Mexico's Femsa Posts Double-Digit 2Q Sales, Profit Growth
By Anthony Harrup
MEXICO CITY--Mexican retail and beverages conglomerate Fomento Economico Mexicano reported Thursday that its net profit rose 17% in the second quarter, with sales growth led by convenience stores and boosted by acquisitions.
Femsa, as the company is better known, had net profit of 8.93 billion Mexican pesos ($533 million) for the April-June quarter on sales of 198.2 billion pesos.
Sales were 18% higher than in the year-ago quarter. Excluding acquisitions, such as last year's purchase of Switzerland-based kiosk and convenience store operator Valora Holding, sales were up 9.5%.
Convenience-store chain Oxxo, which has more than 22,000 stores in Mexico and Latin America, posted 20% sales growth, including 15% higher same-store sales. Drug-store sales were almost flat on the year, while service station sales rose 9.3%. Sales at bottling unit Coca-Cola Femsa rose 7.2%.
Earnings before interest, taxes, depreciation and amortzation, a measure of profitability, was up 16% at 27.1 billion pesos.
Write to Anthony.Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
July 27, 2023 12:16 ET (16:16 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom