December 9, 1998



Eugenio Garza Laguera
Fomento Economico Mex-SP ADR
General Anaya 601 Poniente
Col. Bella Vista
Apartado Postal 2001
Monterrey, NL 64410



RE:    Amended Schedule 13G


Enclosed pursuant to Rule 13d-2(b) under the Securities  Exchange Act of 1934 is
a report on Schedule 13G reporting  beneficial ownership at November 30, 1998 by
American Express Company,  American Express Financial Corporation,  and IDS Life
International Equity Fund in Common Stock of Fomento Economico Mex-SP ADR.


Sincerely,



Steve Turbenson
Director - External Reports and Tax




Enclosure









                SECURITIES AND EXCHANGE COMMISSION

                      Washington, D. C. 20549

                           SCHEDULE 13G


           Under the Securities and Exchange Act of 1934



                     Fomento Economico Mex-SP ADR
- -------------------------------------------------------------------
                         (Name of Issuer)

                           Amendment #1

                           Common Stock
- -------------------------------------------------------------------
                  (Title of Class of Securities)



                            344419-10-6
- -------------------------------------------------------------------
                          (CUSIP Number)






The  information  required in the remainder of this cover page (except any items
to which the form provides a cross-reference)  shall not be deemed to be "filed"
for the purpose of Section 18 of the Securities  Exchange Act of 1934 ("Act") or
otherwise  subject to the  liabilities  of that  section of the Act but shall be
subject to all other provisions of the Act.












                       CUSIP NO. 344419-10-6


1)  Name of Reporting Person          American Express Company

    S.S. or I.R.S. Identification     IRS No. 13-4922250
    No. of Above Person

- -------------------------------------------------------------------

2)  Check the Appropriate Box             (a)            
    if a Member of a Group                (b) X - Joint Filing 

- -------------------------------------------------------------------

3)  SEC Use Only

- -------------------------------------------------------------------

4)  Citizenship or Place of Organization       New York

 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    (5)Sole Voting Power                 -0-       
    (6)Shared Voting Power               -0-            
    (7)Sole Dispositive Power            -0-       
    (8)Shared Dispositive Power           600,400   

- -------------------------------------------------------------------

9)  Aggregate Amount Beneficially
    Owned by Each Reporting Person        600,400

- -------------------------------------------------------------------

10) Check if the Aggregate Amount in
    Row (9) Excludes Certain Shares       Not Applicable

- -------------------------------------------------------------------

11) Percent of Class Represented by
    Amount In Row (9)                     15.2%

- -------------------------------------------------------------------

12) Type of Reporting Person              CO, HC

- -------------------------------------------------------------------








                       CUSIP NO. 344419-10-6


1)  Name of Reporting Person          American Express Financial Corporation

    S.S. or I.R.S. Identification     IRS No. 13-3180631
    No. of Above Person

- -------------------------------------------------------------------

2)  Check the Appropriate Box             (a)            
    if a Member of a Group                (b) X - Joint Filing 

- -------------------------------------------------------------------

3)  SEC Use Only

- -------------------------------------------------------------------

4)  Citizenship or Place of Organization            Delaware

 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    (5)Sole Voting Power                 -0-       
    (6)Shared Voting Power               -0-                     
    (7)Sole Dispositive Power            -0-       
    (8)Shared Dispositive Power           600,400                 
- -------------------------------------------------------------------

- -------------------------------------------------------------------

9)  Aggregate Amount Beneficially
    Owned by Each Reporting Person        600,400

- -------------------------------------------------------------------

10) Check if the Aggregate Amount in
    Row (9) Excludes Certain Shares       Not Applicable

- -------------------------------------------------------------------

11) Percent of Class Represented by
    Amount In Row (9)                     15.2%

- -------------------------------------------------------------------

12) Type of Reporting Person              CO, IA

- -------------------------------------------------------------------








                       CUSIP NO. 344419-10-6


1)  Name of Reporting Person          IDS Life International Equity Fund

    S.S. or I.R.S. Identification     IRS No. 41-1711908
    No. of Above Person

- -------------------------------------------------------------------

2)  Check the Appropriate Box             (a)            
    if a Member of a Group                (b) X - Joint Filing 

- -------------------------------------------------------------------

3)  SEC Use Only

- -------------------------------------------------------------------

4)  Citizenship or Place of Organization            Delaware

 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    (5)Sole Voting Power                  245,000   
    (6)Shared Voting Power               -0-       
    (7)Sole Dispositive Power            -0-       
    (8)Shared Dispositive Power           245,000                 
- -------------------------------------------------------------------

- -------------------------------------------------------------------

9)  Aggregate Amount Beneficially
    Owned by Each Reporting Person        245,000

- -------------------------------------------------------------------

10) Check if the Aggregate Amount in
    Row (9) Excludes Certain Shares       Not Applicable

- -------------------------------------------------------------------

11) Percent of Class Represented by
    Amount In Row (9)                     6.2%

- -------------------------------------------------------------------

12) Type of Reporting Person              CO, IC

- -------------------------------------------------------------------






1(a)   Name of Issuer:                        Fomento Economico Mex-SP ADR

1(b)   Address of Issuer's Principal          General Anaya 601 Poniente
       Executive Offices:                     Col. Bella Vista
                                              Apartado Postal 2001
                                              Monterrey, NL 64410

2(a)  Name of Person Filing:                  American Express Company
                                              American Express Financial
                                              Corporation
                                              IDS Life International Equity Fund


2(b) Address of Principal Business
     Office:                                  American Express Company
                                              American Express Tower
                                              200 Vesey Street
                                              New York, NY  10285

                                              American Express Financial
                                              Corporation
                                              IDS Tower 10
                                              Minneapolis, MN 55440

                                              IDS Life International Equity Fund
                                              IDS Tower 10
                                              Minneapolis, MN 55440


2(c) Citizenship:                             See Item 4 of Cover Page

2(d) Title of Class of Securities:            Common Stock

2(e) Cusip Number:                            344419-10-6

3    Information if statement is filed pursuant to Rules 13d-1(b) or 13d-2(b):
         American Express Company, one of the persons filing this statement, is
         a Parent Holding Company in accordance with Rule 13d-1(b)(ii)(G).

         American Express Financial Corporation,  one of the persons filing this
         statement, is an Investment Advisor registered under section 203 of the
         Investment Advisors Act of 1940.

4(a)  Amount Beneficially Owned as of November 30, 1998:   See Item 9 of Cover 
      Pages

4(b)  Percent of Class:    See Item 11 of Cover Pages

4(c)  Number of Shares as to which such person has:
       (i)  Sole power to vote or to direct the vote:  See Item 5 of Cover Pages
       (ii) Shared power to vote or direct the vote:   See Item 6 of Cover Pages
       (iii)Sole power to dispose or to direct the disposition of:   See Item 7
            of Cover Pages
       (iv) Shared power to dispose or to direct the disposition of:  See Item 8
            of Cover Pages





5      Ownership of 5% or Less of a Class:  If this  statement is being filed to
       report the fact as of the date hereof the reporting  person has ceased to
       be the  beneficial  owner  of more  than  five  percent  of the  class of
       securities, check the following ( ).

6      Ownership of more than 5% on Behalf of Another Person:

                              Not Applicable

7      Identification and Classification of the Subsidiary Which Acquired the
       Security Being Reported on by the Parent Holding Company:

                              See Exhibit I

8      Identification and Classification of Members of the Group:

                              Not Applicable

9      Notice of Dissolution of Group:

                              Not Applicable

10     Certification:

          By  signing  below I certify  that,  to the best of my  knowledge  and
      belief,  the  securities  referred to above were  acquired in the ordinary
      course of  business  and were not  acquired  for the purpose of and do not
      have the effect of  changing or  influencing  the control of the issuer of
      such  securities  and  were  not  acquired  in  connection  with  or  as a
      participant in any transaction having such purposes or effect.

          After reasonable inquiry and to the best of my knowledge and belief, I
      certify that the information set forth in this statement is true, complete
      and correct.
                                    American Express Financial Corporation

Dated: November 30, 1998                  By                                  
                                    Signature


                                      Steve Turbenson
                                      Director - External Reports 
                                      and Tax
                                      Name/Title

                                      Telephone: (612)  671-2059






                           Exhibit Index


Exhibit I     Identification and Classification of the Subsidiary which
              Acquired the Security Being Reported on by the Parent Holding
              Company.

Exhibit II    Statement of American Express Company

Exhibit III   Statement of American Express Financial Corporation

Exhibit IV    Statement of IDS Life International Equity Fund






                             Exhibit I

                                to

                           Schedule 13G

    One of the persons filing this statement is a parent  holding  company.  The
relevant  subsidiary,   American  Express  Financial  Corporation,   a  Delaware
Corporation,  is  registered  as  investment  advisor  under  section 203 of the
Investment  Advisors Act of 1940. IDS Life  International  Equity Fund and Total
Return  Portfolio,  both  Minnesota  Corporations,  are registered as investment
companies under section 8 of the Investment  Company Act. IDS Life International
Equity Fund is advised by American Express Financial Corp.





                            EXHIBIT II

                                to

                          SCHEDULE 13G

                            under the

                 Securities Exchange Act of 1934

American Express Company,  American Express Tower,  World Financial Center,  New
York, New York disclaims  beneficial  ownership of the securities referred to in
the  Schedule  13G to which  this  exhibit is  attached,  and the filing of this
Schedule  13G shall not be  construed  as an  admission  that  American  Express
Company is, for the purpose of Section 13(d) or 13(g) of the Securities Exchange
Act of 1934,  the beneficial  owner of any  securities  covered by this Schedule
13G.

Pursuant to Rule 13d-1(f) (1) and subject to the preceding disclaimer,  American
Express  Company  affirms it is  individually  eligible to use  Schedule 13G and
agrees that this Schedule is filed on its behalf,  and authorizes the President,
any Vice President,  the comptroller,  the Secretary,  the General Counsel,  any
Associate General Counsel or any Counsel, each with power to act singly, of each
subsidiary of American Express Company making this filing to sign this statement
on behalf of American Express Company.


                            AMERICAN EXPRESS COMPANY



                              By:____________________________
                              Name:       Stephen P. Norman
                              Title:      Secretary





                            Exhibit III

                                to

                           Schedule 13G

                             Under the

                  Securities Exchange Act of 1934


    Pursuant to Rule 13d-1(f)(1), American Express Financial Corporation affirms
that it is  individually  eligible  to use  Schedule  13G and  agrees  that this
Schedule is filed in its behalf.


                              American Express Financial Corporation


                                  By:                         
                                     Steve Turbenson
                                     Director - External Reports
                                     and Tax







                            Exhibit IV

                                to

                           Schedule 13G

                             Under the

                  Securities Exchange Act of 1934


    Pursuant to Rule 13d-1(f)(1), IDS Life International Equity Fund affirms
that it is individually eligible to use Schedule 13G and agrees that this
Schedule is filed in its behalf.


                              IDS Life International Equity Fund


                                  By:                         
                                  Leslie L. Ogg
                                     Vice President and General Counsel