FEMSA Announces First Quarter 2024 Results
MONTERREY, 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:
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“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.