FEMSA Announces First Quarter 2024 Results
Source: GlobeNewswireMONTERREY, 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.
