FEMSA Announces First Quarter 2023 Results
April 28 2023 - 8:04AM
FEMSA Announces First 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 first quarter of 2023.
- FEMSA:
Total Consolidated Revenues grew
21.9% against 1Q22.
- FEMSA
Retail1:
Proximity Americas total Revenues
increased 21.9% against 1Q22.
- DIGITAL:
Spin by OXXO had 4.2 million active
users2 while Spin Premia had 12.7
million active loyalty users3 and an
average tender3 of 20.5%.
- COCA-COLA FEMSA:
Total volume grew 6.6% against 1Q22, driven by
growth across all its geographies.
Financial Summary for the First Quarter 2023 |
Change vs. comparable period |
|
|
Revenues |
Gross Profit |
Income from Operations |
Same-Store Sales |
|
1Q23 |
1Q23 |
1Q23 |
1Q23 |
FEMSA Consolidated |
21.9% |
23.0% |
5.5% |
|
Proximity
Americas |
21.9% |
19.8% |
19.7% |
18.3% |
Health |
(0.4%) |
4.9% |
(6.1%) |
(5.5%) |
Fuel |
20.6% |
21.9% |
38.7% |
17.4% |
Coca-Cola FEMSA |
12.0% |
12.6% |
12.9% |
|
Envoy Solutions |
23.7% |
23.2% |
(10.0%) |
|
Daniel Rodríguez Cofré, FEMSA’s Chief Executive
Officer, commented:
“During the first
quarter, we were able to carry the momentum created by our FEMSA
Forward announcement and follow up with a very compelling set of
results, particularly driven by strong organic top-line growth at
most of our operations. Within Retail, Proximity Americas increased
revenues by almost 22 percent, driven by excellent same-store sales
trends at OXXO reflecting strong traffic significantly
outperforming the market. This strong double-digit revenue growth
performance extended across formats and across markets, including
Proximity Europe. Health revenues were stable, reflecting a
challenging comparison base in Chile as well as currency headwinds.
Of note, Fuel had another robust quarter of double-digit revenue
growth. For its part, Coca-Cola FEMSA again had remarkable
increases across its income statement, while Envoy Solutions
delivered strong revenue growth driven by recent acquisitions. On
the Digital side, we continued to add users at a rapid pace, with
active users growing well above 200 percent year-over-year.
Importantly, we just launched the transition of OXXO Premia into
Spin Premia, our coalition loyalty program, as we make progress
toward our ambition of an integrated ecosystem under the Spin brand
umbrella.
On the balance sheet
front, our leverage ratio is now within our stated target levels,
putting us in a good position to allocate incremental capital
according to the priorities stated in FEMSA Forward. We will keep
you posted of any new developments.
I want to extend my
heartfelt thanks to our hardworking team who contributed to these
strong results. I am excited about the future of our Company, and
we are certainly starting this year on a very positive
note.”
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 |
CONFERENCE CALL INFORMATION |
Our First Quarter
2023 Conference Call will be held on: Friday, April 28, 2023, 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: (866) 580
3963International: +1 (786) 697 3501 |
|
|
Webcast: |
https://edge.media-server.com/mmc/p/r9wkia49 |
|
|
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 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 though 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; and in the beer
industry, as a 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
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: MXN sales with Spin Premia redemption or accrual / Total
OXXO MXN Sales, during the period.
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