EarningsQ3 2024 Earnings Report

Organizacion Soriana SAB de CV (SORIANAB) Q3 2024 Earnings Report

0 Followers

Previous Report: Q2 2024

Next Report: Q4 2024

MX:SORIANAB Q3 2024 EPS Results

Actual EPS$0.30

Consensus EPS$0.49

Beat/MissMissed by -$0.19

One Year Ago EPS$0.54

MX:SORIANAB Q3 2024 Revenue Results

Actual Revenue$43.19B

Expected Revenue$44.65B

Beat/MissMissed by -$1.45B

YoY Revenue Growth+0.61%

Earnings Announcement Details

QuarterQ3 2024

Date10/25/2024

TimeBefore Open

Conference CallFriday, October 25, 2024

MX:SORIANAB Upcoming Earnings

Organizacion Soriana SAB de CV's next earnings date is estimated for April 23, 2027, based on past reporting schedules.

Q3 2024 Earnings Call Audio

MX:SORIANAB Q3 2024 Earnings Call

0:00 / 0:00

Q3 2024 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2024 Earnings Call Summary

Q3 2024

Earnings Call Date:Oct 25, 2024|

% Change Since:

Earnings Call Sentiment|Positive

The earnings call highlighted significant achievements in e-commerce growth, successful store expansions and remodels, and an improved gross profit margin. However, challenges included rising operating expenses and financial costs, with emerging signs of consumption pressure. Despite these challenges, the company's strategic initiatives are showing positive results.

Company Guidance

In the third quarter of 2024, Organización Soriana reported total sales of MXN 43.1 million, marking a 0.6% increase compared to the same period last year, while cumulative sales reached MXN 130 billion, reflecting a 2.7% rise. The company's gross profit for the quarter was MXN 10.5 billion, with a gross margin of 24.4%, up by 9.5% from the previous year due to improved supplier negotiations and cash management. Operating expenses totaled MXN 7.7 billion, representing 18.1% of sales and a 12% increase, largely driven by personnel costs and advertising. Despite a 26.6% rise in net financial costs, Soriana achieved a net income of MXN 538 million for the quarter. The digital business saw significant growth, with e-commerce sales at City Club increasing by 221%, and the real estate business experienced a 3% income boost alongside a rise in occupancy rates from 87% to 90%. Additionally, the partnership with Falabella resulted in a 5.4% sales increase in the home improvement sector and expansion of the credit card portfolio to over 813,000 active cards, contributing positively to customer loyalty and traffic.

Strong E-Commerce Growth

City Club showed a 221% increase in e-commerce sales, driven by an increase in both ticket size and traffic.

Improved Gross Profit Margin

Gross profit reached MXN 10.5 billion, representing a 24.4% margin with a 9.5% increase against last year, due to positive supplier negotiations and improved cash management.

Expansion and Remodeling Success

The company has opened 15 new stores and completed 17 major remodels, investing MXN 7.7 billion over the past 12 months, resulting in 25% to 40% sales increases in remodeled stores.

Real Estate Business Growth

Real estate income increased by 3% compared to the same quarter last year, with occupancy levels rising from 87% to 90%.

Sodimac Sales Increase

Sodimac, in the home improvement business, reported a 5.4% increase in sales, with plans to open new stores.

MX:SORIANAB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Apr 23, 2027	2027 (Q1)	- / -	0.468	―
Jul 24, 2026	2026 (Q2)	0.53 / 0.61	0.413	48.18% (+0.20)
Apr 24, 2026	2026 (Q1)	0.40 / 0.47	0.385	21.56% (+0.08)
Feb 20, 2026	2025 (Q4)	0.75 / 0.72	1.03	-29.81% (-0.31)
Oct 24, 2025	2025 (Q3)	0.24 / 0.33	0.298	9.73% (+0.03)
Jul 28, 2025	2025 (Q2)	0.41 / 0.41	0.425	-2.82% (-0.01)
Apr 30, 2025	2025 (Q1)	0.39 / 0.39	0.449	-14.25% (-0.06)
Feb 21, 2025	2024 (Q4)	0.90 / 1.03	1.21	-14.88% (-0.18)
Oct 25, 2024	2024 (Q3)	0.49 / 0.30	0.541	-44.92% (-0.24)
Jul 26, 2024	2024 (Q2)	0.58 / 0.42	0.45	-5.56% (-0.03)

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