MONTERREY, Mexico, Feb. 27, 2025 (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 2024.
FEMSA:TotalConsolidated Revenues grew 12.8% and Income from Operations increased 31.5% compared to 4Q23.
FEMSA Retail1:Proximity Americas total Revenues grew 13.2% and Income from operations increased18.7% versus 4Q23.
SPIN:Spin by OXXO had 8.6 million active users2 representing 24.9% growth compared to 4Q23 while Spin Premia had 24.6 million active loyalty users2 representing 27.5% growth compared to 4Q23, and an average tender3 of 40.7%.
COCA-COLA FEMSA: Total Revenues and Income from Operations grew 14.3% and 25.0%, respectively against 4Q23.
Financial for the Fourth Quarter and Full Year 2024 Change vs. comparable period
Total Revenues
Gross Profit
Income from Operations
Same-Store Sales
4Q24
YTD24
4Q24
YTD24
4Q24
YTD24
4Q24
YTD24
FEMSA Consolidated
12.8%
11.2%
16.7%
15.0%
31.5%
19.8%
Proximity Americas
13.2%
10.3%
19.0%
17.0%
18.7%
11.2%
3.8%
4.2%
Proximity Europe
21.5%
14.2%
17.5%
14.6%
9.9%
45.3%
N.A.
N.A.
Health
13.3%
5.8%
21.2%
6.9%
109.7%
4.6%
9.4%
(0.3%)
Fuel
8.0%
11.7%
2.4%
8.0%
6.9%
12.4%
9.7%
9.9%
Coca-Cola FEMSA
14.3%
14.2%
16.8%
16.0%
25.0%
17.4%
José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:
In the fourth quarter FEMSA delivered a strong close to a strong year, with double-digit growth in revenues, gross profit, and income from operations in most of our business units, driven by the strength of our platform and the effort of our teams, while also reflecting foreign exchange tailwinds from our international operations.
The solid trends in the fourth quarter’s top line were complemented by strong margin expansion at our two largest operations, Proximity Americas and Coca-Cola FEMSA, leveraging powerful execution in their core markets. Looking at the full year, margin expansion was achieved not only at Proximity Americas and Coca-Cola FEMSA, but also at Proximity Europe and Fuel.
Beyond our operations, during the year we continued to make progress with the remaining steps of FEMSA Forward, including in the execution of our capital allocation framework. In addition to high levels of capital expenditures as we continued to invest in our organic growth opportunities across business units, during 2024, we returned record amounts of capital through a combination of dividends and share repurchases, a process that we intend to accelerate in 2025 and 2026 as we move to maximize the efficiency of our balance sheet.
Finally, on the governance front, the Corporate Practices and Nominations Committee of FEMSA’s Board of Directors has formally launched the succession process for the CEO position. Please refer to the Recent Developments section of this release for further details.
We begin 2025 facing an increasingly challenging consumer environment in many of our markets, particularly Mexico, but we are confident we have a compelling opportunity set in front of us, a solid strategy to pursue those opportunities, and the best team in the business.”
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 2024 Conference Call will be held on: Thursday, February 27, 2025, 10:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio.
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 through a Health Division, which includes drugstores and related activities and Spin, 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 Best-in-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes.
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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.
