SOURCE: FEMSA Servicios SA de CV

FEMSA Servicios SA de CV

May 02, 2012 09:05 ET

FEMSA Delivers Solid Start to 2012

MONTERREY, MEXICO--(Marketwire - May 2, 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 first quarter of 2012 under International Financial Reporting Standards (IFRS).

First Quarter 2012 Highlights:

  • FEMSA consolidated total revenues and income from operations grew 25.2% and 14.4%, respectively, compared to the first quarter of 2011, reflecting solid results at Coca-Cola FEMSA and FEMSA Comercio. On an organic basis total revenues and income from operations grew 20.3% and 10.1% respectively.

  • Coca-Cola FEMSA total revenues and income from operations increased 29.7% and 13.0%, respectively, compared to the first quarter of 2011. On an organic basis total revenues and income from operations grew 21.6% and 7.9% respectively.

  • FEMSA Comercio achieved total revenues growth of 18.1% and income from operations growth of 27.4%, compared to the first quarter of 2011, driven by new store openings and 8.0% growth in same-store sales.

José Antonio Fernández Carbajal, Chairman and CEO of FEMSA, commented: "We started the year with a good amount of momentum carrying over from last year. FEMSA Comercio continued on a path of robust growth particularly in like-for-like sales, with solid profitability, as we continued to make progress in our understanding of consumer needs. Coca-Cola FEMSA, for its part, delivered strong top line growth tempered by some raw material pressure, as well as the front-loaded costs and expenses related to the integration of the new territories in Mexico and the pursuit of synergies. On that subject, we are encouraged by our initial progress and by the upside bias that we see in the synergy potential."

This year, as usual, will not be without its share of challenges, but also, its share of opportunities. We welcome you aboard for the ride."

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 non-alcoholic beverage industry through Coca-Cola FEMSA, the largest independent bottler of Coca-Cola products in the world in terms of sales volume; in the retail industry through FEMSA Comercio, operating the largest and fastest-growing chain of convenience 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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