FEMSA Announces First Quarter 2023 Results - FEMSA
Press Release

FEMSA Announces First Quarter 2023 Results



Monterrey, Mexico, April 28, 2023 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the first quarter of 2023.

  • FEMSA: Total Consolidated Revenues grew 21.9% against 1Q22.
  • FEMSA Retail: Proximity Americas total Revenues increased 21.9% against 1Q22.
  • DIGITAL: Spin by OXXO had 4.2 million active users while Spin Premia had 12.7 million active loyalty users and an average tender of 20.5%.
  • COCA-COLA FEMSA: Total volume grew 6.6% against 1Q22, driven by growth across all its geographies.

Daniel Rodríguez Cofré, FEMSA’s Chief Executive Officer, commented:

“During the first quarter, we were able to carry the momentum created by our FEMSA Forward announcement and follow up with a very compelling set of results, particularly driven by strong organic top-line growth at most of our operations. Within Retail, Proximity Americas increased revenues by almost 22 percent, driven by excellent same-store sales trends at OXXO reflecting strong traffic significantly outperforming the market. This strong double-digit revenue growth performance extended across formats and across markets, including Proximity Europe. Health revenues were stable, reflecting a challenging comparison base in Chile as well as currency headwinds. Of note, Fuel had another robust quarter of double-digit revenue growth. For its part, Coca-Cola FEMSA again had remarkable increases across its income statement, while Envoy Solutions delivered strong revenue growth driven by recent acquisitions. On the Digital side, we continued to add users at a rapid pace, with active users growing well above 200 percent year-over-year. Importantly, we just launched the transition of OXXO Premia into Spin Premia, our coalition loyalty program, as we make progress toward our ambition of an integrated ecosystem under the Spin brand umbrella.

On the balance sheet front, our leverage ratio is now within our stated target levels, putting us in a good position to allocate incremental capital according to the priorities stated in FEMSA Forward. We will keep you posted of any new developments.

I want to extend my heartfelt thanks to our hardworking team who contributed to these strong results. I am excited about the future of our Company, and we are certainly starting this year on a very positive note”.


Total revenues increased 21.9% in 1Q23 compared to 1Q22, driven by growth across our business units. On an organic basis, total revenues increased 12.4%.

Gross profit increased 23.0%. Gross margin expanded 30 basis points, reflecting the consolidation of Proximity Europe, as well as margin expansions at Coca-Cola FEMSA and FEMSA Health. This was partially offset by margin contractions at Proximity Americas and Envoy Solutions.

Income from operations increased 5.5%. On an organic basis, income from operations increased 3.3%. Consolidated operating margin decreased 110 basis points to 7.0% of total revenues, reflecting margin expansion at Coca-Cola FEMSA and Fuel, offset by margin contractions at Proximity Americas, Health, and Envoy Solutions, as well as the consolidation of Proximity Europe.

Our effective income tax rate was 30.4% in 1Q23 compared to 31.2% in 1Q22. Our income tax provision was Ps. 4,328 million in 1Q23. This does not include taxes related to FEMSA’s partial divestment of its Heineken investment.

Net consolidated income was Ps. 50,329 million, mainly driven by a Ps. 40,606 million gain from the accounting re-measurement from historical cost to fair value of FEMSA’s investment in Heineken, as well as the partial divestiture of this investment as part of the FEMSA Forward strategy announced on February 15, 2023, net of a Ps. 7,634 million tax payment linked to this transaction. Both gains are now presented as discontinued operations in our income statement. In addition, net consolidated income also reflects a Ps. 8,523 million non-cash financial product that mostly reflects the repurchase of US$ 1.7 billion2 of FEMSA’s outstanding debt at favorable price levels, also in connection with FEMSA Forward.

Net majority income was Ps. 13.44 per FEMSA Unit and US$7.44 per FEMSA ADS.

Capital expenditures amounted to Ps. 5,080 million, driven by ongoing investment activities across our business units.



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 though a Health Division, which includes drugstores and related activities and Digital@FEMSA, 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; and in the beer industry, as a shareholder of Heineken, one of the world’s leading brewers with operations in over 70 countries. FEMSA also participates in the logistics and distribution industry through its Strategic Business Unit, which additionally provides point-of-sale refrigeration and plastic solutions to its business units and third-party clients. Across its business units, FEMSA has more than 350,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.

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