MONTERREY, Mexico, April 28 /PRNewswire/ --
Fomento Economico Mexicano, S.A.B. de C.V. ("FEMSA") today announced its
operational and financial results for the first quarter of 2008.
First Quarter 2008 Highlights:
-- Consolidated total revenues increased 8.4% and income from operations
19.6%.
-- Double-digit income from operations growth in all our business
units contributed to these results.
-- Coca-Cola FEMSA total revenues and income from operations increased
6.4% and 15.7%, respectively.
-- Double-digit income from operations growth in all divisions drove
these results.
-- FEMSA Cerveza total revenues increased 6.8% and income from operations
increased 35.7% over a favorable comparison base.
-- Sales volume grew a robust 7.1% in Mexico, 12.6% in exports and
2.9% in Brazil.
-- Strong top-line growth, combined with a decline in administrative
expenses offset raw material pressures.
-- OXXO continued its pace of strong growth and margin expansion.
-- Total revenues and income from operations increased 16.4% and
39.4%, respectively, resulting in an operating margin expansion of
60 basis points to 3.5%.
-- Strong growth within all product categories drove the positive
results for the quarter.
Jose Antonio Fernandez, Chairman and CEO of FEMSA, commented "Our first
quarter 2008 results provide a compelling example of the strength of our
unique continental integrated platform. Coca-Cola FEMSA delivered strong
numbers aided by growing profitability in Mexico and in all of its divisions.
FEMSA Cerveza results reflected a strong quarter, aided by positive weather
conditions partially offsetting raw material pressures; our Brazilian
operations started the year with some softness, however our export volumes
again grew in the double digits, driven by continued strong performance in
the United States. OXXO continued to deliver growth in every aspect of the
business, recording a strong first quarter. We start this new year with
strong first quarter results and conviction that we will be able to
successfully navigate what may turn out to be a challenging year, while we
continue to strengthen FEMSA's business platform."
To obtain the full text of this earnings release, please visit our
Investor Relations website at www.femsa.com/investor under the Financial
Reports section.
This report may contain certain forward-looking statements concerning our
future performance that should be considered as good faith estimates made by
us. These forward-looking statements reflect management's expectations and
are based upon currently available data. Actual results are subject to future
events and uncertainties, which could materially impact our actual
performance.
FEMSA is the leading beverage company in Latin America. It controls an
integrated beverage platform that comprises Coca-Cola FEMSA, the largest
Coca-Cola bottler in the region; FEMSA Cerveza, one of the leading brewers in
Mexico, with presence in Brazil, and an important beer exporter to the United
States and other countries; and Oxxo, the largest and fastest growing
convenience store chain in Mexico with over 5,600 stores.
Web site: http://www.femsa.com
http://www.femsa.com/investor
FEMSA
