Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) has reported its financial and operational results for the first quarter of 2025. The company experienced an 11.1% increase in total consolidated revenues and a 4.9% rise in income from operations compared to the same period last year.
In its retail division, Proximity Americas saw a revenue growth of 6.8%, although income from operations decreased by 11.8%. The digital financial service Spin by OXXO reported an active user base of 8.9 million, reflecting a growth of 20.9%, while Spin Premia had 25.2 million active loyalty users, showing a growth of 15.9%.
Coca-Cola FEMSA's total revenues increased by 10%, with income from operations growing by 7.4%. José Antonio Fernandez Carbajal, FEMSA’s Chief Executive Officer, stated: "During the first quarter, we were able to navigate a challenging environment and calendar across several markets, particularly in Mexico." He noted that Coca-Cola FEMSA leveraged strong volume performance and currency benefits in South American markets to offset softer trends in Mexico.
The company anticipates recovery as the year progresses despite facing global macroeconomic uncertainty and higher expenses due to increased labor costs. Fernandez Carbajal expressed confidence in their strategy and team: "We remain cautiously optimistic and confident that we have a powerful and resilient business platform."
FEMSA's gross profit increased by 15.8%, with a gross margin rise of 160 basis points driven by margin expansions across various divisions except for Proximity Europe which saw contraction.
The effective income tax rate stood at 42.2% for the quarter, influenced by non-deductible tax losses from Spin and certain labor-related expenses.
Net consolidated income was Ps. 8,943 million, up from Ps. 5,794 million in the previous year’s first quarter, aided by foreign exchange gains and other financial incomes despite rising net interest expenses.
Capital expenditures rose to Ps. 8,788 million, mainly directed towards Coca-Cola FEMSA's production capacity expansion and new store openings within Proximity Americas.
Recent developments include FEMSA's Annual Shareholders’ Meeting on April 11 where financial statements for the year ended December 31, 2024 were approved along with board elections for committees in the upcoming year.
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