Scale in Mexican Beverage and Retail Market Has Helped Femsa Defend Its Competitive Edge
Narrow-moat Femsa had a solid start to the year, with strength in the Proximity division (36% of sales) driving 5.6% comparable revenue growth and 70 basis points of gross margin expansion (to roughly 37%) on a consolidated basis. Within the Proximity division, organic sales were up nearly 9%, including an 8% increase in OXXO store count over the prior-year period and 3.2% lift in same-store sales (on approximately 1% store traffic growth). We expect store growth to average around 7% over the ne...
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