- FEMSA consolidated total revenues increased 13.2% and income from operations grew 15.8% compared to the third quarter of 2013, reflecting growth at FEMSA Comercio and Coca-Cola FEMSA. On an organic basis1 total revenues
- Coca-Cola FEMSA total revenues increased 11.4% and income from operations increased 15.1% compared to the third quarter of 2013, reflecting the integration of Fluminense, and Spaipa combined with revenue growth in most markets.
- FEMSA Comercio achieved total revenues growth of 12.7% and income from operations growth of 17.6% compared to the third quarter of 2013, driven by 1,185 net new store openings in the last twelve months and 3.1% growth in same-store sales.
Monterrey, Mexico, October 28, 2014 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) announced today its operational and financial results for the third quarter of 2014.
Carlos Salazar Lomelín, FEMSA CEO, commented: “During the third quarter, we saw improving trends in certain operations and certain geographies, but there remain some headwinds ahead of us in the short term. We are encouraged, for example, by the moderate improvement in comparable sales at FEMSA Comercio, but they are still below the growth levels that we aspire to generate. Volume performance at Coca-Cola FEMSA Mexico was strong in the face of significant tax-driven price increases carried out earlier in the year, but it belies the general softness still present in the Mexican consumer environment. And we continue to face challenging demand dynamics in some markets like Brazil.
Having said that, as we approach the end of the year, we are optimistic that the favorable macro data that we are seeing in Mexico will eventually make its way to the pocket of our consumers, and that once we turn the page on 2014, we will cycle the pressures brought about by incremental taxation. And together with the hard work and continued excellent execution delivered daily by our more than 200,000 colleagues across the 10 countries where we operate, we have every confidence that we are moving in the right direction.”
October 28, 2014 4 CONFERENCE CALL INFORMATION:
Our Third Quarter of 2014 Conference Call will be held on: Tuesday, October 28, 2014, 12:00 PM Eastern Time (10:00 AM Mexico City Time). To participate in the conference call, please dial: Domestic US: (888) 481-2877; International: (719) 325-2484; Conference ID: 9266507. The conference call will be webcast live through streaming audio. For details please visit www.femsa.com/investor.
If you are unable to participate live, the conference call audio will be available on http://ir.FEMSA.com/results.cfm.