FEMSA Announces First Quarter 2024 Results
26 April 2024 - 11:11PM
UK Regulatory
FEMSA Announces First Quarter 2024 Results
MONTERREY, Mexico, April 26, 2024 (GLOBE
NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”)
(NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational
and financial results for the first quarter of 2024.
- FEMSA:
Total Consolidated Revenues grew
11.3% compared to 1Q23.
- FEMSA
Retail1:
Proximity Americas total Revenues
increased 15.1% versus 1Q23.
- DIGITAL:
Spin by OXXO had 7.4 million active
users2 while Spin
Premia had 21.7 million active loyalty
users3 and an average
tender3 of 35.1%.
- COCA-COLA FEMSA:
Total volume and revenues grew 7.3% and 11.2%,
respectively against 1Q23.
|
Financial Summary for the First Quarter 2024 |
Change vs. comparable period |
|
|
Total Revenues |
Gross Profit |
Income from
Operations |
Same-Store Sales |
|
1Q24 |
1Q24 |
1Q24 |
1Q24 |
FEMSA Consolidated |
11.3% |
10.9% |
14.4% |
|
Proximity Americas |
15.1% |
19.9% |
11.5% |
9.7% |
Proximity Europe |
8.2% |
11.0% |
175.0% |
N.A. |
Health |
(2.3)% |
(8.6%) |
(40.0%) |
(0.1%) |
Fuel |
13.9% |
6.4% |
1.4% |
6.9% |
Coca-Cola FEMSA |
11.2% |
11.7% |
11.6% |
|
José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer,
commented:
“Our first quarter
results showed we are carrying the positive momentum from last
year, into 2024. The majority of our operations, including the two
that contribute most to our results, delivered excellent numbers
across the board. Proximity achieved double-digit growth in
top-line and operating income, driven by strong and balanced
same-store sales growth, healthy new-store expansion, and good
expense control. For its part, Coca-Cola FEMSA delivered a potent
set of numbers across its own income statement, driven by strong
volume and revenue growth in its major markets.
Digital@FEMSA
continued to add users and advance towards its ecosystem
objectives, and we also saw good progress at Valora and OXXO Gas.
The one operation that is facing strong headwinds is Health, where
we continue to navigate a tough competitive environment in Mexico,
and a rapidly evolving institutional environment in Colombia. Our
team is well advanced in adjusting the strategy to overcome those
challenges, and we are confident the trends will improve and
eventually converge with the positive dynamics we see elsewhere in
our Company.
On the capital
allocation front, during the quarter our shareholders approved
several measures linked to our capital allocation framework, such
as raising our ordinary dividend, approving a special dividend for
this year, and doubling our buyback capacity. We made progress on
the execution of this capital return strategy, and we began to move
toward our stated leverage objective.
In short, we hit the
ground running in 2024 and we are hard at work advancing on every
element of our strategy, as we continue to pursue and capture the
significant opportunities before us. I am grateful to the entire
FEMSA team for their extraordinary dedication.”
To obtain the full text of this earnings release, please visit our
Investor Relations website at
https://femsa.gcs-web.com/ under the Financial Reports section |
CONFERENCE CALL
INFORMATION
|
|
Our First Quarter 2024 Conference Call will be held on: Friday,
April 26, 2024, 11:00 AM Eastern Time (9:00 AM Mexico City Time).
The conference call will be webcast live through streaming
audio.
|
Telephone:
|
Toll Free US:
International:
|
(866) 580 3963
+1 (786) 697 3501
|
Webcast:
|
https://edge.media-server.com/mmc/p/k3krqeec/ |
Conference ID: |
FEMSA
|
If you are unable to participate live, the conference call audio
will be available on
https://femsa.gcs-web.com/financial-reports/quarterly-results |
ABOUT FEMSA
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. Across its
business units, FEMSA has more than 350,000 employees in 18
countries. FEMSA is a member of the Dow Jones Sustainability MILA
Pacific Alliance, the FTSE4Good Emerging Index and the Mexican
Stock Exchange Sustainability Index: S&P/BMV Total México ESG,
among other indexes that evaluate its sustainability
performance.
1 FEMSA Retail: Proximity Americas & Europe, Fuel
and FEMSA Health.
2 Active User for Spin by OXXO: Any user with a balance
or that has transacted within the last 56 days.
Active User for Spin Premia: User that has transacted
at least once with OXXO Premia within the last 90 days.
3 Tender: OXXO MXN sales with Spin Premia redemption or
accrual / Total OXXO MXN Sales, during the period.
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