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MEXICO CITY, Oct. 23, 2024 /PRNewswire/ -- Grupo Comercial Chedraui, S.A.B. de C.V. reports its 2024 third quarter results. All figures are shown in nominal terms and reported under International Financial Reporting Standards (IFRS).
3Q'24 Highlights:
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Same Store Sales (SSS) growth of 4.9% in Mexico exceeded the 3.0% reported by ANTAD. This is the seventeenth consecutive quarter our results exceeded ANTAD.
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Growth in SSS at Chedraui USA of 0.5% in U.S. dollars.
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During the quarter, the Rancho Cucamonga Distribution Center (RCDC), located in California, began operations.
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Consolidated EBITDA increased 3.5% compared to 3Q'23, and 11.1% when excluding transition cost and expenses incurred by opening RCDC.
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Consolidated EBITDA Margin: at 8.2%; by excluding the impact of RCDC, results were similar to 3Q'23.
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EBITDA Margin Retail Mexico at 9.1%, +17 bps vs. 3Q'23
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EBITDA Margin Chedraui USA at 7.0%, excluding RCDC impact it was 8.1%.
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Net debt to EBITDA ratio was 0.02x at the end of the third quarter of 2024.
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The ROE in 3Q'24 was 16.8%, without the effect of RCDC it was 18.1%.
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Growth Plan: Opening in 3Q'24 of 10 stores in Mexico and 1 in the U.S.
Antonio Chedraui, Grupo Comercial Chedraui's CEO, remarked:
The results of the third quarter of the year reflect the great commitment of our employees in providing our customers with the lowest prices, the best assortment per store and an optimal shopping experience.
In Mexico, thanks to the preference of our customers, we continued to gain market share, as our same-store sales grew above ANTAD's for the seventeenth consecutive quarter and exceeding ANTAD's growth by an average of 194 bps in the quarter.
Our loyalty program "Mi Chedraui" continues to be a fundamental in strengthening our value proposition to our customers. At the end of September 2024, we had 12.6 million customers, growing 6% compared to the same period in 2023. "Mi Chedraui" has allowed us to identify more than 74% of the sales made in our stores in Mexico, which is a record for the company.
At Chedraui USA, same-store sales maintained a positive trend, with 0.5% growth in U.S. dollars, driven by the favorable performance of El Super and Fiesta. At Smart & Final, we continue to carry out various initiatives to position ourselves as a primary store and recover a positive sales trend.
It is also important to note that, in July, Chedraui USA (CHUSA) began operations of our new Ranch Cucamonga Distribution Center (RCDC) located in Southern California. This new DC will replace five existing Southern California distribution centers, support growth in the medium and long term for El Super and Smart & Final and make our supply chain more efficient.