Retailer Wal-Mart de Mexico SAB (WMMVY, WALMEX.MX) probably increased sales and profit in the third quarter as it lured more people into its stores and stepped up the pace of its 2009 expansion plan.

Walmex, as the unit of Arkansas-based Wal-Mart Stores Inc. (WMT) is also called, is expected to report sales of 64.52 billion pesos ($4.77 billion) for the quarter, according to the median estimate of seven retail analysts polled by Dow Jones Newswires.

That would be an 11% rise from the July-September period of 2008. Earnings before interest, taxes, depreciation and amortization, or Ebitda, probably rose 13% to MXN6.27 billion, with net profit up 12% to MXN3.73 billion, according to the survey.

Walmex's sales grew 11% in the first half of the year, or about 5% after discounting inflation, while Mexico's gross domestic product fell 9.2%.

Same-store sales, which exclude new stores from the comparison, were up a nominal 3.1% through August.

"We are positively surprised by the company's ability to increase its same-store sales in the current economic environment," Santander said in a report.

Also supporting third-quarter expectations, Walmex accelerated its 2009 expansion program in September with 37 store openings during the month. Of the total 270 openings slated for this year, 177 will be in the September-December period. Walmex runs supermarkets, Sam's Club membership stores, clothing stores and restaurants.

Despite the positive expectations, Santander maintained its hold rating for Walmex shares, saying it considers valuations to be "a bit rich."

Walmex V shares trading on the Mexican stock market closed up 1.2% Wednesday at MXN47.77, close to their 12-month high of MXN50 and well above their 12-month low of MXN26.10.

UBS said Wednesday it's keeping its sell rating on Walmex despite positive expectations "because we believe it is still too early to call a turn in the cycle," and "because we see improving results as priced into the shares."

Walmex plans to release its third-quarter earnings report on Thursday after the stock market closes.