyst expectations. The November surge and December slow-down were partially due to the uncertainty of a new government taking office on Dec. 1, several analysts said.

Walmex also contended with tougher than usual competition, as retailers vied to offer attractive discounts during the holiday season.

Walmex opened 134 stores during 2018, its biggest growth in terms of number of stores in five years, it said. That brought its total across Mexico and Central America to 3,249 stores, far larger than the footprints of competitors and helping it offer low prices.

"We're on the right path to reach our goal of doubling sales by 2024," Walmex said in a statement.

However, the retailer's size became an obstacle when Costa Rica blocked its bid to purchase a supermarket chain, citing competition concerns.

($1 = 19.6650 pesos at end-December) (Reporting by Daina Beth Solomon Editing by Anthony Esposito and Tom Brown)