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MEXICO CITY, Feb. 18, 2025 /PRNewswire/ -- Grupo Comercial Chedraui, S.A.B. de C.V. reports its 2024 fourth quarter results. All figures are shown in nominal terms and reported under International Financial Reporting Standards (IFRS).
4Q'24 Highlights:
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Same Store Sales (SSS) growth of 2.9% in Mexico exceeded ANTAD for the eighteenth consecutive quarter.
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SSS Growth at Chedraui USA of 0.8% in U.S. dollars.
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The consolidated EBITDA Margin was 7.6%, excluding the impact of RCDC, the margin was 8.0%.
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EBITDA Margin for Retail and Real Estate Mexico was 8.6%
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EBITDA Margin for Chedraui USA was 6.8%, excluding RCDC impact it was 7.4%.
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Net debt to EBITDA ratio was -0.18x at the end of the fourth quarter.
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CAPEX amounted to 4.1% of sales, due to higher organic growth and RCDC investments.
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Continued growth with the opening in 4Q'24 of 57 stores in Mexico and 2 in the U.S.
Antonio Chedraui, Grupo Comercial Chedraui's CEO, remarked:
In 2024, we accelerated our organic growth by opening 84 stores in Mexico and 6 in the United States, bringing the total number of stores to 541 and 384 respectively.
Our customer-centric strategy continued to deliver positive results, which has led us to continue to gain market share against our competitors. In Mexico, same-store sales (SSS) continue to exceed ANTAD's levels, with an average differential of 168 bps throughout fiscal year 2024*.
Our loyalty program, "Mi Chedraui," remains a key component in enhancing our relationship with customers and understanding their preferences. By the end of the year, we had built a detailed customer database of 13 million members, marking a 5.7% increase compared to 2023. Furthermore, this program enabled us to uniquely identify 74% of sales in Mexico, allowing us to leverage advanced analytics for our promotional campaigns.
At Chedraui USA, our customer base continues to grow, primarily due to a mid-single-digit traffic increase at El Super and Fiesta Mart and a marginal increase at Smart & Final. It should be noted that the campaigns implemented at Smart & Final in the second half of the year aimed to increase customer traffic and sales.
CAPEX for fiscal year 2024 was $11,454 million, representing 4.1% of consolidated sales, and is 53.0% higher than in 2023, explained by the acceleration in organic growth in Mexico and the United States and the investment made in the Rancho Cucamonga distribution center in the United States, which will allow us to obtain improvements in the EBITDA margin of El Super and S&F of around 50 basis points by 2026.