FEMSA Announces Second Quarter 2024 Results
July 24 2024 - 9:42AM
UK Regulatory
FEMSA Announces Second Quarter 2024 Results
MONTERREY, Mexico, July 24, 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 second quarter of 2024.
- FEMSA:
Total Consolidated Revenues grew
12.2% compared to 2Q23.
- FEMSA
Retail1:
Proximity Americas total Revenues
increased 8.9% versus 2Q23.
- DIGITAL:
Spin by OXXO had 7.9 million active
users2 representing a
37.0% growth compared to 2Q23 while Spin
Premia had 22.8 million active loyalty
users2 representing a
44.3% growth compared to 2Q23 and an average
tender3 of 36.1%.
- COCA-COLA FEMSA:
Total volume and revenues grew 7.5% and 13.1%,
respectively against 2Q23.
Financial Summary for the Second Quarter 2024
Change vs. comparable period |
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Total Revenues |
Gross Profit |
Income from Operations |
Same-Store Sales |
|
2Q24 |
YTD24 |
2Q24 |
YTD24 |
2Q24 |
YTD24 |
2Q24 |
YTD24 |
FEMSA Consolidated |
12.2% |
11.6% |
19.1% |
14.9% |
15.8% |
14.9% |
|
|
Proximity
Americas |
8.9% |
11.8% |
17.2% |
18.4% |
7.6% |
9.1% |
4.1% |
6.6% |
Proximity
Europe |
5.8% |
7.0% |
8.8% |
9.9% |
41.0% |
82.3% |
N.A. |
N.A. |
Health |
(0.4%) |
(1.3%) |
(0.2%) |
(4.4%) |
(14.8%) |
(28.0%) |
(1.1%) |
(0.3%) |
Fuel |
16.2% |
14.7% |
12.5% |
7.8% |
24.1% |
13.1% |
15.9% |
14.6% |
Coca-Cola FEMSA |
13.1% |
12.7% |
17.2% |
15.0% |
13.8% |
13.0% |
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José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer,
commented:
During the second
quarter, we continued to see good momentum and strong performance
from our core business units. Once again, most of our operations,
including the two that contribute most to our results, delivered
solid numbers. Proximity Americas saw a deceleration in the pace of
same-store sales growth in Mexico against a tough comparison base,
due in part to a shift in the timing of Holy Week celebrations,
volatile weather, and the restriction of alcohol sales ahead of the
national election, but offset by stellar gross margin and solid
store expansion. Despite a challenging expense environment,
Proximity Americas generated solid growth in operating income. For
its part, Coca-Cola FEMSA delivered a remarkable set of numbers
showing double-digit increases across its own income statement,
driven once again by strong volume and revenue growth in its major
markets.
We continued to see
good results at Valora and OXXO Gas, with both businesses
delivering double-digit growth in operating income. However, at our
Health division we again faced competitive headwinds in Mexico
offset by a stable performance in Chile and continued solid results
in Colombia retail, and we are laser-focused with our plans to
change the trajectory in Mexico to bring it in line with the
positive dynamics we see elsewhere at FEMSA. Finally, at Digital,
we continued to add users and advance towards our ecosystem
objectives.
During the quarter,
we also made strides on the execution of our capital allocation
framework, actively utilizing both the dividend and share buyback
levers to return capital to shareholders. And in early July, we
received the remaining payments for the divestiture of our stake in
Jetro Restaurant Depot, and we signed agreements to divest our
refrigeration and foodservice equipment operations, as we continue
to act on our stated objectives.
I want to thank our
entire team for yet another quarter of excellent effort and
results. We are maintaining the push into the second half of the
year, confident that we can further maintain our positive
momentum.
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
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CONFERENCE CALL
INFORMATION
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Our Second Quarter 2024 Conference Call will be held on: Wednesday,
July 24, 2024, 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:
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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/u8qgeyf5/ |
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Conference ID: |
FEMSA |
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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. It participates
in the retail industry through a Proximity Americas 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 through a
Health Division, 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 392,000 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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