By Anthony Harrup
MEXICO CITY--Mexican retail and beverages company Fomento Económico Mexicano boosted its net profit in the fourth quarter with higher sales and a foreign exchange gain due to a weaker peso.
Femsa, as the company is better known, posted a net profit of 10.96 billion Mexican pesos ($534.9 million) for the October-December period, up 78% from the year-earlier quarter. The depreciation of the peso led to a non-cash foreign exchange gain, and asset sales also contributed to the higher profit.
Revenue increased 13% to 208.31 billion pesos with growth in all business units and a benefit from peso depreciation. Earnings before interest, taxes, depreciation and amortization rose more than 25% to 34.57 billion pesos.
Sales at the Oxxo convenience store chain rose 13%, including gains from Femsa's recently added U.S. operation. Same-store sales for the unit rose 3.8%. The unit added 1,596 stores last year to end the quarter with 24,462 stores in Mexico, the U.S. and Latin America.
Sales in Europe rose 22%, helped by currency appreciation against the peso.
Drug store sales were 13% higher and service station sales rose 8%.
Beverages unit Coca-Cola Femsa reported 14% sales growth and a 25% rise in operating profit.
Femsa said it expects to meet its commitment to invest 50 billion Mexican pesos a year in 2025 and 2026, including 32 billion pesos in Mexico, and plans to increase dividends this year as well as pay extraordinary dividends.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
February 27, 2025 10:28 ET (15:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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