FEMSA Announces Second Quarter 2024 Results
FEMSA announced its Q2 2024 results, showing strong performance across core business units. Total Consolidated Revenues grew 12.2% compared to Q2 2023. Proximity Americas saw an 8.9% increase in total Revenues, while Coca-Cola FEMSA reported 13.1% revenue growth. Digital services showed significant user growth, with Spin by OXXO increasing active users by 37.0% to 7.9 million.
Key financial highlights include:
- FEMSA Consolidated: 19.1% increase in Gross Profit, 15.8% growth in Income from Operations
- Proximity Americas: 17.2% increase in Gross Profit, 7.6% growth in Income from Operations
- Coca-Cola FEMSA: 17.2% increase in Gross Profit, 13.8% growth in Income from Operations
The company continued to execute its capital allocation framework, returning capital to shareholders through dividends and share buybacks. FEMSA also progressed with its divestiture plans, including the sale of its stake in Jetro Restaurant Depot.
FEMSA ha annunciato i risultati del secondo trimestre del 2024, mostrando una forte performance in tutte le unità aziendali principali. I ricavi consolidati totali sono cresciuti del 12,2% rispetto al secondo trimestre del 2023. Proximity Americas ha registrato un aumento dell'8,9% nei ricavi totali, mentre Coca-Cola FEMSA ha riportato una crescita dei ricavi del 13,1%. I servizi digitali hanno mostrato una crescita significativa degli utenti, con Spin by OXXO che ha aumentato gli utenti attivi del 37,0% raggiungendo 7,9 milioni.
Le principali highlights finanziarie includono:
- FEMSA Consolidato: aumento del 19,1% nel Profitto Lordo, crescita del 15,8% nei Ricavi Operativi
- Proximity Americas: aumento del 17,2% nel Profitto Lordo, crescita del 7,6% nei Ricavi Operativi
- Coca-Cola FEMSA: aumento del 17,2% nel Profitto Lordo, crescita del 13,8% nei Ricavi Operativi
L'azienda ha continuato a eseguire il suo quadro di allocazione del capitale, restituendo capitale agli azionisti attraverso dividendi e riacquisti di azioni. FEMSA ha anche fatto progressi nei suoi piani di dismissione, inclusa la vendita della sua partecipazione in Jetro Restaurant Depot.
FEMSA anunció sus resultados del segundo trimestre de 2024, mostrando un sólido desempeño en todas las unidades comerciales clave. Los ingresos consolidados totales crecieron un 12.2% en comparación con el segundo trimestre de 2023. Proximity Americas vio un aumento del 8.9% en los ingresos totales, mientras que Coca-Cola FEMSA reportó un crecimiento del 13.1% en los ingresos. Los servicios digitales mostraron un crecimiento significativo de usuarios, con Spin by OXXO aumentando los usuarios activos en un 37.0% hasta 7.9 millones.
Los aspectos financieros clave incluyen:
- FEMSA Consolidado: aumento del 19.1% en el Beneficio Bruto, crecimiento del 15.8% en los Ingresos de Operaciones
- Proximity Americas: aumento del 17.2% en el Beneficio Bruto, crecimiento del 7.6% en los Ingresos de Operaciones
- Coca-Cola FEMSA: aumento del 17.2% en el Beneficio Bruto, crecimiento del 13.8% en los Ingresos de Operaciones
La empresa continuó ejecutando su marco de asignación de capital, devolviendo capital a los accionistas a través de dividendos y recompra de acciones. FEMSA también avanzó en sus planes de desinversión, incluyendo la venta de su participación en Jetro Restaurant Depot.
FEMSA는 2024년 2분기 결과를 발표하며 주요 사업 부문에서 강력한 성과를 보여주었습니다. 총 consolidated 수익이 12.2% 증가했습니다 2023년 2분기와 비교할 때. Proximity Americas는 총 수익이 8.9% 증가했으며, Coca-Cola FEMSA는 13.1%의 수익 성장을 보고했습니다. 디지털 서비스는 사용자 수가 크게 증가했으며, Spin by OXXO는 활성 사용자를 37.0% 증가시켜 790만 명에 도달했습니다.
주요 재무 하이라이트는 다음과 같습니다:
- FEMSA Consolidated: 총 이익 19.1% 증가, 운영 수익 15.8% 증가
- Proximity Americas: 총 이익 17.2% 증가, 운영 수익 7.6% 증가
- Coca-Cola FEMSA: 총 이익 17.2% 증가, 운영 수익 13.8% 증가
회사는 자본 할당 프레임워크를 지속적으로 실행하여 배당금 및 자사주 매입을 통해 주주에게 자본을 반환했습니다. FEMSA는 또한 Jetro Restaurant Depot에 대한 지분 매각을 포함한 매각 계획을 진행했습니다.
FEMSA a annoncé ses résultats du deuxième trimestre 2024, montrant une forte performance dans toutes les unités commerciales clés. Les revenus consolidés totaux ont augmenté de 12,2% par rapport au deuxième trimestre 2023. Proximity Americas a enregistré une augmentation de 8,9 % des revenus totaux, tandis que Coca-Cola FEMSA a rapporté une croissance des revenus de 13,1 %. Les services numériques ont montré une forte croissance des utilisateurs, avec Spin by OXXO augmentant les utilisateurs actifs de 37,0 % pour atteindre 7,9 millions.
Les points financiers clés comprennent :
- FEMSA consolidé : augmentation de 19,1 % du bénéfice brut, croissance de 15,8 % du revenu d'exploitation
- Proximity Americas : augmentation de 17,2 % du bénéfice brut, croissance de 7,6 % du revenu d'exploitation
- Coca-Cola FEMSA : augmentation de 17,2 % du bénéfice brut, croissance de 13,8 % du revenu d'exploitation
L'entreprise a poursuivi l'exécution de son cadre d'allocation de capital, restituant du capital aux actionnaires par le biais de dividendes et de rachats d'actions. FEMSA a également progressé dans ses plans de désinvestissement, y compris la vente de sa participation dans Jetro Restaurant Depot.
FEMSA hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben und dabei eine starke Leistung in allen wichtigen Geschäftseinheiten gezeigt. Die konsolidierten Gesamterträge stiegen um 12,2% im Vergleich zum zweiten Quartal 2023. Proximity Americas verzeichnete einen Anstieg der Gesamterträge um 8,9 %, während Coca-Cola FEMSA ein Umsatzwachstum von 13,1 % meldete. Die digitalen Dienste zeigten ein signifikantes Nutzerwachstum, wobei Spin by OXXO die aktiven Nutzer um 37,0 % auf 7,9 Millionen erhöhte.
Wichtige finanzielle Höhepunkte sind:
- FEMSA Konsolidiert: 19,1 % Anstieg des Bruttogewinns, 15,8 % Wachstum des Betriebseinkommens
- Proximity Americas: 17,2 % Anstieg des Bruttogewinns, 7,6 % Wachstum des Betriebseinkommens
- Coca-Cola FEMSA: 17,2 % Anstieg des Bruttogewinns, 13,8 % Wachstum des Betriebseinkommens
Das Unternehmen setzte seinen Rahmen für die Kapitalallokation fort und gab Kapital an die Aktionäre durch Dividenden und Aktienrückkäufe zurück. FEMSA machte ebenfalls Fortschritte bei seinen Abbauplänen, einschließlich des Verkaufs seiner Beteiligung an Jetro Restaurant Depot.
- Total Consolidated Revenues grew 12.2% compared to Q2 2023
- Proximity Americas total Revenues increased 8.9% versus Q2 2023
- Coca-Cola FEMSA reported 13.1% revenue growth and 7.5% volume growth
- Digital services showed significant user growth, with Spin by OXXO increasing active users by 37.0%
- FEMSA Consolidated Gross Profit increased by 19.1%
- Income from Operations grew 15.8% for FEMSA Consolidated
- Successful execution of capital allocation framework, including dividends and share buybacks
- Progress on divestiture plans, including sale of stake in Jetro Restaurant Depot
- Health division faced competitive headwinds in Mexico
- Deceleration in same-store sales growth in Mexico for Proximity Americas
- Challenging expense environment for Proximity Americas
Insights
FEMSA's Q2 2024 results demonstrate robust growth across most of its business segments, reflecting the company's resilience in a challenging economic environment. The 12.2% increase in total consolidated revenues is particularly impressive, indicating strong consumer demand and effective pricing strategies.
Key highlights include:
- Proximity Americas' revenue growth of
8.9% , with same-store sales up4.1% , showcasing the strength of FEMSA's core retail business. - Coca-Cola FEMSA's outstanding performance, with
13.1% revenue growth and7.5% volume growth, signaling effective market penetration and product mix optimization. - Digital segment's rapid user base expansion, with Spin by OXXO growing
37.0% and Spin Premia up44.3% , indicating successful digital transformation efforts.
However, the Health division's performance is concerning, with a
The company's focus on capital allocation, including dividend payments and share buybacks, demonstrates a commitment to shareholder value. The recent divestiture of non-core assets aligns with FEMSA's strategy to streamline operations and focus on high-growth areas.
Overall, FEMSA's diversified business model and strong performance in key segments position it well for continued growth, despite challenges in specific areas like the Health division.
FEMSA's Q2 2024 results reveal intriguing market trends and consumer behaviors across its diverse portfolio. The
The digital segment's performance is especially telling of changing consumer preferences:
- Spin by OXXO's
37.0% user growth suggests increasing adoption of digital payment solutions. - Spin Premia's
44.3% growth in active loyalty users, coupled with a36.1% average tender, indicates strong consumer engagement and the effectiveness of loyalty programs in driving sales.
The contrasting performance between Proximity Americas and the Health division highlights the importance of market-specific strategies. While the convenience store model thrives, the healthcare retail sector faces unique challenges, possibly due to changing consumer behaviors post-pandemic or increased competition from online pharmacies.
Coca-Cola FEMSA's strong volume growth of
The fuel segment's
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 a44.3% growth compared to 2Q23 and an average tender3 of 36.1%. - COCA-COLA FEMSA: Total volume and revenues grew
7.5% and13.1% , respectively against 2Q23.
| Financial Summary for the Second Quarter 2024 Change vs. comparable period | ||||||||
| Total Revenues | Gross Profit | Income from Operations | Same-Store Sales | |||||
| 2Q24 | YTD24 | 2Q24 | YTD24 | 2Q24 | YTD24 | 2Q24 | YTD24 | |
| FEMSA Consolidated | ||||||||
| Proximity Americas | ||||||||
| Proximity Europe | N.A. | N.A. | ||||||
| Health | ( | ( | ( | ( | ( | ( | ( | ( |
| Fuel | ||||||||
| Coca-Cola FEMSA | ||||||||
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 |
| CONFERENCE CALL INFORMATION | |
| 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. | |
| Telephone: | Toll Free US: (866) 580 3963 |
| International: +1 (786) 697 3501 | |
| Webcast: | https://edge.media-server.com/mmc/p/u8qgeyf5/ |
| 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 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.
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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.
FAQ
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