FEMSA Announces First Quarter 2024 Results

MONTERREY, Mexico, April 26, 2024 (GLOBE NEWSWIRE) -- 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 2024.

• FEMSA: Total Consolidated Revenues grew 11.3% compared to 1Q23.
• FEMSA Retail¹: Proximity Americas total Revenues increased 15.1% versus 1Q23.
• DIGITAL: Spin by OXXO had 7.4 million active users² while Spin Premia had 21.7 million active loyalty users³ and an average tender³ of 35.1%.
• COCA-COLA FEMSA: Total volume and revenues grew 7.3% and 11.2%, respectively against 1Q23.

Financial Summary for the First Quarter 2024
Change vs. comparable period
	Total Revenues	Gross Profit	Income from Operations	Same-Store Sales
	1Q24	1Q24	1Q24	1Q24
FEMSA Consolidated	11.3%	10.9%	14.4%
Proximity Americas	15.1%	19.9%	11.5%	9.7%
Proximity Europe	8.2%	11.0%	175.0%	N.A.
Health	(2.3)%	(8.6%)	(40.0%)	(0.1%)
Fuel	13.9%	6.4%	1.4%	6.9%
Coca-Cola FEMSA	11.2%	11.7%	11.6%

José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, commented:

“Our first quarter results showed we are carrying the positive momentum from last year, into 2024. The majority of our operations, including the two that contribute most to our results, delivered excellent numbers across the board. Proximity achieved double-digit growth in top-line and operating income, driven by strong and balanced same-store sales growth, healthy new-store expansion, and good expense control. For its part, Coca-Cola FEMSA delivered a potent set of numbers across its own income statement, driven by strong volume and revenue growth in its major markets.