Femsa reports Q1 revenue up 21.9% year over year

Daniel Rodriguez Cofre, 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."