MEXICO
CITY, April 23, 2024 /PRNewswire/ -- Grupo
Comercial Chedraui, S.A.B. de C.V. reports its 2024 first quarter
results. All figures are shown in nominal terms and reported under
International Financial Reporting Standards (IFRS).
1Q'24 Highlights:
- Growth of 9.4% in Same-Store Sales (SSS) in Mexico, exceeding the 7.6% recorded by
ANTAD.
- 5.7% growth in consolidated EBITDA
- Consolidated EBITDA margin increase: +43 bps to 8.8%
- +45 bps in Retail Mexico to 8.7%
- +38 bps in Retail US to 8.4%
- 23.8% increase in consolidated Net Income
- ROE of 18.8%, an 88-bps improvement compared to
1Q'23
- Net debt (cash) to EBITDA at -0.10x
Antonio Chedraui, Grupo
Comercial Chedraui's CEO, remarked:
We are pleased to announce to our investor community and
stakeholders that our first-quarter results maintained a positive
trend, which reflect our employees' ongoing dedication to providing
our customers the products they desire at the best possible prices
and with exceptional service.
In Mexico, we continue to
gain market share. For the fifteenth consecutive quarter, Chedraui
outperformed ANTAD, with an average positive spread of 176 bps for
the first quarter.
A significant driver of our positive results in Mexico is our popular and successful
"Mi Chedraui" loyalty program, which
has seen significant growth to 12.6 million registered customers,
marking a 20% increase from 2023. The program allows us to identify
more than 70% of the sales made in our stores in Mexico.
I am also pleased to announce that in January we were
recognized by PROFECO, the Mexican Federal Consumer Protection
Agency, for having the lowest average price for the basic products
basket in Q4 of 2023, which confirms that we have the best prices
in the market.
At Chedraui USA, we saw
better-than-expected results at El Super and Fiesta. Our continued
focus of offering a broad assortment of perishable products at very
competitive prices, as well as our successful store remodeling
programs, has allowed us to increase the number of customers who
shop with us. At Smart & Final, we continue to work on
strategies that position us as a primary store for our customers,
which will allow us to strengthen our results in the following
quarters.
Consolidated EBITDA for the first quarter rose by 5.7%,
despite increased labor costs in Mexico and the U.S. This impact was offset by
improved operating leverage and the continued realization of
operational efficiencies. As a result, the margin on sales reached
8.8% in the quarter, representing a 43 basis point expansion
compared to Q1 of 2023.
The company's cash flow generation led us to close the first
quarter of 2024 with net cash of 2,424
million pesos and a net debt (cash) to EBITDA ratio of
-0.10x. Similarly, our profitability continued to improve with an
ROE of 18.8%, 88 bps higher than in Q1 of 2023.
To access the full document, please click here.
Conference Call Information
Date
Wednesday, April
24th, 2024
11:00 am (EST)
9:00 am (Mexico City CT)
Conference Call
Operator-assisted US
toll-free dial-in number: +1 877 407 3982
Operator-assisted Mexico toll-free
dial-in number: 01 800 522 0034
Operator-assisted international toll free: +1 201 493 6780
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SOURCE Grupo Comercial Chedraui, S.A.B. de C.V.