Grupo Comercial Chedraui SAB de CV (2GCB) Q3 2026 Earnings Report
DE:2GCB Q3 2026 EPS Results
- Actual EPS
- EUR 0.08
- Consensus EPS
- EUR 0.08
- Beat/Miss
- Missed by -EUR 0.00
- One Year Ago EPS
- EUR 0.08
DE:2GCB Q3 2026 Revenue Results
- Actual Revenue
- EUR 3.34B
- Expected Revenue
- EUR 3.34B
- Beat/Miss
- Beat by +EUR 3.40M
- YoY Revenue Growth
- -1.97%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
DE:2GCB Upcoming Earnings
Grupo Comercial Chedraui SAB de CV's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:2GCB Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was cautiously positive. The company delivered higher consolidated and U.S. EBITDA margins, strong gross margin expansion, continued store growth, improved cash metrics, debt reduction, and positive Smart & Final momentum. These strengths were partly offset by declining consolidated sales and net income, weak Mexico consumption trends led by the Southeast region, negative same-store sales at El Super and Fiesta, ongoing U.S. consumer pressures, and uncertainty around Mexican tax reform.
Company Guidance
Management said that in the medium and long term, Chedraui USA’s operations and profitability will continue to improve as it optimizes RCDC operations and maintains disciplined expense control; in Mexico, it expects the slowdown in consumption will continue, but “it will always cycle,” and said the base acquired this year is expected to benefit next year, with “no reason why we should expect any decrease in our margins and profitability for next year.” October showed “no change” on the consumption side, while Supercito continues to grow same-store sales “above mid-single digit”; management also said it is hoping there are no additional SNAP cuts, remains focused on the annual investment plan, and is still analyzing the tax reform, with no confirmed estimate of its effect for next year.
- Consolidated EBITDA Margin ExpansionConsolidated EBITDA margin increased by 14 basis points to 8.7%, supported by disciplined cost management, ongoing efficiency initiatives, cost efficiencies from the Rancho Cucamonga distribution center, and improved cost of goods sold.
- Gross Margin ImprovementConsolidated gross profit rose 0.2%, while gross margin expanded by 53 basis points to 25.1%, mainly due to distribution efficiencies at Chedraui USA's Rancho Cucamonga distribution center and improved promotion and inventory management in Mexico.
- Mexico Regional OutperformanceChedraui Mexico's same-store sales performance exceeded the ANTAD self-service segment in five of the seven regions where the company operates: Center, Metropolitan, Southeast, Southwest, and North.
- Mexico Sales and EBITDA GrowthDespite continued weakness in consumption trends, Mexico total sales increased 4.6% and EBITDA grew 4.1% year over year, supported by a 4.7% expansion in sales floor area. Mexico EBITDA margin was 9.8%, with strict expense control, promotional management, and inventory management helping offset higher labor costs.
- Supercito Continued Strong PerformanceSupercito same-store sales continued to grow above mid-single digit, driven by higher customer traffic, a broad product base, and competitive pricing. Management described Supercito as the fastest-growing format, with high sales per square meter and high returns supported by its low investment requirements.
- Supercito Expansion StrategyThe company plans to continue focusing Supercito expansion on the metropolitan area of Mexico City, while also expanding into Guadalajara. Existing operations in Xalapa and Veracruz are generating the best returns at present, although those markets have more limited room for future growth.
- E-Commerce Penetration IncreasedMexico e-commerce sales as a percentage of sales increased by 57 basis points to 4.4% in the third quarter, supported by improved sales through company-owned channels and third-party platforms including Rappi Turbo, Rappi, Uber Eats, and DiDi.
- Chedraui USA EBITDA Margin ImprovementChedraui USA EBITDA margin increased by 18 basis points year over year to 7.5%, driven by ongoing expense control, operational efficiencies from the Rancho Cucamonga distribution center, and improved cost of goods sold.
- Smart & Final Sales Turned PositiveSmart & Final same-store sales increased 0.1% in dollar terms, with average ticket up 0.7% despite customer count declining 0.5%. Management said improvements in sales trends continued and that strategic initiatives targeting business customers generated larger basket sizes and increased traffic.
- Smart & Final Margin ExpansionSmart & Final EBITDA margin improved by 55 basis points to 7.1%, supported by Rancho Cucamonga distribution center efficiencies and improved supplier negotiations.
- Distribution and Procurement EfficienciesRancho Cucamonga savings came from consolidating warehouse operations and optimizing transportation routes. El Super also consolidated and self-distributed categories previously purchased from a wholesaler, while Smart & Final benefited from greater scale in consolidated purchasing.
- Long-Term Net Income and ROE ProgressConsolidated net income achieved a 12.7% compounded annual growth rate over the last five years. Return on equity increased by 99 basis points in the third quarter of 2026 compared with the third quarter of 2021, despite the previously cited effects of Rancho Cucamonga costs, non-recurring items, and U.S. immigration enforcement.
- Continued Organic Store ExpansionThe company opened two stores in the United States and 27 stores in Mexico during the quarter. Consolidated sales floor expansion over the last 12 months was 3.5%, while Chedraui Mexico sales floor area grew 4.7%.
- Strong Cash Position and Debt ReductionAs of September 30, 2026, the company had a net cash position of MXN 3,197 million, and its net cash-to-EBITDA ratio improved to -0.13 times from -0.03 times in the same period of the prior year. Chedraui USA paid down more than $127 million of debt over the last 12 months.
- Investment Program Remained on TrackCapital expenditures totaled MXN 7,285 million during the first nine months of 2026, equal to 3.4% of consolidated sales and in line with the annual investment plan and strategic priorities. CapEx increased 24.3% compared with the third quarter of 2025.
- El Super and Fiesta Maintained Solid MarginsThe combined El Super and Fiesta EBITDA margin reached 7.9% in the third quarter, which management described as a healthy level despite the challenging environment.
- Confidence in Future Efficiency and ProfitabilityManagement said it was prepared for the upcoming reduction in the workweek and believed the operating base established in 2026 would benefit the following year. Management stated that it currently saw no reason to expect a decrease in margins and profitability next year.
- Strategic M&A DisciplineManagement said it remains disciplined in its approach to M&A while continuing to look for opportunities in an environment where there are winners and losers.
DE:2GCB Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 23, 2027 | 2026 (Q4) | 0.08- | 0.09 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 0.080.08 | 0.08 | -3.21% (-0.00) | |
| Jul 22, 2026 | 2026 (Q2) | 0.090.09 | 0.1 | -11.06% (-0.01) | |
| Apr 22, 2026 | 2026 (Q1) | 0.080.08 | 0.08 | 0.62% (+0.00) | |
| Feb 25, 2026 | 2025 (Q4) | 0.080.09 | 0.07 | 34.03% (+0.02) | |
| Oct 22, 2025 | 2025 (Q3) | 0.090.08 | 0.07 | 11.26% (+0.01) | |
| Jul 28, 2025 | 2025 (Q2) | 0.090.10 | 0.1 | 2.51% (+0.00) | |
| Apr 30, 2025 | 2025 (Q1) | 0.090.08 | 0.09 | -19.10% (-0.02) | |
| Feb 19, 2025 | 2024 (Q4) | 0.110.07 | 0.12 | -42.40% (-0.05) | |
| Oct 23, 2024 | 2024 (Q3) | 0.100.07 | 0.09 | -22.56% (-0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed