FEMSA Announces Third Quarter 2023 Results
October 27 2023 - 9:29AM
FEMSA Announces Third Quarter 2023 Results
Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX;
BMV: FEMSAUBD, FEMSAUB) announced today its operational and
financial results for the third quarter of 2023.
- FEMSA:
Total Consolidated Revenues grew
19.3% against 3Q22.
- FEMSA
Retail1:
Proximity Americas total Revenues
increased 20.8% against 3Q22.
- DIGITAL:
Spin by OXXO had 6.4 million active
users2 while Spin Premia had 17.7
million active loyalty users2 and an
average tender3 of 28.3%.
- COCA-COLA FEMSA:
Total volume and revenues grew 11.6% and 10.1%,
respectively, against 3Q22.
Financial Summary for the Third Quarter and First Nine
Months 2023Change vs. comparable period |
|
|
|
|
|
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Total Revenues |
Gross Profit |
Income from Operations |
Same-Store Sales |
|
3Q23 |
YTD23 |
3Q23 |
YTD23 |
3Q23 |
YTD23 |
3Q23 |
YTD23 |
FEMSA Consolidated |
19.3% |
19.4% |
22.1% |
21.3% |
12.6% |
8.8% |
|
|
Proximity
Americas |
20.8% |
20.8% |
23.9% |
21.1% |
14.7% |
17.2% |
15.1% |
16.1% |
Health |
0.2% |
0.1% |
(0.6%) |
3.6% |
(10.4%) |
(5.7%) |
(3.6%) |
(3.5%) |
Fuel |
14.2% |
14.3% |
10.2% |
12.4% |
3.3% |
10.1% |
8.1% |
8.8% |
Coca-Cola FEMSA |
10.1% |
9.2% |
13.6% |
10.9% |
15.3% |
13.0% |
|
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José Antonio Fernandez Carbajal, FEMSA’s Chief
Executive Officer, commented:
“The third quarter
was very favorable for our business, with strong momentum across
most of our operations. However, our positive results were tempered
by the unfortunate passing of FEMSA’s former CEO, Daniel Rodriguez
Cofré, in the month of August. We honor his legacy by continuing to
execute on the strategy that he helped design and put in place.
Our quarterly results
show a continuation, and in some cases an acceleration, of the
positive trends that we have seen during the past several quarters,
and again offer a glimpse of the significant organic growth
potential we have before us. Notably, Proximity Americas increased
revenues by more than 20 percent, driven by strong traffic trends
at OXXO and reflecting an accelerated store expansion. In Europe,
Valora continued to grow its top line, while Health revenues were
again stable, reflecting a challenging comparison base in Chile as
well as significant currency headwinds. For its part, Coca-Cola
FEMSA delivered very strong results across its income statement,
while Digital@FEMSA continued to add users at a rapid pace.
Importantly, we are achieving solid growth today, while also
investing significant capital in the future of our core business
verticals, across markets but particularly in Mexico.
On the strategic
front, during the third quarter we continued to make progress
executing the FEMSA Forward gameplan, announcing the creation of a
new distribution platform in the United States by bringing together
Envoy Solutions and BradyIFS. The regulatory process has advanced
according to schedule, and we expect this transaction to close
soon.
As we approach the
final stretch, we are well positioned to close the year on a high
note, and already begin to look forward to an interesting and
dynamic 2024.”
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 Third Quarter 2023 Conference Call will be held on: Friday,
October 27, 2023, 11:00 AM Eastern Time (9:00 AM Mexico City Time).
The conference call will be webcast live through streaming
audio. |
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Telephone: |
Toll
Free US: (866) 580 3963 |
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International: +1 (786) 697 3501 |
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Webcast: |
https://edge.media-server.com/mmc/p/6zh9pt2t/ |
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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 FEMSAFEMSA 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 a Proximity Division operating OXXO, a
small-format store chain, and other related retail formats, and
Proximity Europe which includes Valora, our European retail unit
which operates convenience and foodvenience formats. In the retail
industry it also participates though a FEMSA Health, which includes
drugstores and related activities and Digital@FEMSA, which includes
Spin by OXXO and Spin Premia, among other digital financial
services initiatives. In the beverage industry, it participates
through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola
products in the world by volume. 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 Mexico MXN sales
with OXXO Premia or Spin Premia redemption or accrual divided by
Total OXXO Mexico MXN Sales, during the period.
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