FEMSA Announces Third Quarter 2024 Results
FEMSA reported strong Q3 2024 results with total consolidated revenues growing 8.3% and income from operations increasing 14.6% compared to Q3 2023. Proximity Americas saw revenue growth of 4.8%, while Coca-Cola FEMSA achieved 10.7% revenue growth and 13.9% operating income growth. Digital services showed significant user base expansion, with Spin by OXXO reaching 8.2 million active users (28.9% growth) and Spin Premia reaching 23.8 million active loyalty users (34.6% growth). Despite a soft consumer environment, particularly in Mexico, most business units delivered encouraging results with revenue growth and margin expansion.
FEMSA ha riportato risultati solidi per il terzo trimestre del 2024, con ricavi consolidati totali in crescita dell'8,3% e un aumento del reddito operativo del 14,6% rispetto al terzo trimestre del 2023. Proximity Americas ha visto una crescita dei ricavi del 4,8%, mentre Coca-Cola FEMSA ha raggiunto una crescita dei ricavi del 10,7% e un aumento del reddito operativo del 13,9%. I servizi digitali hanno mostrato una significativa espansione della base utenti, con Spin by OXXO che ha raggiunto 8,2 milioni di utenti attivi (crescita del 28,9%) e Spin Premia che ha raggiunto 23,8 milioni di utenti di fedeltà attivi (crescita del 34,6%). Nonostante un ambiente di consumo fragile, in particolare in Messico, la maggior parte delle unità aziendali ha ottenuto risultati incoraggianti con una crescita dei ricavi e un'espansione dei margini.
FEMSA reportó sólidos resultados para el tercer trimestre de 2024, con un crecimiento del 8.3% en los ingresos consolidados totales y un incremento del 14.6% en el ingreso operativo en comparación con el tercer trimestre de 2023. Proximity Americas tuvo un crecimiento de ingresos del 4.8%, mientras que Coca-Cola FEMSA logró un crecimiento de 10.7% en ingresos y un aumento del 13.9% en el ingreso operativo. Los servicios digitales mostraron una significativa expansión de la base de usuarios, con Spin by OXXO alcanzando 8.2 millones de usuarios activos (un crecimiento del 28.9%) y Spin Premia alcanzando 23.8 millones de usuarios leales activos (un crecimiento del 34.6%). A pesar de un entorno de consumo débil, particularmente en México, la mayoría de las unidades de negocio entregaron resultados alentadores con crecimiento en ingresos y expansión de márgenes.
FEMSA는 2024년 3분기 강력한 실적을 보고했으며, 총 연결 매출이 8.3% 증가하고, 운영 소득이 2023년 3분기 대비 14.6% 증가했습니다. Proximity Americas는 4.8%의 매출 성장률을 보였고, Coca-Cola FEMSA는 10.7%의 매출 증가와 13.9%의 운영 소득 증가를 달성했습니다. 디지털 서비스는 사용자 기반에서 상당한 확장을 보였으며, Spin by OXXO는 820만 명의 활성 사용자(28.9% 성장)에 도달했고, Spin Premia는 2380만 명의 활성 충성 고객에 도달했습니다(34.6% 성장). 멕시코에서 특히 부진한 소비 환경에도 불구하고, 대부분의 사업 부문은 수익 증가와 마진 확대와 함께 유망한 결과를 보여주었습니다.
FEMSA a rapporté de solides résultats pour le troisième trimestre de 2024, avec des revenus consolidés totaux en croissance de 8,3% et un revenu opérationnel en hausse de 14,6% par rapport au troisième trimestre de 2023. Proximity Americas a enregistré une croissance des revenus de 4,8%, tandis que Coca-Cola FEMSA a affiché une croissance des revenus de 10,7% et une augmentation du revenu opérationnel de 13,9%. Les services numériques ont montré une expansion significative de la base d'utilisateurs, avec Spin by OXXO atteignant 8,2 millions d'utilisateurs actifs (croyance de 28,9%) et Spin Premia atteignant 23,8 millions d'utilisateurs de fidélité actifs (croissance de 34,6%). Malgré un environnement de consommation difficile, en particulier au Mexique, la plupart des unités commerciales ont affiché des résultats encourageants avec une croissance des revenus et une expansion des marges.
FEMSA hat für das dritte Quartal 2024 starke Ergebnisse gemeldet, mit einem Anstieg der konsolidierten Gesamterlöse um 8,3% und einem Anstieg des Betriebsgewinns um 14,6% im Vergleich zum dritten Quartal 2023. Proximity Americas verzeichnete ein Umsatzwachstum von 4,8%, während Coca-Cola FEMSA ein Umsatzwachstum von 10,7% und ein Betriebsergebniswachstum von 13,9% erreichte. Die digitalen Dienste zeigten eine bedeutende Erweiterung der Nutzerbasis, mit Spin by OXXO, das 8,2 Millionen aktive Nutzer (28,9% Wachstum) erreichte, und Spin Premia, das 23,8 Millionen aktive Treue-Nutzer (34,6% Wachstum) erreichte. Trotz eines schwachen Verbraucherumfelds, insbesondere in Mexiko, erzielten die meisten Geschäftseinheiten ermutigende Ergebnisse mit Umsatzwachstum und Margenausweitung.
- Total consolidated revenues increased 8.3% YoY
- Income from operations grew 14.6% YoY
- Coca-Cola FEMSA revenues up 10.7% with operating income growth of 13.9%
- Proximity Europe showed strong 20.4% revenue growth
- Digital services user base expanded significantly: Spin by OXXO +28.9%, Spin Premia +34.6%
- Soft consumer environment in Mexican market
- Contraction in average traffic at Proximity Americas
- Decline in key beverage category volumes
- Intense competitive environment affecting Health division in Mexico
Insights
FEMSA delivered mixed but generally positive Q3 results. Total consolidated revenues grew
The core Proximity Americas segment showed modest
Coca-Cola FEMSA remains a strong performer with
MONTERREY, Mexico, Oct. 28, 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 third quarter of 2024.
- FEMSA: Total Consolidated Revenues grew
8.3% and Income from Operations increased14.6% compared to 3Q23. - FEMSA Retail1: Proximity Americas total Revenues grew
4.8% and Income from operations increased5.9% versus 3Q23. - DIGITAL: Spin by OXXO had 8.2 million active users2 representing
28.9% growth compared to 3Q23 while Spin Premia had 23.8 million active loyalty users2 representing34.6% growth compared to 3Q23, and an average tender3 of 38.5%. - COCA-COLA FEMSA: Total Revenues and Income from Operations grew
10.7% and13.9% , respectively against 3Q23.
| Financial Summary for the Third Quarter 2024 | ||||||||||||||||
| Change vs. comparable period | ||||||||||||||||
| Total Revenues | Gross Profit | Income from Operations | Same-Store Sales | |||||||||||||
| 3Q24 | YTD24 | 3Q24 | YTD24 | 3Q24 | YTD24 | 3Q24 | 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 third quarter, most of our business units delivered encouraging results, with revenue growth and margin expansion across our income statement even as we continue to see a soft consumer environment in the second half of the year, particularly in our key Mexican market.
Proximity Americas had mixed trends in its same-store sales performance, with a growth in average ticket which offset a contraction in average traffic that reflected adverse weather in Mexico, a decline in volumes of our key beverage categories, and a demanding comparison base. However, stellar gross margin and continued solid store expansion once again set the division up for a good result. For its part, Coca-Cola FEMSA again delivered a notable set of numbers with double-digit growth in revenues and profits, reflecting positive dynamics in most markets which offset a softer performance in Mexico.
In similar fashion, Valora delivered strong results driven by a combination of solid execution and favorable currency effects, while OXXO Gas once again put together a robust set of numbers. Our Health division showed sequential improvement, reflecting better trends in certain markets as well as currency tailwinds, partially offset by the intense competitive environment in Mexico which the team is working hard to address. At Digital, the team made further progress growing our user base, with a focus on containing costs while generating more and better engagement, and recurring revenue.
During the quarter, we also continued to make progress with the remaining steps of FEMSA Forward, including the recent announcement that we signed a transaction to divest Solistica, and we closed the Delek transaction in the US, where we are already busy. We will keep you updated as we take on this exciting new challenge.
As we make a final push to achieve a strong close to the year, we are hard at work laying out the plans and objectives for an even better 2025. Once again, I want to thank our entire team for their unwavering effort and excellence.
| 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 Third Quarter 2024 Conference Call will be held on: Monday, October 28, 2024, 10:30 AM Eastern Time (8:30 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/bbomq2ga/ | |
| 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 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. 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
What was FEMSA's (FMX) revenue growth in Q3 2024?
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How did FEMSA's Proximity Americas division perform in Q3 2024?
