FEMSA reported consolidated revenue of Ps. 207,784 million, roughly $11.8 billion, a 6.1% increase year‑over‑year. The company did not disclose earnings per share, but the revenue beat consensus estimates of $11.76 billion, reflecting robust demand in its core retail and beverage businesses.
The growth was driven by a 8.3% rise in OXXO Mexico revenue and a 12.9% increase in the new Americas & Mobility segment, which includes OXXO operations outside Mexico and fuel sales in the United States. Coca‑Cola FEMSA revenue grew modestly by 1.1%, while the Health division underperformed, highlighting a mixed performance across the portfolio.
Operating income rose 5.5% year‑over‑year, supported by margin expansion. OXXO Mexico’s gross margin expanded 140 basis points to 46.2%, and its operating margin improved 80 basis points to 7.6%, driven by higher same‑store sales and a narrowing cost base. The company’s overall operating margin grew in line with revenue gains, underscoring effective cost control and pricing power.
Management emphasized the strength of its core businesses. "We deployed 6.2 billion pesos in CapEx… a 29.5% lower than last year," said the CFO. "We are especially proud of the same‑store sales growth in LatAm ex Brazil of more than 20% in local currency," added the CEO. "During the first quarter, it increased its same‑store sales by double digits and opened 38 net new stores," the CEO continued. "Spin by OXXO sits at the center of the digital consumer evolution in Mexico with 11 million active users and more than 100 million monthly transactions," the CEO noted. "Total revenues increased 6.1% year‑over‑year, while operating income grew 5.5%," the CFO added. "Everything we set out to do when we announced FEMSA Forward, we have delivered on. We told you what we were going to do, and then we did it," the Executive Chairman said.
The company reaffirmed its "FEMSA Forward" strategy, focusing on core retail and beverage businesses while returning capital to shareholders. It approved ordinary and extraordinary dividends totaling approximately 41 billion pesos and announced the completion of a 300 million share repurchase program in the second quarter. Currency headwinds from a stronger peso and the underperformance of the Health division remain challenges, but the strong performance of OXXO Mexico and the Americas & Mobility segment provide a solid foundation for future growth.
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