SOURCE: FEMSA Servicios SA de CV

FEMSA Servicios SA de CV

October 25, 2012 09:05 ET

FEMSA Accelerates Double-Digit Operating Income Growth in 3Q12

MONTERREY, MEXICO--(Marketwire - Oct 25, 2012) - Fomento Económico Mexicano, S.A.B. de C.V.  ("FEMSA") (NYSE: FMX) (BMV: FEMSAUBD) (BMV: FEMSAUB) announced today its operational and financial results for the third quarter of 2012 under International Financial Reporting Standards ("IFRS").

Third Quarter 2012 Highlights:

  • FEMSA consolidated total revenues and income from operations grew 18.1% and 24.4%, respectively, compared to the third quarter of 2011, reflecting growth at Coca-Cola FEMSA and FEMSA Comercio. On an organic basis total revenues and income from operations grew 11.7% and 18.1%, respectively.

  • Coca-Cola FEMSA total revenues and income from operations increased 20.3% and 26.6%, respectively, compared to the third quarter of 2011.  On an organic basis total revenues and income from operations grew 9.6% and 18.0%, respectively.

  • FEMSA Comercio achieved total revenues growth of 16.0% and income from operations growth of 24.3%, compared to the third quarter of 2011, driven by new store openings and 7.6% growth in same-store sales.

José Antonio Fernández Carbajal, Chairman and CEO of FEMSA, commented: "During the third quarter, we saw the performance trends for our two core operations converging in the best possible way. While Coca-Cola FEMSA experienced some margin pressure earlier in the year, in Q3 they were able to capitalize on stable volumes, solid pricing, and improving raw materials and foreign exchange dynamics that led them to achieve double-digit operating income growth. For its part, FEMSA Comercio maintained its brisk pace and grew operating income more than 24% on the back of consistent, balanced same-store sales growth and an ever-improving level of execution.

In terms of more strategic developments, we have made good progress in our analysis of the opportunity we face in the Philippines, and the process continues to move in the right direction.

And so, we are once more in the final stretch of a year that has brought us a combination of opportunities and challenges, and we are excited to approach the final couple of months of 2012 with strong momentum across our business units and across our markets."

To obtain the full text of this earnings release, please visit our Investor Relations website at www.femsa.com/investor under the Financial Reports section

This report may contain certain forward-looking statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statements reflect management's expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.

FEMSA is a leading company that participates in the beverage industry through Coca-Cola FEMSA, the largest bottler of Coca-Cola products in the world; in the retail industry through FEMSA Comercio, operating OXXO, the largest and fastest-growing chain of stores in Latin America, and in the beer industry, through its ownership of the second largest equity stake in Heineken, one of the world's leading brewers with operations in over 70 countries.

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