FEMSA Announces Third Quarter 2021 Results
29 October 2021 - 8:45AM
FEMSA Announces Third Quarter 2021 Results
Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX;
BMV: FEMSAUBD) announced today its operational and financial
results for the third quarter of 2021.
HIGHLIGHTS
- Our results in
3Q20 were significantly impacted by the COVID-19 pandemic and the
related changes in consumer mobility and behavior across markets.
As we look at our 3Q21 results, the comparison base of 3Q20 is only
a partial benchmark. Therefore, to facilitate the reader’s
assessment of our business units’ performance in 3Q21, we provide
the following table that includes variations versus 3Q19 as
well.
FINANCIAL SUMMARY FOR THE THIRD QUARTER 2021 |
Information includes figures in millions of Ps. and variations as
change vs. respective period |
|
|
|
Revenues |
|
Gross Profit |
|
Incomefrom Operations |
|
Same-Store Sales |
|
|
|
3Q21 |
% var vs. 3Q20 |
% var vs. 3Q19 |
|
3Q21 |
% var vs. 3Q20 |
% var vs. 3Q19 |
|
3Q21 |
% var vs. 3Q20 |
% var vs. 3Q19 |
|
% var vs. 3Q20 |
% var vs. 3Q19 |
FEMSA CONSOLIDATED |
|
142,443 |
12.6% |
9.2% |
|
53,094 |
9.4% |
8.6% |
|
12,976 |
14.3% |
2.7% |
|
|
|
FEMSA
COMERCIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proximity Division |
|
50,808 |
11.7% |
4.9% |
|
21,009 |
17.0% |
8.4% |
|
4,642 |
87.6% |
5.2% |
|
9.7% |
(3.5%) |
Health Division |
|
18,319 |
8.2% |
15.1% |
|
5,495 |
6.7% |
17.5% |
|
967 |
4.8% |
49.5% |
|
4.2% |
6.4% |
Fuel Division (1) |
|
10,349 |
20.5% |
(16.2%) |
|
1,330 |
12.4% |
(10.5%) |
|
417 |
35.4% |
(26.1%) |
|
16.7% |
(19.2%) |
LOGISTICS & DISTRIBUTION |
|
11,734 |
N/A |
N/A |
|
2,561 |
N/A |
N/A |
|
602 |
N/A |
N/A |
|
|
|
COCA-COLA FEMSA |
|
48,316 |
3.4% |
(0.8%) |
|
21,817 |
2.1% |
0.7% |
|
6,476 |
(9.0%) |
(7.7%) |
|
|
|
(1) variations vs.
comparable results |
|
|
|
|
|
|
|
|
|
|
|
Eduardo Padilla, FEMSA’s CEO, commented:
“During the third quarter, data and sentiment
towards the health emergency were still uneven across our markets
and some operating restrictions remained in place but began to ease
in September. At OXXO, same-store sales were stable sequentially,
but profitability showed compelling gains reflecting higher
efficiency. Our Health Division continued to benefit from dynamic
trading conditions in Chile, as well as solid execution across the
platform, while our Fuel Division saw better vehicle mobility
trends in Mexico, even if we remained below pre-pandemic levels.
For its part, our Logistics and Distribution business reflected
improving conditions in Latin America, coupled with an environment
in the United States that is steadily improving but a bit more
slowly than expected, particularly for certain end-user segments.
Finally, Coca-Cola FEMSA delivered solid volume performance in most
markets, particularly in South America, and was able to mitigate
pressures from supply chain disruption and higher raw material
costs. All in all, it seems we are finally turning the corner and
can look forward to a more normal 2022.
Beyond the short-term, however, our company
today is in a much better position than it was last year, and I
would dare say, than ever before. Every one of our business units
is in solid shape, with considerable avenues for growth, and we
have the balance sheet flexibility to pursue our opportunities and
execute on our optionality. I am excited and very optimistic about
the future of FEMSA, and as I approach my retirement, I am
especially thankful to our more than 320,000 colleagues that put in
their best effort day after day, and year after year. It has been
the honor of my lifetime to work with, and for, you all.”
To obtain the full text of this earnings release, please visit our
Investor Relations website athttps://femsa.gcs-web.com/ under the
Financial Reports section |
FORWARD-LOOKING STATEMENTSThis
report may contain certain forward-looking statements concerning
our future performance that should be considered as good faith
estimates made by us. These forward-looking statements reflect
management’s expectations and are based upon currently available
data. Actual results are subject to future events and
uncertainties, which could materially impact our actual
performance.
FEMSA is a company that creates economic and
social value through companies and institutions and strives to be
the best employer and neighbor to the communities in which it
operates. It participates in the retail industry through FEMSA
Comercio, comprising a Proximity Division operating OXXO, a
small-format store chain, a Health Division, which includes
drugstores and related activities, and a Fuel Division, which
operates the OXXO Gas chain of retail service stations. In the
beverage industry, it participates through Coca-Cola FEMSA, the
largest franchise bottler of Coca-Cola products in the world by
volume; and in the beer industry, as the second largest shareholder
of Heineken, one of the world’s leading brewers with operations in
over 70 countries. FEMSA also participates in the logistics and
distribution industry through its Strategic Business Unit, which
additionally provides point-of-sale refrigeration and plastic
solutions to its business units and third-party clients. Across its
business units, FEMSA has more than 320,000 employees in 13
countries. FEMSA is a member of the Dow Jones Sustainability MILA
Pacific Alliance, the FTSE4Good Emerging Index and the Mexican
Stock Exchange Sustainability Index, among other indexes that
evaluate its sustainability performance.
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