Prne
July 27th, 2009
MONTERREY, Mexico -
Fomento Economico Mexicano, S.A.B. de C.V. (”FEMSA”) announced today its operational and financial results for the second quarter of 2009.
Second Quarter 2009 Highlights: - Consolidated total revenues and income from operations grew 18.8% and 16.1%, respectively, compared to the second quarter 2008. - In spite of an extremely challenging economic environment, FEMSA again delivered a quarter of strong growth in revenues and income from operations, driven mainly by double-digit performance at Coca-Cola FEMSA and FEMSA Comercio. - Net Majority Income for the second quarter was stable relative to the same period in 2008, however for the first half of 2009 Net Majority Income contracted by 14.2%. - Coca-Cola FEMSA total revenues and income from operations increased 30.4% and 16.0%, respectively. - Driven by double-digit growth in income from operations in its Latincentro and Mercosur divisions, combined with a more modest increase in its Mexico division. - FEMSA Cerveza total revenues increased 6.7%, while income from operations decreased slightly by 0.7%. - Sales volume in Mexico decreased 5.9% and 8.4% in Brazil, but strong pricing in both markets compensated for the soft volume trends resulting in revenue growth of 3.2% and 0.5%, respectively. Export sales volume grew 2.4%, despite a sustained decline in the US import category. - Top-line growth combined with operating expense containment partially offset raw material pressures, resulting in a slight decrease of 0.7% in income from operations. - FEMSA Comercio continued its pace of strong growth and margin expansion. - Income from operations increased by 40.9% resulting in an operating margin expansion of 150 basis points compared to the second quarter of 2008, to reach 8.0%.
Jose Antonio Fernandez, Chairman and CEO of FEMSA, commented: “During the second quarter we were able to extend the performance trends set during the first quarter, as some of our international results managed to offset the more complex environment experienced in our Mexico beverage operations, and FEMSA Comercio had another strong quarter. However, our net income for the first semester was still well into negative territory, in spite of the healthier dynamics of our operations outside of Mexico. And so, while there are encouraging signs for a mild recovery in the coming months, we remain cautious of the risks that lie ahead as we continue to execute on our strategy.”
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 the leading beverage company in Latin America. It controls an integrated beverage platform that comprises Coca-Cola FEMSA, the largest Coca-Cola bottler in the region; FEMSA Cerveza, one of the leading brewers in Mexico, with presence in Brazil, and an important beer exporter to the United States and other countries; and Oxxo, the largest and fastest growing convenience store chain in Mexico with over 6,800 stores.
Source: Fomento Economico Mexicano, S.A.B. de C.V.
Investor Relations of Fomento Economico Mexicano, S.A.B. de C.V.: +52-818-328-6167, investor at femsa.com.mx; or Media contact of Fomento Economico Mexicano, S.A.B. de C.V.: +52-818-328-6046, comunicacion at femsa.com
Filed under Banking and Financial Services, Consumer Products, Earnings, Food / Beverages, Investors | Tags: england, Fomento Economico Mexicano, mexico, Monterrey, S.A.B. de C.V. | Comment Below
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("FEMSA" or the "Company") held its Annual Ordinary General Shareholders
Meeting today, during which shareholders approved, as required under Mexican
securities law, the Company's annual report for 2008 presented by the Board
of Directors, the Company's consolidated financial statements for the year
ended December 31, 2008, the declaration of dividends corresponding to fiscal
year 2008 and the composition of the Board of Directors and Committees for
2009.
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