MEXICO CITY, July 24, 2024 /PRNewswire/ — Grupo Comercial Chedraui, S.A.B. de C.V. reports its 2024 second quarter results. All figures are shown in nominal terms and reported under International Financial Reporting Standards (IFRS).
2Q’24 Highlights:
- Growth of 5.5% in Same-Store Sales (SSS) in Mexico, exceeding the 3.5% recorded by ANTAD.
- Chedraui USA SSS growth of 1.4% in U.S. dollars.
- 5.5% growth in consolidated EBITDA
- Consolidated EBITDA margin increased: +9 basis points to 9.1%
- +23 basis points in Retail Mexico to 8.7%
- Retail U.S. was flat at 8.9%.
- Consolidated Net Income growth of 8.3%.
- ROE of 18.5% with a 43-bps improvement compared to 2Q’23
- Net debt (cash) to EBITDA at -0.02x
- Organic Growth: In 2Q’24 we opened 12 stores in Mexico and 3 in the U.S.
Antonio Chedraui, Grupo Comercial Chedraui’s CEO, remarked:
I am pleased to share with you the results for the second quarter of the year, which reflect the commitment and effort of our employees to execute our strategy of having the lowest price, the best assortment, and an exceptional shopping experience.
For the sixteenth consecutive quarter and due to the preference of our customers, we continued to gain market share. Our same-store sales in Mexico outpaced ANTAD’s growth with an average spread in the quarter of 202 basis points.
Our loyalty program “Mi Chedraui” has been a fundamental element in strengthening the value offered to our customers. At the end of June 2024, we had 12.5 million registered customers (with name information), growing 12.8% compared to the same period in 2023. We are pleased to report that 71% of the sales in Mexico were made by customers enrolled in “Mi Chedraui“.
At the end of May, we started with our summer campaign “ Por Ti, Cuesta Menos el verano Chedraui “, an initiative that we carried out for the third consecutive year and through which we offer our customers a wide variety of promotions on their preferred products.
Chedraui USA same-store sales resumed their positive trend, with growth of 1.4% in dollars, driven by the favorable performance of El Super and Fiesta Mart. At Smart & Final, we continue to carry out various initiatives to position ourselves as a primary store for our customers, which is starting to be reflected in a better sales trend.
During the quarter we concluded the process of preparing and publishing our 2023 Integrated Annual Report. It is important to mention, that the content of the report was strengthened, aligning it with the relevant topics for our stakeholders in Environmental, Social and Governance matters of the company. This can be consulted on our investors’ web page.
Finally, I would like to reiterate our commitment to continually improving profitability, shown in the 43- basis point improvement of our Return on Equity (ROE) to 18.5% in this second quarter compared to 2Q’23.
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Conference Call Information
Date
Thursday, July 25th, 2024
11:00 am (EST)
9:00 am (Mexico City CT)
Conference Call
Operator-assisted US toll-free dial-in number: +1 877 407 3982
Operator-assisted Mexico toll-free dial-in number: 01 800 522 0034
Operator-assisted international toll free: +1 201 493 6780
https://callme.viavid.com/viavid/?callme=true&passcode=13731734&h=true&info=company&r=true&B=6
Webcast (link has changed, please use updated version)
Grupo Comercial Chedraui SAB de CV Q2’24 Conference Call – 1679674
SOURCE Grupo Comercial Chedraui, S.A.B. de C.V.
