Femsa reports Q4 revenue up 23% year over year

Daniel Rodriguez Cofre, CEO commented: "We closed the year on a high note, with our fourth quarter performance continuing the strong momentum seen throughout most of 2022. In particular, we note the continued strength of operating trends at OXXO Mexico, where traffic again grew by several percentage points and contributed to our double-digit same-store sales increase, that also reflected good growth from important categories linked to the Gathering consumer occasion, especially relevant during the holiday season. Beyond Mexico, Proximity continued to grow at a good pace in most markets, and we are reporting Valora’s results for the first time following its consolidation in early October. FEMSA Health again delivered stable results against a demanding comparison base while facing a challenging macroeconomic environment, particularly in Chile, while OXXO Gas had another strong quarter on the back of increased volume recovery and strong operating leverage. On the Digital front, we continued to add OXXO Premia and Spin by OXXO customers at a solid pace, even as we focus on generating engagement and measuring those users that are interacting with our platform on a recurring basis. We are also making progress launching our loyalty Coalition platform, where we recently announced an exciting partnership with Volaris, and we are working on much more to come. Coca-Cola FEMSA had a strong close to a year that saw them achieve a record set of results, driven by their excellent execution, and leveraging their enhanced cooperation framework with the Coca-Cola Company to invest and grow the business. Finally, Logistics and Distribution had a strong quarter that was partially overshadowed by one-time charges at Envoy Solutions. This strong close to 2022 positions us well to drive more growth in 2023, as we begin to execute the focused strategy laid out in our FEMSA Forward vision as presented last week. We look forward to an exciting year, and beyond."