FEMSA Announces Fourth Quarter and Full Year 2023 Results

MONTERREY, Mexico, Feb. 23, 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 fourth quarter and full year of 2023.

• FEMSA: Total Consolidated Revenues grew 4.6% against 4Q22.
• FEMSA Retail¹: Proximity Americas total Revenues increased 14.2% against 4Q22.
• DIGITAL: Spin by OXXO had 6.9 million active users² while Spin Premia had 19.3 million active loyalty users² and an average tender³ of 31.0%.
• COCA-COLA FEMSA: Total volume and revenues grew 6.1% and 8.1%, respectively, against 4Q22.

Financial Summary for the Fourth Quarter and Full Year 2023
Change vs. comparable period

	Total Revenues		Gross Profit		Income from Operations		Same-Store Sales
	4Q23	YTD23	4Q23	YTD23	4Q23	YTD23	4Q23	YTD23
FEMSA Consolidated	4.6%	17.7%	8.5%	15.7%	(1.4%)	(6.4%)
Proximity Americas	14.2%	19.0%	17.2%	20.0%	1.0%	11.7%	8.5%	14.2%
Health	2.6%	0.7%	(1.2%)	2.3%	(43.5%)	(15.5%)	5.1%	6.1%
Fuel	9.0%	12.9%	10.8%	12.0%	13.5%	11.0%	4.8%	7.8%
Coca-Cola FEMSA	8.1%	8.1%	12.8%	10.5%	7.4%	10.8%

José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:

“Our results for the fourth quarter were strong, but less uniform across business units than what we saw earlier in the year. Revenues were robust, even as we cycled tough comparison bases at certain business units. However, on the expense side we felt more directly the cumulative effect from increased labor costs in Mexico, as well as some business- and country-specific situations that impacted our profitability.