FEMSA Announces Fourth Quarter and Full Year 2023 Results
February 23 2024 - 8:33AM
UK Regulatory
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.
“Proximity Americas
increased revenues by more than 14%, driven by high-single-digit
comparable sales at OXXO and reflecting an accelerated store
expansion, while we continued to see healthy growth trends in South
America and across formats. In Europe, Valora achieved a strong
operating result with substantial growth in a challenging macro
environment. FEMSA Health delivered stable revenues, but a
deteriorating dynamic in the institutional business in Colombia
hurt our profitability. For its part, Coca-Cola FEMSA again
delivered strong results across its income statement, while
Digital@FEMSA continued to add users at a brisk pace.
“On the strategic
front, we recently provided incremental information regarding our
capital allocation framework, and we stand ready to begin executing
the plan in order to reach our stated leverage objective within two
to three years.
“In short, we wrapped
up a unique year that was transformational on the strategic front,
with remarkable results resulting from our FEMSA Forward strategy.
Today, we are a leaner, more focused company, ideally positioned to
pursue and capture the most compelling opportunity set we have ever
had before us. Once again, I thank the entire FEMSA team for their
excellent work, as we get ready to write another exciting
chapter.”
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 Fourth Quarter and Full Year 2023 Conference Call will be held
on: Friday, February 23, 2024, 10:00 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/j59xingg/ |
|
|
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. Across its
business units, FEMSA has more than 350,000 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.
______________________________________________________
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 Mexico MXN sales with OXXO Premia or Spin
Premia redemption or accrual divided by Total OXXO Mexico MXN
Sales, during the period.
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