UPDATE 2-Mexico's Grupo Bimbo Q1 profit slides over 40%, missing estimates

(Adds earnings per share in paragraph 5, estimates in paragraphs 3 and 5)

MEXICO CITY, April 22 (Reuters) - Mexican breadmaker Bimbo's first-quarter net profit fell by about 42% from a year earlier, the company said in a filing on Monday, citing foreign exchange effects and a weaker spending environment in North America.

Net profit for the first three months of the year stood at 2.4 billion pesos ($143 million).

Revenues for the company, which sells buns, cakes, cookies, bagels and tortillas across more than 30 countries, shrunk 6% to reach 93.2 billion pesos, missing the 95.95 billion pesos LSEG estimate.

Net sales excluding foreign exchange impacts were essentially flat, the company added in a separate statement, with its operations in Europe, Asia and Africa showing the biggest sales growth when currency swings are excluded.

Earnings per share hit 0.54 peso, below the 0.73 peso expected by LSEG analysts.

Bimbo's North America margin contracted 160 basis points mainly due to the strong Mexican peso affecting costs of products imported from Mexico, weaker sales volumes and general inflation.

Adjusted core earnings, or earnings before interest, taxes, depreciation, and amortization (EBITDA), fell by nearly 8% to total 11.8 billion pesos.

Excluding the FX effect, adjusted core earnings decreased 3.3% in the quarter, according to a company statement.

The company last week announced it will create a new executive chair role to be filled by Daniel Servitje, the firm's outgoing CEO. Rafael Pamias is set to take over as chief executive. ($1 = 16.5310 Mexican pesos at end-March) (Reporting by Valentine Hilaire, Aida Pelaez Fernandez and Marion Giraldo; Writing by Kylie Madry; Editing by David Alire Garcia and Jonathan Oatis)