Tiendas 3B 2Q24 Earnings Release
Tiendas 3B (NYSE: TBBB), a leading Mexican grocery hard discounter, reported strong Q2 2024 results. Highlights include:
- 27.5% revenue growth to Ps. 13,574 million
- 10.7% same-store sales growth
- 43.2% EBITDA increase to Ps. 689 million
- 121 net new stores opened, reaching 2,503 total
- Gross profit margin improved by 60 bps to 16.7%
- Net profit of Ps. 331 million, up from Ps. 71 million in Q2 2023
The company's expansion continues with 215 new stores year-to-date and one new distribution center. Despite some challenges, Tiendas 3B maintains a strong financial position with Ps. 1,245 million in cash and equivalents, plus Ps. 2,774 million in USD short-term deposits.
Tiendas 3B (NYSE: TBBB), un importante discount alimentare messicano, ha riportato risultati solidi per il Q2 2024. I punti salienti includono:
- Crescita dei ricavi del 27,5% a Ps. 13.574 milioni
- Crescita delle vendite negli stessi negozi del 10,7%
- Aumento dell'EBITDA del 43,2% a Ps. 689 milioni
- Apertura di 121 nuovi punti vendita, raggiungendo un totale di 2.503
- Margine di profitto lordo migliorato di 60 punti base al 16,7%
- Utile netto di Ps. 331 milioni, rispetto ai Ps. 71 milioni del Q2 2023
L'espansione dell'azienda continua con 215 nuovi negozi da inizio anno e un nuovo centro di distribuzione. Nonostante alcune sfide, Tiendas 3B mantiene una solida posizione finanziaria con Ps. 1.245 milioni in contante e equivalenti, oltre a Ps. 2.774 milioni in depositi a breve termine in USD.
Tiendas 3B (NYSE: TBBB), un destacado discount de alimentos mexicano, reportó sólidos resultados en el Q2 2024. Los aspectos destacados incluyen:
- Crecimiento de ingresos del 27,5% a Ps. 13,574 millones
- Crecimiento de ventas en tiendas comparables del 10,7%
- Aumento del EBITDA del 43,2% a Ps. 689 millones
- Apertura de 121 nuevas tiendas, alcanzando un total de 2,503
- Margen de ganancia bruta mejorado en 60 puntos básicos al 16,7%
- Ganancia neta de Ps. 331 millones, en comparación con Ps. 71 millones en el Q2 2023
La expansión de la empresa continúa con 215 nuevas tiendas desde el inicio del año y un nuevo centro de distribución. A pesar de algunos desafíos, Tiendas 3B mantiene una sólida posición financiera con Ps. 1,245 millones en efectivo y equivalentes, además de Ps. 2,774 millones en depósitos a corto plazo en USD.
티엔다스 3B (NYSE: TBBB), 멕시코의 주요 식료품 할인 매장, 2024년 2분기 결과를 강력하게 보고했습니다. 주요 내용은 다음과 같습니다:
- 27.5% 매출 성장하여 Ps. 13,574백만
- 10.7% 동일 매장 매출 성장
- 43.2% EBITDA 증가하여 Ps. 689백만
- 121개의 신규 매장 오픈, 총 2,503개 도달
- 총 이익률 60bp 개선, 16.7%
- 순이익 Ps. 331백만, 2023년 2분기 Ps. 71백만에서 증가
회사의 확장은 올해 지금까지 215개의 신규 점포와 하나의 신규 배급센터로 계속 진행되고 있습니다. 일부 도전에도 불구하고, 티엔다스 3B는 Ps. 1,245백만의 현금 및 현금성 자산과 Ps. 2,774백만의 단기 USD 예금으로 강력한 재무 상태를 유지하고 있습니다.
Tiendas 3B (NYSE: TBBB), un leader mexicain des discounters alimentaires, a annoncé d'excellents résultats pour le T2 2024. Les points forts incluent :
- Croissance des revenus de 27,5% pour atteindre Ps. 13.574 millions
- Croissance des ventes dans les magasins comparables de 10,7%
- Augmentation de l'EBITDA de 43,2%, atteignant Ps. 689 millions
- 121 nouveaux magasins ouverts, portant le total à 2.503
- Marge de bénéfice brut améliorée de 60 points de base à 16,7%
- Bénéfice net de Ps. 331 millions, en hausse par rapport à Ps. 71 millions au T2 2023
L'expansion de l'entreprise se poursuit avec 215 nouveaux magasins depuis le début de l'année et un nouveau centre de distribution. Malgré certains défis, Tiendas 3B maintient une position financière solide avec Ps. 1.245 millions en liquidités et équivalents, ainsi que Ps. 2.774 millions en dépôts à court terme en USD.
Tiendas 3B (NYSE: TBBB), ein führender mexikanischer Lebensmittel-Discounter, hat starke Q2 2024 Ergebnisse gemeldet. Die Highlights umfassen:
- 27,5% Umsatzwachstum auf Ps. 13.574 Millionen
- 10,7% Umsatzwachstum in vergleichbaren Geschäften
- 43,2% EBITDA-Steigerung auf Ps. 689 Millionen
- 121 neu eröffnete Filialen, insgesamt 2.503
- Bruttogewinnmarge um 60 Basispunkte auf 16,7% verbessert
- Nettogewinn von Ps. 331 Millionen, ein Anstieg von Ps. 71 Millionen im Q2 2023
Das Unternehmen setzt seine Expansion mit 215 neuen Filialen seit Jahresbeginn und einem neuen Verteilungszentrum fort. Trotz einiger Herausforderungen bleibt Tiendas 3B mit Ps. 1.245 Millionen in Barvermögen und Äquivalenten sowie Ps. 2.774 Millionen in kurzfristigen USD-Einlagen finanziell stark.
- 27.5% year-over-year revenue growth to Ps. 13,574 million
- 43.2% EBITDA increase to Ps. 689 million
- 10.7% same-store sales growth, outpacing industry average
- 121 net new stores opened, reaching 2,503 total
- Gross profit margin improved by 60 bps to 16.7%
- Net profit increased to Ps. 331 million from Ps. 71 million in Q2 2023
- Strong cash position with Ps. 1,245 million in cash and equivalents, plus Ps. 2,774 million in USD short-term deposits
- Slowdown in same-store sales growth compared to Q1 2024
- Administrative expenses increased from 3.1% to 3.6% of total revenue
- Higher personnel expenses due to expansion and strengthening of central teams
Insights
Tiendas 3B's Q2 2024 results demonstrate robust growth and operational efficiency. Total revenue increased by 27.5% to Ps. 13,574 million, driven by strong same-store sales growth of 10.7% and aggressive store expansion. The company opened 121 net new stores, reaching 2,503 stores total.
Notably, EBITDA grew by 43.2% to Ps. 689 million, with EBITDA margin expanding by 56 bps to 5.1%. This improvement stems from higher gross margins and operational leverage, despite increased administrative expenses from expansion efforts. The company's negative working capital model continues to generate strong cash flows, funding internal growth initiatives.
However, investors should monitor the slight deceleration in same-store sales growth compared to Q1 2024 and the previous year. The company attributes this to timing of holidays and government transfers, but it warrants attention in future quarters.
Tiendas 3B's performance is impressive in the challenging retail landscape. Their 10.7% same-store sales growth outpaced ANTAD's 3.5% for the supermarket segment, indicating market share gains. The rapid store expansion strategy, opening 215 new stores year-to-date, showcases the company's confidence in its business model and ability to execute.
The improvement in gross margin by 60 bps to 16.7% is noteworthy, especially given inflationary pressures. This suggests strong negotiating power with suppliers and effective pricing strategies. The company's focus on operational efficiency is evident in the 47 bps reduction in sales expenses as a percentage of revenue, despite wage inflation.
The expansion into three new regions and strengthening of central teams indicate preparations for sustained long-term growth. However, the increase in administrative expenses as a percentage of revenue is a point to watch, as it could impact profitability if not managed carefully alongside expansion.
Tiendas 3B's Q2 results reflect the strength of the discount grocery sector in Mexico. The company's ability to grow same-store sales by 10.7% while rapidly expanding its store base indicates strong consumer demand for its value proposition. This aligns with broader trends of consumers seeking affordable options in inflationary environments.
The company's expansion strategy, including opening a new distribution center, suggests confidence in long-term market opportunities. However, the slight slowdown in same-store sales growth compared to previous periods warrants monitoring. Factors like the timing of Easter and government transfers may have temporary effects, but any sustained deceleration could signal market saturation or increased competition.
Investors should also note the Ps. 304 million gain from exchange rate fluctuations, which boosted net profit. While beneficial in this quarter, such gains are unpredictable and not part of core operations. The company's ability to maintain profitability growth without these one-time benefits will be important for long-term success.
HIGHLIGHTS
Second QUARTER 2024
- Opened 121 net new stores during 2Q24, reaching 2,503 stores as of June 30, 2024.
-
Ps. 13,574 million total revenue for 2Q24.
-
Revenue increased by
27.5% compared to the second quarter of 2023 (“2Q23”). -
Same Store Sales grew
10.7% compared to 2Q23.
-
Revenue increased by
-
EBITDA reached Ps. 689 million, an increase of
43.2% compared to 2Q23.
MESSAGE FROM THE CHAIRMAN AND CEO
Dear Investors,
I am pleased to report that Tiendas 3B has delivered another strong quarter, with robust sales growth and strong cash flow generation from negative working capital and improved EBITDA margins.
In the second quarter of 2024, we opened 121 net new stores, bringing our total store count to 2,503 (215 new stores year to date). New stores continue to perform strongly.
Our Same Store Sales (SSS) grew by
We believe that we are on track to deliver our guidance shared with you during the call we held on April 26, 2024. Our business model remains unchanged. It is one where consistent improvement in our offering to customers, disciplined execution, and rapid store expansion will continue to drive value creation.
Thank you for your continued trust and support.
K. Anthony Hatoum, Chairman and Chief Executive Officer
FINANCIAL RESULTS
2Q24 CONSOLIDATED RESULTS (In Ps. Millions, except percentages) |
||||||
|
2Q24 |
As % of
|
2Q23 |
As % of
|
Growth
|
Variation
|
Total Revenue |
Ps. 13,574 |
|
Ps. 10,646 |
|
|
n.m. |
Gross Profit |
Ps. 2,272 |
|
Ps. 1,718 |
|
|
60 bps |
Sales Expenses |
Ps. (1,414) |
10.4 % |
Ps. (1,160) |
10.9 % |
|
(47) bps |
Administrative Expenses |
Ps. (486) |
|
Ps. (333) |
|
|
45 bps |
Other Income (Expense) – Net |
Ps. 3 |
|
Ps. (2) |
|
n.m. |
4 bps |
EBITDA |
Ps. 689 |
|
Ps. 481 |
|
|
56 bps |
Please see the explanation at the end of this release on how EBITDA, a non-IFRS financial measure, is calculated, and for other relevant definitions. |
||||||
TOTAL REVENUE
Total revenue for 2Q24 was Ps. 13,574 million, an increase of
GROSS PROFIT AND GROSS PROFIT MARGIN
Gross profit in 2Q24 reached Ps. 2,272 million, an increase of
EXPENSES
Sales expenses refer mainly to the expenses of operating our stores, such as the wages of store employees and energy. In 2Q24, sales expenses reached Ps. 1,414 million, a
Administrative expenses refer to expenses not related to operating our stores, such as headquarters and regional office expenses. Administrative expenses increased from
Other income (expense) - net, which includes revenues from asset disposals and subleases, among others, amounted to income of Ps. 3 million in 2Q24, as compared to an expense of Ps. 2 million in 2Q23. As a percentage of total revenue, other income (expense) – net decreased by 4 bps.
EBITDA AND EBITDA MARGIN
In 2Q24, EBITDA reached Ps. 689 million, an increase of
Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures.
To allow our investors to better assess our performance, we are providing the following information:
- Non-cash share-based payment expense reached Ps. 141 million compared to Ps. 92 million recorded in 2Q23.
- Building lease payments: The Company leases its stores and distribution centers. In accordance with IFRS 16, the Company’s leasing expenses are capitalized, and not considered operating expenses. Tiendas 3B’s capitalized lease costs payments for buildings were Ps. 338 million in 2Q24, compared to Ps. 260 million in 2Q23.
FINANCIAL COSTS AND NET PROFIT
Financial income reached Ps. 41 million, representing an increase of
Financial costs decreased by
Exchange rate fluctuation resulted in a gain of Ps. 304 million in 2Q24, primarily due to the depreciation of the Mexican peso against the
Income tax expense reached Ps. 112 million in 2Q24 compared to Ps. 73 million in 2Q23.
As a result, our net profit for 2Q24 was Ps. 331 million, compared to a net profit of Ps. 71 million for 2Q23.
BALANCE SHEET AND LIQUIDITY
As of June 30, 2024, the Company reported cash and cash equivalents of Ps. 1,245 million, an increase from Ps. 1,220 million as of December 31, 2023, deployed mainly for working capital purposes. In addition, as of that date, the Company held Ps. 2,774 million in
1H24 CASH FLOW STATEMENT (In Ps. Millions, except percentages) |
|||
|
1H24 |
1H23 |
Growth (%) |
Net cash flows provided by operating activities |
Ps. 1,256 |
Ps. 1,005 |
|
Net cash flows used in investing activities |
Ps. (3,713) |
Ps. (702) |
n.m. |
Net cash flows provided by (used in) financing activities |
Ps. (2,256) |
Ps. (590) |
n.m. |
Net increase (decrease) in cash and cash equivalents |
Ps. (201) |
Ps. (288) |
n.m. |
Our business model continues to generate a significant amount of cash from our negative working capital cycle due to our increasing sales and high inventory turnover. This robust cash flow has enabled us to fund internally our growth initiatives, including the expansion of new stores and distribution centers.
The information provided below offers a view of our financial activities in the first half of 2024:
Net cash flows provided by operating activities increased to Ps. 1,256 million in the first six months of 2024 (“1H24”) from Ps. 1,005 million in the first half of 2023 (“1H23”), an increase of
Net cash flows used in investing activities were Ps. 3,713 million for 1H24, compared to Ps. 702 million in 1H23. This increase was primarily due to the allocation of Ps. 2,774 million from IPO proceeds in short-term
Net cash flows used in financing activities were Ps. 2,256 million in 1H24, compared to Ps. 590 million in 1H23. This decrease is mainly attributed to higher lease payments due to the opening of new stores in the last twelve months, as well as, to a lesser extent, payment of other financial debts.
KEY OPERATING METRICS
|
2Q24 |
2Q23 |
Variation (%) |
Number of Stores Opened |
121 |
77 |
|
Number Distribution Centers Opened |
1 |
0 |
n.m. |
Same Store Sales Growth (%) (1) |
|
|
n.m. |
(1) |
We measure “Same Store Sales” using revenue from sales of merchandise from stores that were operational for at least the full preceding 12 months for the periods under consideration. When calculating this measure, we exclude stores that were temporarily closed (for one month or more) or permanently closed during the periods in consideration. We measure Same Store Sales growth by comparing the Same Store Sales of stores that were open during the measurement period. |
In 2Q24, we opened 121 net new stores, reaching a total of 2,503 stores. This represents a significant increase compared to the 77 net new stores opened in 2Q23, which brought the total to 2,043 stores. To support this growth, in 2Q24 we opened one additional distribution center, bringing the total to 16.
Same Store Sales grew by
Non-IFRS Measures and Other Calculations
For the convenience of investors, this release presents certain non-IFRS financial measures, which are not calculated in accordance with IFRS (“non-IFRS financial measures”). A non-IFRS financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so excluded or included in the most comparable IFRS financial measure. Non-IFRS financial measures do not have standardized meanings and may not be directly comparable to similarly titled measures reported by other companies. These non-IFRS financial measures are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The non-IFRS financial measures presented herein have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS. Additionally, our calculations of non-IFRS financial measures may be different from the calculations used by other companies, including our competitors, and therefore, our non-IFRS financial measures may not be comparable to those of other companies.
We calculate “EBITDA”, a non-IFRS measure, as net profit (loss) for the period, plus income tax expense, financial costs, net, and total depreciation and amortization.
We calculate “EBITDA Margin”, a non-IFRS measure, for a period by dividing EBITDA for the corresponding period by total revenue for such period.
Same Store Sales: We measure “Same Store Sales” using revenue from sales of merchandise from stores that were operational for at least the full preceding 12 months for the periods under consideration. When calculating this measure, we exclude stores that were temporarily closed (for one month or more) or permanently closed during the periods in consideration.
Lease Costs: Consistent with lease accounting required under IFRS 16, total depreciation and amortization includes the depreciation expense of right-of-use-asset corresponding to long-term leases, which is a non-cash expense. Such amounts, together with the interest expense on lease liabilities, is a proxy for but not equal to the Company’s actual cash expenditure incurred in connection with its leased properties.
Sales per Store: We define our “Sales per Store” as the average of the revenue from sales of merchandise achieved by our stores that were open for the full year in consideration. When calculating this measure, we exclude stores that were temporarily closed (for one month or more) or permanently closed during the period in consideration. This measure assists our management’s understanding of how store performance has evolved across different vintages. Sales per Store also serves as a benchmark to measure the performance of new stores and is useful to set growth and expansion targets.
Inventory Days: We calculate “Inventory Days” to be the average of beginning and end of period inventory balance, divided by cost of sales for the period and multiplied by the number of days during the period. Inventory Days measures the average number of days we keep inventory on hand before selling the product. This operating metric allows us to track our inventory management policies and observe how quickly we are able to rotate inventory, which is key to our cash conversion cycle.
Payable Days: We calculate “Payable Days” to be the sum of the average of beginning and end of period balance of suppliers and of accounts payable and accrued expenses, divided by cost of sales for the period and multiplied by the number of days during the period. Payable Days measures the average number of days that it takes us to pay suppliers after receiving goods or services. This metric allows us to track the terms of payment policies with suppliers and our ability to finance our operations through agreements with our suppliers.
CONFERENCE CALL DETAILS
Tiendas 3B will host a call to discuss the second quarter of 2024 results on August 22, 2024, at 12:00 p.m. Eastern Time. A webinar of the call will be accessible at: https://us02web.zoom.us/webinar/register/WN_-ol6rO6RQgitwyjfZhhEDw.
To join via telephone, please dial one of the domestic or international numbers listed below:
|
|
+52 558 659 6002 |
+1 312 626 6799 ( |
+52 554 161 4288 |
+1 346 248 7799 ( |
+52 554 169 6926 |
+1 646 558 8656 (
|
Other international numbers available: https://us02web.zoom.us/u/knEOJCJkC |
|
The webinar ID is 895 0423 0371.
An audio replay from the conference call will be available on the Tiendas 3B website https://www.investorstiendas3b.com after the call.
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of Section 27A of the
ABOUT TIENDAS 3B
BBB Foods Inc. (“Tiendas 3B”), a proudly Mexican company, is a pioneer and leader of the grocery hard discount model in
For more information, please visit: https://www.investorstiendas3b.com/
FINANCIAL STATEMENTS
Consolidated Income Statement (Unaudited)
For the three months ended June 30, 2024 and June 30, 2023 (In thousands of Mexican pesos) |
|||
For the Three Months Ended June 30, |
|||
2024 |
2023 |
% Change |
|
|
|
|
|
Revenue From Sales of Merchandise |
Ps.13,550,402 |
Ps.10,624,938 |
|
Sales of Recyclables |
23,945 |
20,842 |
|
Total Revenue |
13,574,347 |
10,645,780 |
|
Cost of Sales |
(11,302,030) |
(8,927,904) |
|
Gross Profit |
Ps. 2,272,317 |
Ps. 1,717,876 |
|
Gross Profit Margin |
|
|
|
Sales Expenses |
(1,414,329) |
(1,159,667) |
|
Administrative Expenses |
(486,204) |
(333,455) |
|
Other Income - Net |
2,663 |
(2,195) |
n.m. |
Operating Profit |
Ps. 374,447 |
Ps. 222,559 |
|
Operating Profit Margin |
|
|
|
Financial Income |
41,354 |
8,296 |
|
Financial Costs |
(276,257) |
(343,956) |
( |
Exchange Rate Fluctuation |
303,796 |
256,841 |
|
Financial Cost - Net |
68,893 |
(78,819) |
n.m. |
Loss Before Income Tax |
443,340 |
143,740 |
|
Income Tax Expense |
(112,085) |
(72,690) |
|
Net Profit for the Period |
Ps. 331,255 |
Ps. 71,050 |
|
Net Profit Margin |
|
|
|
|
|
|
|
Basic Earnings per Share |
2.95 |
0.84 |
|
Weighted Average Outstanding Shares |
112,200,752 |
84,150,261 |
|
|
|
|
|
EBITDA Reconciliation |
|
|
|
Net Profit for the Period |
Ps. 331,255 |
Ps. 71,050 |
|
Net Profit Margin |
|
|
|
Income Tax Expense |
112,085 |
72,690 |
|
Financial Cost - Net |
68,893 |
(78,819) |
n.m. |
D&A |
314,159 |
258,192 |
|
EBITDA |
Ps. 688,606 |
Ps. 480,751 |
|
EBITDA Margin |
|
|
|
Consolidated Income Statement (Unaudited)
For the six months ended June 30, 2024 and June 30, 2023 (In thousands of Mexican pesos) |
|||
For the Six Months Ended June 30, |
|||
2024 |
2023 |
% Change |
|
|
|
|
|
Revenue From Sales of Merchandise |
Ps. 26,207,287 |
Ps. 20,295,007 |
|
Sales of Recyclables |
51,308 |
42,673 |
|
Total Revenue |
26,258,595 |
20,337,680 |
|
Cost of Sales |
(21,924,105) |
(17,114,756) |
|
Gross Profit |
Ps. 4,334,490 |
Ps. 3,222,924 |
|
Gross Profit Margin |
|
|
|
Sales Expenses |
(2,709,958) |
(2,212,460) |
|
Administrative Expenses |
(932,152) |
(658,797) |
|
Other Income - Net |
5,296 |
3,557 |
|
Operating Profit |
Ps. 697,676 |
Ps. 355,224 |
|
Operating Profit Margin |
|
|
|
Financial Income |
61,859 |
13,122 |
|
Financial Costs |
(637,125) |
(709,341) |
( |
Exchange Rate Fluctuation |
175,144 |
549,589 |
( |
Financial Cost - Net |
(400,122) |
(146,630) |
|
Loss Before Income Tax |
297,554 |
208,594 |
|
Income Tax Expense |
(197,161) |
(78,712) |
|
Net Profit for the Period |
Ps. 100,393 |
Ps. 129,882 |
( |
Net Profit Margin |
|
|
|
|
|
|
|
Basic Earnings per Share |
0.95 |
1.54 |
|
Weighted Average Outstanding Shares |
105,573,438 |
84,150,261 |
|
|
|
|
|
EBITDA Reconciliation |
|||
Net Profit for the Period |
Ps. 100,393 |
Ps. 129,882 |
( |
Net Profit Margin |
|
|
|
Income Tax Expense |
197,161 |
78,712 |
|
Financial Cost - Net |
(400,122) |
(146,630) |
|
D&A |
616,701 |
521,821 |
|
EBITDA |
Ps. 1,314,377 |
Ps. 877,045 |
|
EBITDA Margin |
|
|
|
Consolidated Balance Sheet (Unaudited)
As of June 30, 2024 and December 31, 2023 (In thousands of Mexican pesos) |
||
As of June 30, |
As of December 31, |
|
2024 |
2023 |
|
Current assets: |
||
Cash and cash equivalents |
Ps. 1,245,237 |
Ps. 1,220,471 |
Short-term bank deposits |
2,774,363 |
- |
Derivative financial instruments |
3,868 |
- |
Sundry debtors |
64,946 |
11,020 |
VAT receivable |
894,899 |
731,186 |
Other recoverable taxes |
- |
- |
Advanced payments |
136,473 |
72,998 |
Inventories |
2,374,052 |
2,357,485 |
Total Current Assets |
Ps. 7,493,838 |
Ps. 4,393,160 |
Non-Current Assets: |
|
|
Guarantee deposits |
34,443 |
33,174 |
Property, furniture, equipment, and lease-hold improvements |
5,371,442 |
4,606,300 |
Right-of-use assets – Net |
6,242,232 |
5,520,596 |
Intangible assets – Net |
6,841 |
6,771 |
Deferred income tax |
446,213 |
403,801 |
Total Non-Current Assets |
Ps. 12,101,171 |
Ps. 10,570,642 |
Total Assets |
Ps. 19,595,009 |
Ps. 14,963,802 |
Current liabilities: |
||
Suppliers |
7,282,406 |
7,126,089 |
Accounts payable and accrued expenses |
467,636 |
322,959 |
Income tax payable |
26,639 |
2,326 |
Bonus payable to related parties |
- |
78,430 |
Short-term debt |
959,390 |
744,137 |
Lease liabilities |
605,343 |
537,515 |
Employees’ statutory profit sharing payable |
135,223 |
140,485 |
Total Current Liabilities |
Ps. 9,476,637 |
Ps. 8,951,941 |
Non-Current Liabilities: |
||
Debt with related parties |
- |
4,340,452 |
Long-term debt |
112,738 |
577,318 |
Lease liabilities |
6,432,207 |
5,706,707 |
Employee benefits |
26,231 |
22,232 |
Total Non-Current Liabilities |
Ps. 6,571,176 |
Ps. 10,646,709 |
Total Liabilities |
Ps. 16,047,813 |
Ps. 19,598,650 |
|
||
Stockholders’ equity: |
|
|
Capital stock |
8,283,347 |
471,282 |
Reserve for share-based payments |
1,121,287 |
851,701 |
Cumulative losses |
(5,857,438) |
(5,957,831) |
Total Stockholders’ Equity |
Ps. 3,547,196 |
Ps. (4,634,848) |
Total Liabilities and Stockholders’ Equity |
Ps. 19,595,009 |
Ps.14,963,802 |
Cash Flow Statement (Unaudited)
For the three months ended June 30, 2024 and June 30, 2023 (In thousands of Mexican pesos) |
||
For the Three Months Ended June 30, |
||
2024 |
2023 |
|
Profit before income tax |
Ps. 443,340 |
Ps. 143,740 |
Adjustments for: |
||
Depreciation of property, furniture, equipment, and lease-hold improvements |
154,939 |
114,861 |
Depreciation of right-of-use assets |
158,641 |
142,666 |
Amortization of intangible assets |
579 |
665 |
Defined costs on employee benefits |
3,999 |
1,936 |
Interest payable on Promissory Notes and Convertible Notes |
- |
152,260 |
Interest expense on lease liabilities |
252,461 |
179,693 |
Interest on debt and bonus payable, and amortization of issuance costs |
12,827 |
5,228 |
Financial income |
(37,486) |
(8,296) |
Gain on fair value valuation of derivative financial instrument |
(3,868) |
- |
Interests and commissions from credit lines |
25,065 |
- |
Initial Public Offering capitalized costs |
- |
- |
Exchange fluctuation |
(303,777) |
(254,425) |
Share-based payment expense |
140,745 |
91,909 |
|
|
|
(Increase) decrease in inventories |
(196,042) |
20,014 |
Increase in other current assets and guarantee deposits |
(195,165) |
(28,258) |
Increase (decrease) in suppliers (including supplier finance arrangements) |
69,018 |
(10,053) |
Increase in other current liabilities |
15,378 |
10,559 |
Decrease on bonus payable to related parties |
- |
- |
Income taxes paid |
(87,134) |
(145,913) |
Net cash flows provided by operating activities |
Ps. 453,520 |
Ps. 416,586 |
Purchase of property, furniture, equipment, and lease-hold improvements |
(597,537) |
(373,310) |
Reconditioning of damaged assets due to Huracan Otis (impairment reversal) |
(9,583) |
- |
Sale of property and equipment |
314 |
- |
Additions to intangible assets |
(903) |
(383) |
Short-term bank deposits |
(2,774,363) |
- |
Interest received on short-term investments |
33,711 |
6,232 |
Net cash flows used in investing activities |
Ps. (3,348,361) |
Ps. (367,461) |
Payments made on reverse factoring transactions-net of commissions received |
(756,066) |
(424,598) |
Finance obtained through supplier finance arrangements |
791,965 |
550,134 |
Proceeds (payment) from credit lines |
(33,736) |
21,800 |
Payment of Promissory Note Agreements and Convertible Notes |
0 |
0 |
Payment of debt |
(56,896) |
(21,665) |
Interest payment on debt |
(31,924) |
(4,109) |
Proceeds from initial public offering, net of underwriting fees |
0 |
0 |
Lease payments |
(371,403) |
(284,742) |
Net cash flows provided by (used in) financing activities |
Ps. (458,060) |
Ps. (163,180) |
Net increase (decrease) in cash and cash equivalents |
(3,352,901) |
(114,055) |
Effect of foreign exchange movements on cash balances |
305,180 |
(13,996) |
Cash and cash equivalents at beginning of period |
4,292,958 |
792,491 |
Cash and cash equivalent at end of period |
Ps.1,245,237 |
Ps.664,440 |
Cash Flow Statement (Unaudited)
For the six months ended June 30, 2024 and June 30, 2023 (In thousands of Mexican pesos) |
|||
For the Six Months Ended June 30, |
|||
2024 |
2023 |
||
Profit before income tax |
Ps. 297,554 |
Ps. 208,594 |
|
Adjustments for: |
|||
Depreciation of property, furniture, equipment, and lease-hold improvements |
294,976 |
224,975 |
|
Depreciation of right-of-use assets |
320,478 |
295,528 |
|
Amortization of intangible assets |
1,247 |
1,318 |
|
Defined costs on employee benefits |
3,999 |
1,936 |
|
Interest payable on Promissory Notes and Convertible Notes |
82,588 |
310,705 |
|
Interest expense on lease liabilities |
494,203 |
379,707 |
|
Interest on debt and bonus payable, and amortization of issuance costs |
22,363 |
12,135 |
|
Financial income |
(57,991) |
(13,122) |
|
Gain on fair value valuation of derivative financial instrument |
(3,868) |
- |
|
Interests and commissions from credit lines |
37,971 |
- |
|
Initial Public Offering capitalized costs |
(23,269) |
- |
|
Exchange fluctuation |
(175,144) |
(549,589) |
|
Share-based payment expense |
269,586 |
190,170 |
|
|
|
|
|
(Increase) decrease in inventories |
(16,567) |
(94,199) |
|
Increase in other current assets and guarantee deposits |
(291,910) |
(66,597) |
|
Increase (decrease) in suppliers (including supplier finance arrangements) |
156,317 |
238,825 |
|
Increase in other current liabilities |
135,024 |
123,926 |
|
Decrease on bonus payable to related parties |
(79,351) |
(43,834) |
|
Income taxes paid |
(212,237) |
(215,638) |
|
Net cash flows provided by operating activities |
Ps. 1,255,969 |
Ps. 1,004,840 |
|
Purchase of property, furniture, equipment, and lease-hold improvements |
(965,129) |
(711,059) |
|
Reconditioning of damaged assets due to Huracan Otis (impairment reversal) |
(26,069) |
- |
|
Sale of property and equipment |
2,365 |
987 |
|
Additions to intangible assets |
(1,317) |
(799) |
|
Short-term bank deposits |
(2,774,363) |
- |
|
Interest received on short-term investments |
51,283 |
8,431 |
|
Net cash flows used in investing activities |
Ps. (3,713,230) |
Ps. (702,440) |
|
Payments made on reverse factoring transactions-net of commissions received |
(1,447,752) |
(874,679) |
|
Finance obtained through supplier finance arrangements |
1,516,903 |
935,077 |
|
Proceeds (payment) from credit lines |
143,892 |
(39,552) |
|
Payment of Promissory Note Agreements and Convertible Notes |
(4,925,097) |
- |
|
Payment of debt |
(77,229) |
(43,071) |
|
Interest payment on debt |
(53,176) |
(9,622) |
|
Proceeds from initial public offering, net of underwriting fees |
7,841,837 |
- |
|
Lease payments |
(742,989) |
(558,298) |
|
Net cash flows provided by (used in) financing activities |
Ps. 2,256,389 |
Ps. (590,145) |
|
Net increase (decrease) in cash and cash equivalents |
(200,872) |
(287,745) |
|
Effect of foreign exchange movements on cash balances |
225,638 |
(32,791) |
|
Cash and cash equivalents at beginning of period |
1,220,471 |
984,976 |
|
Cash and cash equivalent at end of period |
Ps.1,245,237 |
Ps.664,440 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240821446569/en/
INVESTOR RELATIONS CONTACT
Andrés Villasis
ir@tiendas3b.com
Source: Tiendas 3B
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