Monterrey, Mexico, February 26, 2015 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) announced today its operational and financial results for the fourth quarter and full year 2014.
Given current operating conditions in Venezuela, and in order to more accurately reflect the contribution of this operation to Coca-Cola FEMSA and FEMSA’s consolidated financial results, we are now using the previously denominated SICAD II exchange rate of 50 bolivars per US dollar to translate this operation’s fourth quarter and full year 2014 results into our reporting currency, the Mexican peso, compared to an exchange rate of 6.30 bolivars per US dollar used for the comparable quarter of 2013. Consequently, Venezuela’s contribution to our reported results adjusted importantly. Despite the difficult operating environment in Venezuela, Coca-Cola FEMSA remains committed to the market and will continue producing, selling and distributing the products that its Venezuelan consumers enjoy on a daily basis.
Fourth Quarter 2014 Highlights:
- FEMSA consolidated total revenues decreased 0.5% and income from operations grew 0.8% compared to the fourth quarter of 2013.
- Coca-Cola FEMSA total revenues decreased 8.5% and income from operations decreased by 3.6% compared to the fourth quarter of 2013.
- FEMSA Comercio total revenues grew 12.0% and income from operations increased 6.2%, each as compared to the fourth quarter of 2013, reflecting new store openings and 3.3% growth in same-store sales.
2014 Full Year Highlights:
- FEMSA consolidated total revenues increased 2.1% and income from operations grew 0.4% compared to 2013.
- Coca-Cola FEMSA total revenues decreased 5.6% and income from operations decreased 3.3% compared to 2013.
- FEMSA Comercio continued its pace of strong floor space growth by opening 1,132 net new stores in 2014. Same-store sales rose 2.7% and income from operations increased 9.8%, each as compared to 2013.
- Ordinary dividend of Ps. 7.350 billion proposed by FEMSA’s Board of Directors, to be paid in 2015 subject to approval at the annual shareholders meeting in March 2015.