FEMSA Announces Fourth Quarter and Full Year 2022 Results

MONTERREY, Mexico, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter and full year of 2022. 

• FEMSA: Total Consolidated Revenues grew 23.0% against 4Q21.
• PROXIMITY: Total Revenues increased 17.1% against 4Q21.
• HEALTH: Same-store sales grew 8.3% against 4Q21 on a currency-neutral¹ basis.
• DIGITAL: Spin by OXXO reached 3.9 million active users² while OXXO Premia had 12.9 million active loyalty users³ and a 21.0% tender³.
• COCA-COLA FEMSA: Total volume grew 4.6% against 4Q21, driven by growth across all its geographies.

Financial Summary for the Fourth Quarter and Full Year 2022
Change vs. comparable period

Daniel Rodríguez Cofré, FEMSA’s Chief Executive Officer, commented:

“We closed the year on a high note, with our fourth quarter performance continuing the strong momentum seen throughout most of 2022. In particular, we note the continued strength of operating trends at OXXO Mexico, where traffic again grew by several percentage points and contributed to our double-digit same-store sales increase, that also reflected good growth from important categories linked to the Gathering consumer occasion, especially relevant during the holiday season. Beyond Mexico, Proximity continued to grow at a good pace in most markets, and we are reporting Valora’s results for the first time following its consolidation in early October. FEMSA Health again delivered stable results against a demanding comparison base while facing a challenging macroeconomic environment, particularly in Chile, while OXXO Gas had another strong quarter on the back of increased volume recovery and strong operating leverage.

On the Digital front, we continued to add OXXO Premia and Spin by OXXO customers at a solid pace, even as we focus on generating engagement and measuring those users that are interacting with our platform on a recurring basis. We are also making progress launching our loyalty Coalition platform, where we recently announced an exciting partnership with Volaris, and we are working on much more to come. Coca-Cola FEMSA had a strong close to a year that saw them achieve a record set of results, driven by their excellent execution, and leveraging their enhanced cooperation framework with the Coca-Cola Company to invest and grow the business. Finally, Logistics and Distribution had a strong quarter that was partially overshadowed by one-time charges at Envoy Solutions.

This strong close to 2022 positions us well to drive more growth in 2023, as we begin to execute the focused strategy laid out in our FEMSA Forward vision as presented last week. We look forward to an exciting year, and beyond.”

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¹ Calculated by translating comparable period figures at the foreign currency exchange rates used in the current period.
² Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.
   Active User for OXXO Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
³ Tender: MXN sales with OXXO Premia redemption or accrual / Total OXXO MXN Sales, during the period.

ABOUT FEMSA
FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Division operating OXXO, a small-format store chain, OXXO Gas, a chain of retail service stations, and Valora, an operator of convenience and foodvenience formats present in 5 countries in Europe. In the retail industry it also participates through a Health Division, which includes drugstores and related activities and Digital@FEMSA, which includes Spin by OXXO and OXXO Premia, among other loyalty and digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume; and in the beer industry, as the second largest shareholder of Heineken, one of the world’s leading brewers with operations in over 70 countries. FEMSA also participates in the logistics and distribution industry through its Strategic Business Unit, which additionally provides point-of-sale refrigeration and plastic solutions to its business units and third-party clients. Across its business units, FEMSA has more than 350,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.